£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.
Corporate bad debt pile tops £55 billion
The corporate bad debt pile in the UK topped £55 billion in the first quarter of 2010 according to business rescue specialists Begbies Traynor. The company's latest report suggests that the number of companies in serious financial trouble increased by over 20,000 in the first quarter of 2010 and now tops 161,000. The main concern is the fact that between them these companies owe in excess of £55...Read More
Is the Greek debacle over?
It is becoming more and more apparent that whilst the Greek government has around â‚¬30 billion to hand in emergency financing there are growing concerns about the state of the country's debt. It is rumoured that the Greek authorities have requested emergency talks with the European Union and the IMF and it looks more and more likely that a drawdown of the â‚¬30 billion emergency funding w...Read More
Qatar Holdings reduces stake in Barclays bank
Qatar Holdings (the investment vehicle of the Qatari royal family) has today announced plans to reduce its significant shareholding in Barclays bank. The group will exercise various warrants to acquire 379 million shares at an exercise price of 197.55p and fully intends to sell the shares into the open market. As a consequence, Barclays bank shares fell by just under 5% this morning although this...Read More
The real cost of the Cadbury bid
As Kraft Foods this weekend thinks over a possible £10 billion offer for UK outfit Cadbury, the real cost of the potential bid has been revealed. Kraft Foods has around £5 billion available as a sweetener in the form of a cash payment as well as shares in Kraft Foods in exchange for Cadbury shares. However, it has been revealed that both parties stand on the verge of massive banking fees if the...Read More
Who will be next to undermine Gordon Brown?
Only a few days ago we saw senior members of the Labour Party step forward in a direct attack on Gordon Brown's leadership with a request for a secret ballot. Yesterday, we saw Mervyn King step forward to place Gordon Brown's hopes for the introduction of "Tobin tax" at the bottom of the list of options for the UK financial sector. So who will be next to undermine Gordon Brown? There is no doub...Read More