£2bn bank charge claim back on cards
A pot of £2.12 billion is waiting to be claimed by consumers who have been charged by credit card issuers.According to uSwitch, 18.96 million British consumers has been charged a total of £4 billion in bank charges and more than half have not claimed their money back.The price comparison site estimates that 52 per cent of customers have not reclaimed money charged by their banks and credit card providers, equalling £2.12 billion in unclaimed fees. Campaigners claim that charges as much as £30 are unlawful, as banks are only supposed to charge fees to cover administration costs.Consumers are being urged to reclaim bank charges, for bounced cheques and exceeded overdraft limits, as banks have been automatically refunding fees rather than see potentially damaging test cases taken to court. Thousands of pounds has already been paid to consumers in overdraft and other fees, with many people downloading pro-forma letters from internet sites.Nick White, director of financial services at uSwitch, said: "While the majority of banks are bending over backwards to refund bank charges to those consumers that take the initiative to fight back, this is not because the banks have gone soft in the last couple of months."Banks are reported to be considering imposing annual fees for standard current accounts, but 83 per cent of the 4,450 consumers polled by YouGov on behalf of uSwitch said that they would ditch their bank if annual fees were introduced.
Let your bank know if you are in difficulty!
As the number of people in serious financial trouble continues to rise in the UK, yet again we are seeing more and more people burying their heads in the sand and hoping everything will be okay tomorrow. Debts are piling up, income is being spent on interest and pressure is building on everyday life for many people in the UK. So why are people still burying their head in the sand and hoping everyt...Read More
Royal Mail backlog hits 30 million items
With potentially two or three more strikes planned for next week the massive task of cleaning up after this week strike action began today with 30 million items delayed in the post. Even though the Royal Mail has brought in an additional 30,000 part-time workers, on top of the original plans to bring in 30,000 Christmas workers, many believe this is not enough to clear the backlog in time for Chri...Read More
Is Tony Hayward in talks about an exit from BP?
The financial press is rife with rumours that BP has a board meeting organised for Monday during which the subject of chief executive Tony Hayward's position at the group will be discussed in great detail. There has been speculation for some time that Tony Hayward will be the fall guy with regards to the ongoing Gulf of Mexico crisis and indeed calls from the US authorities for somebody to be "bla...Read More
D-Day for JJB sports
Monday will see the results of JJB Sports attempt to renegotiate the terms of leases on an array of shops across the country. Needing at least 75% backing from creditors the company is looking to cancel all existing leases and move towards monthly rental payments for at least 12 months on shops which are still open for business. The company's bankers, Barclays, Lloyds and Kaupthing are likely to s...Read More
Hips face renewed criticism
The introduction of home information packs (Hips) has come under attack by a coalition of property industry organisations.Writing to the housing minister regarding the new packs, the National Association of Estate Agents (NAEA), the Royal Institution of Chartered Surveyors (Rics), the Council of Mortgage Lenders (CML) and the Law Society requested a meeting to discuss their concerns. However the p...Read More