£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.
Regional recession index shows hardest hit areas of the UK
The uSwitch.com regional recession index has highlighted the varying degree of performance across the UK with regards to property prices and unemployment. Those living in the Swindon area will be dismayed to learn that the city has seen unemployment explode by 197% over the last 12 months making it officially the worst hit area in the UK.
Swindon has also seen a 16% fall in property...
Comprehensive travel insurance 'is vital for romantic trips'
Romantic types planning to whisk their loved one away this Valentine's Day should check their insurance policies to ensure the day is as happy as it should be, one of the UK's largest insurance providers has advised. According to Defaqto, the need for travel insurance on such a trip is underscored by the fact that "costs of medical treatment overseas can be very variable and loss of baggage could...Read More
Government under attack after changes at UKFI
The UK government is tonight under attack after the chairman of the UK Financial Investments body, which is predominantly there to protect taxpayer interests in the banking sector, left. Glen Moreno had only been in the position for just over one month when he refused to take the role on a permanent basis. Many believe that his alleged connections with the Liechtenstein tax haven ultimately led t...Read More
Airline industry under more pressure
In an amazing development bookmaker Paddy Power has begun to take bets on which airline will be next to fall by the wayside. The well-known bookmaker has slashed the odds on Monarch, a privately owned Swiss airline, from 50/1 to 4/1 making it the favourite to fall by the wayside in the short term. However, the company has denied any financial trouble and criticised Paddy Power for running a book o...Read More
Unemployment now higher than when Labour came into power
Despite the billions upon billions of pounds invested into the UK economy over the last 13 years the very fact that UK unemployment is now higher than when Labour came to office is a bitter blow for Gordon Brown. When you also consider that more than 50% of the UK workforce now depends upon the state for employment, a figure which is far higher than when Labour came to power, the situation could b...Read More