£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.
Madoff compensation scheme ruling expected
A judge in the UK is set to rule on a potential compensation scheme for those investors involved in the Madoff Ponzi scheme which spectacularly collapsed back in 2008. The court-appointed trustees are in the process of recovering assets on behalf of Madoff investors although there is some debate as to whether those who withdrew more money than they invested should share in any potential compensati...Read More
British Gas to reduce bills by 7%
Centrica, the owner of British Gas, has today released plans to reduce the average gas bill by 7% which will save UK households on average £55 a year. The company has confirmed the reduction will be implemented immediately and will benefit nearly 8,000,000 families in the UK who have seen their monthly budgets stretched of late. So why has British Gas chosen now to reduce its bills? This annou...Read More
Scotland staring in the face of a £400 million budget black hole
The Scottish Labour Party has been warned by the Scottish Conservative party that plans to introduce a property tax in place of the current council tax system in Scotland could result in a £400 million budget shortfall. It is no surprise, after yesterday's revelations in The Times newspaper, that the UK government is now looking towards scrapping council tax and charging households an individual...Read More
Budget Headlines : Car scappage scheme announced
Car scappage scheme announced - but just until March 2010...Read More
Is it time to pump your savings into the UK property market?
While the UK property market is struggling to pull away from the credit crunch and recession it can be difficult to look longer term in relation to UK property prices. While prices are unlikely to push ahead in the short to medium term, due to increased taxes, a reduced public sector budget and difficulties overseas, is there still potential for long-term capital growth in the property sector?...Read More