£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.
Cameron and Brown present different solutions
Yesterday's CBI conference was the venue for two very different speeches by Gordon Brown and David Cameron. In effect the two party leaders were looking to woo UK business leaders with a number of pledges for the future and a promise to restore the UK economy to its former glory. So who came through? Gordon Brown again reiterated that the UK government is looking to half the current budget defi...Read More
Consumers looking online for the best bargains
As the retail sector in the UK continues to hit further turbulence there are signs today that more and more consumers are looking online for the best bargains. While many shops are closed until Boxing Day a number of online sites have already started their New Year sales with bargains galore. This comes at a time when yet more well-known names in UK retail sector have requested financial assistanc...Read More
Buy now pay later on the rise
A move which is effectively robbing Peter to pay Paul has seen a number of UK consumers building up significant problems for the future. Since the recession started to bite in the UK we have seen a significant rise in the number of "buy now pay later" deals as businesses struggle to attract custom and consumers struggle to finance their bargains. While it may be some time before the full extent of...Read More
Halifax issues warning after Met Office predicts storms
Britain is bracing itself for storms over the next 24 hours, in which an estimated 50mm of rain will fall.The south west and north east of England, along with Wales, are expected to be worst-affected by the extreme weather, according to Met Office forecasts.So bad is the forecast that Halifax Home Insurance issued a warning today, recommending that homeowners take steps to protect their properties...Read More
Can Labour afford to keep increasing investment in public services?
In many ways the Labour Party has made a rod for its own back as public spending investment has been one of the central planks of both new Labour and old Labour. This is one of the areas of investment which differentiates the Labour Party from the Conservative party and even though Alistair Darling and Gordon Brown are well aware that investment should be cut in the public sector they very much ha...Read More