£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.
Doorstep utility sales under the spotlight
The government has today announced a number of new rules which will protect consumers from doorstep utility sales people who have been working around the clock up and down the country. Many areas of the country regularly receive visits from utility sale people looking to sell gas, electric and other utility services at "rock bottom prices". However, many people have signed up to these new plans on...Read More
CBI agrees UK recession is coming to an end
The Confederation of British Industry (CBI) has today released a statement confirming its belief that the UK recession will end in the fourth quarter of 2009. This will bring to a close the most damaging economic downturn in the UK since the 1930s and hopefully allow some companies to draw a line under recent problems and begin to look to the future. However, the CBI, like so many other busines...Read More
Should we be concerned about ID fraud?
Identity fraud is a subject which keeps cropping up in the financial press time and time again although for some reason it does not seem to be registering with the vast majority of the UK public. ID fraud is a process by which unknown third parties gather information on any one person and ultimately apply for various credit facilities and other lucrative services in their name.
Labour government ministers attack banking bosses
In one of the most obvious cases of "locking the stable gate after the horse has bolted" the UK government has turned on the banking sector accusing directors of excessive bonuses and over rewarding themselves. However, if you take a step back 24 months you will see that the Labour government was very happy to cosy up to the UK banking sector when requiring funds to cover PFI projects and other go...Read More
Can you afford to plan for the future?
As more and more people in the UK find that their monthly income barely covers their living expenditure a number are starting to ask if they can afford to plan for the future. With the likelihood that the state pension will reduce in real terms in the future, increased energy costs and a general increase in taxation in the short to medium term, money certainly will be tight for many in the UK. How...Read More