OFT/Banks to make Refunds of over £149 million

[di30]

Re: OFT/Banks to make Refunds of over £149 million

mm Di not sure I'm believing that post, it's a newbie and it's an awful lot of money for them to have managed to even add up (knowing their inadequacies in this department) so quickly after the OFT announcement, haven't heard of any other figures have we anywhere?

It does seem a VERY high about going by the amounts they said customers would be awarded, they say approx £300 and maybe some about £1,000, unless this person had a list amount of accounts lol xx

[MrsD]

Re: OFT/Banks to make Refunds of over £149 million

mm Di not sure I'm believing that post, it's a newbie and it's an awful lot of money for them to have managed to even add up (knowing their inadequacies in this department) so quickly after the OFT announcement, haven't heard of any other figures have we anywhere?

[di30]

Re: OFT/Banks to make Refunds of over £149 million

Do you have the MSE link to that post Di?

I'm not surprised at the amount if the unlawful interest added had been going on for months/years.

We're talking about £149 million here (the Daily Mail have speculated £600 million). This is not a small amount of money. This is a huge rip-off no matter how much the OFT wants to play it down in the press.

It soon adds up doesnt it?

Here you go hun, post 9

http://forums.moneysavingexpert.com/...2#post65028032

[PlanB]

Re: OFT/Banks to make Refunds of over £149 million

How right this is, I dont know, but a post over at MSE says he/she was just awarded £14.000 for this....... seems a very extortionate amount to me for this??

Do you have the MSE link to that post Di?

I'm not surprised at the amount if the unlawful interest added had been going on for months/years.

We're talking about £149 million here (the Daily Mail have speculated £600 million). This is not a small amount of money. This is a huge rip-off no matter how much the OFT wants to play it down in the press.

[di30]

Re: OFT/Banks to make Refunds of over £149 million

How right this is, I dont know, but a post over at MSE says he/she was just awarded £14.000 for this....... seems a very extortionate amount to me for this??

[di30]

Re: OFT/Banks to make Refunds of over £149 million

It's my understanding that some of the loans would have been secured loans (i.e. second mortgages) regulated under the CCA.

Yes when you put it that way lol, of course



That's possible as well Mrs D

[PlanB]

Re: OFT/Banks to make Refunds of over £149 million

The official posting by the OFT, no mention of mortgages though

http://www.oft.gov.uk/news-and-updat...4#.UyrBdBbC-Vs

It's my understanding that some of the loans would have been secured loans (i.e. second mortgages) regulated under the CCA.

[MrsD]

Re: OFT/Banks to make Refunds of over £149 million

worst offenders from a personal point of view are Barclaycard and RBS, the catalogues companies are notorious for adding charges and interest willy nilly, wonder if they are included?

[di30]

Re: OFT/Banks to make Refunds of over £149 million

The official posting by the OFT, no mention of mortgages though, unless i missed something x

http://www.oft.gov.uk/news-and-updat...4#.UyrBdBbC-Vs

[di30]

Re: OFT/Banks to make Refunds of over £149 million

From the OFT site, letters to the banks...

http://www.oft.gov.uk/shared_oft/Cre...nks-letter.pdf

[di30]

Re: OFT/Banks to make Refunds of over £149 million

Some as much as over £1000.

So wonder then how it is if you had a few accounts it may have affected? would they pay out per account?

[di30]

Re: OFT/Banks to make Refunds of over £149 million

http://www.dailymail.co.uk/news/arti...g-blunder.html

[di30]

Re: OFT/Banks to make Refunds of over £149 million

I'm really not sure about debt that was sold on, but the fact it will be nothing to do with the debt company who taken over as fully assigned, should not have anything to do with them (I dont think) lol x

[di30]

Re: OFT/Banks to make Refunds of over £149 million

Interesting.

I yet have lot to learn here lol but think i should start re-digging out the paperwork, mortgage too xx

[PlanB]

Re: OFT/Banks to make Refunds of over £149 million

One of mine is sold on, the bank account balance not sure if this is also included though........

This thread is in the bank accounts section but I believe these refunds are also due on credit card accounts too. And possibly secured loans and mortgages. I have more reading to do too.