OFT/Banks to make Refunds of over £149 million

[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??

[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

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

[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

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

[di30]

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

"Amount that was meant to be not "about" lol x

[di30]

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

Just double checked now and its "Regulated" agreements £25K or less......

[Never-In-Doubt]

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

The banks will be making proactive refunds based on their own records. There is no need to make a claim.

Does anyone know whether the banks will simply credit the sum due to your account, or send you a cheque like PPI refunds?

What concerns me is what happens when the account has been sold on. Will the banks pay the money to the debt purchasers or direct to the original customer?

Sorry if already answered but basically typical refund rules apply so there are 3 scenarios

1. Account settled/closed /£0 owed = Cheque should be sent to the customer
2. Account in debt, still in house/not sold by absolute assignment = Money will be refunded to the account or in exceptional cases it may be sent via cheque
3. Account defaulted and sold by absolute assignment = Cheque should be sent to the customer

[di30]

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

Sorry if already answered but basically typical refund rules apply so there are 3 scenarios

1. Account settled/closed /£0 owed = Cheque should be sent to the customer
2. Account in debt, still in house/not sold by absolute assignment = Money will be refunded to the account or in exceptional cases it may be sent via cheque
3. Account defaulted and sold by absolute assignment = Cheque should be sent to the customer

thank you Niddy, mine are here and there lol one of mine sold to Cabot "Absolute" not in house, this is the bank account, so not sure if this is included. :-/

[Never-In-Doubt]

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

Bank accounts fall under s.74 so yes they should be.... (Unauthorised overdrafts)..

[di30]

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

Thanks Niddy my issue now is though that's its with the Ombudsman "as you know" LOL will this issue have any affect on this matter? (thats if Lloyds are involved)? I think they are to be honest! lol.....

[Never-In-Doubt]

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

No it will not affect the ombudsman as this is a different type of reclaim, plus it's not relevant or linked to your argument at all.....

[di30]

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

No it will not affect the ombudsman as this is a different type of reclaim, plus it's not relevant or linked to your argument at all.....

Goody! cheers Niddy!

[di30]

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

Tried to add my attachments and accidentally applied the wrong one lol, so deleted it :-)

[di30]

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

a litle cropped sorry lol......but are these details notices what they should be back in 2009 does anyone know please? thanks.