£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.
Smart meters will only save £26 a year on energy bills
10/09/2014 Smart meters, which are due to be installed into every home in Britain by 2020, will only save consumers 2%, or £26, on their annual bills. The Public Accounts Committee, a committee who look into parliaments spending, have advised that even though the smart meters may help consumers reduce their energy consumption, they will only save 2% on their bills annually. Installing the m...Read More
Do investment leaks affect the market?
As we covered in one of our earlier articles today the FSA (Financial Services Authority) has today announced an investigation into the relationship between financial journalists and the corporate finance market. There is concern that information is being passed between the two areas of the financial arena, two areas which need to be sheltered from one another. But do investment leaks really affec...Read More
How did the situation in the UK get so bad?
While we hear about the doom and gloom surrounding the worldwide economy many people at home are wondering just how a once prosperous UK economy has fallen so sharply leaving many companies and people destitute. The once proud housing market is literally on its knees, the stock market is more volatile than ever before and the ruling Labour Party appear hellbent on fighting amongst themselves.
Is your overdraft at risk of being called in?
While the vast majority of the UK population are likely to have an overdraft facility which is possibly in use at the moment, there are concerns that UK banks are looking to reduce their exposure to risk yet further. We have seen similar action in the credit card industry, with some customers having their credit limits reduced and a portion of their debt requested via the "payment upon demand" sma...Read More
Will growing public-sector expenditure be Gordon Brown's downfall?
As Gordon Brown fires the gun for a four-week period in the run-up to the next general election there is growing concern within the Labour Party ranks that ever-growing expenditure in the public-sector could be Gordon Brown's downfall. The Conservative party and the CBI have over last few days highlighted the massive increase in taxpayer expenditure in this area of government. We have seen su...Read More