Fees

[pooky2483]

Just a question really;
What documentation do I need to read where it states the amount in fees that companies can charge us for late/missed payments, I assume it will be different for Banks - or is it?
So I and others can use it as ammunition when disputing the £12 (£25 Banks) charge that these cowboys slap on.

[Never-In-Doubt]

Re: Fees

Just a question really;
What documentation do I need to read where it states the amount in fees that companies can charge us for late/missed payments, I assume it will be different for Banks - or is it?
So I and others can use it as ammunition when disputing the £12 (£25 Banks) charge that these cowboys slap on.

Well the OFT lost the case at the supreme court didn't it? So nothing is legally binding, of course. You can request they refund the difference between the old £25 charge to the new £12 charge but you cannot quote anything, as the OFT lost.

However this is what you may be referring to (its from 2006 and stipulates the guidelines for the new pricing structure that the OFT wants banks to take - most did)...

---> http://www.oft.gov.uk/news-and-updates/press/2006/68-06

[pooky2483]

Re: Fees

Well the OFT lost the case at the supreme court didn't it? So nothing is legally binding, of course. You can request they refund the difference between the old £25 charge to the new £12 charge but you cannot quote anything, as the OFT lost.

However this is what you may be referring to (its from 2006 and stipulates the guidelines for the new pricing structure that the OFT wants banks to take - most did)...

---> http://www.oft.gov.uk/news-and-updates/press/2006/68-06

Why didnt they appeal, it seems a bit of an insult. A governing body and THEY LOST...

Well, how much DOES it cost to notify someone of a late/missed payment. I asked AW/JDW and they didn’t answer.
So it costs £12 to write a letter - the paper,ink,envelope, stamped - me thinks not.

From OFT
'We are not suggesting that default fees should be set at £12, and a court will certainly not consider that a default fee is fair just because it is below the threshold.'