£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.
Could unemployment be Gordon Brown's downfall?
Yesterday's news that UK unemployment now stands at 2.5 million is a bitter blow for Gordon Brown and many believe this could actually sound the death knell for his time in office with the Labour Party. This is in massive blow as we approach the crunch end of the election campaign and there are serious concerns that unemployment could creep yet higher in the short term. The problem is that over...Read More
Saving money on your banking arrangements
While the vast majority of us dread our bank statements falling through the letterbox, and the potential for additional charges and expenses to be included, there are simple ways to ensure you reduce your banking costs as much as possible. The easiest way to reduce your banking charges is to organise your finances better and more efficiently.
One of the main charges which many peopl...
Five buyers chasing every home in the UK
It has been revealed that on average there are five potential buyers chasing each and every home up for sale in the UK at the moment. While in a normal market this would be welcome news and see prices pushed further and further ahead, in this particular market, where transaction levels are still fairly low, many people are concerned that a bubble is brewing which could pop at any time. So what is...Read More
Traffic Delays Down As Car Journeys Tumble
News that traffic on the UK roads in the second quarter of 2008 was 2 percent down on the same period in 2007 has caught the eye of many road user groups with the AA fairly vocal on the reasons for the fall. A survey of the AA membership shows that over half of car owners are making fewer journeys than this time last year with more expecting their hours of travel to fall in the second half of 200...Read More
First time buyers up 45pc year-on-year
06/09/2013 The amount of people buying a first home in the UK has risen by 45pc year-on-year from July 2012, according to a report by LSL Property Services. There were a total of 26,100 transactions for buyers of first homes in July, up 8,100 from July 2012, and the highest monthly total since November 2007. First time buyers are being encouraged to buy a home due to the availability of chea...Read More