Tuesday, 28 July 2009

TEN TIPS TO RECLAIM YOUR BANK CHARGES

posted by debts.org at 01:24

If you are wondering whether you have a case for reclaiming bank charges, contact debts.org on 0800 520 0923 free of charge. Debts.org specialises in getting your money back. Unlike other claims management companies, we are part of a leading insurance company, which means we have inside knowledge of the business, and we make it our business to get what’s rightfully yours.

Consider the following:


1. Always make sure you know your rights


When you open a bank account or sign an agreement to take out a credit card you enter into a contract. Always read the small print to avoid problems later. In effect, if your bank charges you for going overdrawn, they are charging you for breaching your contract. The courts can enforce payments of this but the sum the bank charges must reflect the costs incurred, and they are no longer allowed to charge what they feel like, which may be totally disproportionate to the missed payment or bank letter. If they are charging you a penalty, this is not enforceable by law. Some banks argue that charges are a fee of service, but they must always remain reasonable to be enforceable.


2. How to spot excessive bank charges


Any excessive charges can be claimed back, which are classed as penalties by the law. Penalties can be classed as any charge the bank has made which is not in proportion to the costs they have incurred. For example, charging you, the customer, £30.00 for sending a letter to inform you of an overdraft breach, or sending a letter for the same amount to inform you about a cheque that has bounced.


3. How much does the bank owe you in unfair charges?


If you have kept all your old bank statements, go back through them with a fine toothcomb and work out what charges could be considered excessive. You may be able to find this information on your internet banking. You can also write to your bank asking for a list of all the bank charges including the amount charged, the date and the reason for the charge. The law states that the bank must provide this information within 40 days of asking.
When you first contact the bank ask if there is a specific form to fill in and if, so for them to send it to you straight away. This will prevent the bank from stalling with the information you need. Banks are obliged under the data protection act to send you a list of any charges made over the past 6 years, and they can only charge you a maximum fee of £10 for this. Ask for a list of charges and not statements, as these are not covered by the Data Protection Act and the bank may charge you more for them.


4. Ask for your money back in writing


You will be surprised what a barrage of correspondence can achieve. Keep a copy of all correspondence that is sent between you and the bank, and always call up to make sure they have received the letters a few days after sending them. Debts.org can contact your bank for you or advise you about letters to the bank, which will help you reclaim unfair bank charges. Always note the name of the person you are speaking to at the bank.


5. Bank reaction to unfair charge claims


You should receive a reply from your bank within 14 days. If not, contact them by telephone and write again if needs be. If you are offered a partial refund of your bank charges, refuse and write to them again stating your reasons. If the bank tells you they will let you know at a later date about any decision, tell them you will take court action if you don´t hear anything within another 14 days. The bank may even try to bluff you into thinking the bank charges were not unlawful but take advice from debts.org before dropping any planned action.


6. Court action for unfair bank charges


Thousands of people have successfully reclaimed unfair bank charges. Unless your claim is for more than £5,000 it will probably be heard in the small claims court. If you use a no win no fee debt counselling firm such as debts.org, you pay nothing to them unless they win the case. So whichever way you look at it, you can´t lose out. Debts.org free phone number is 0800 520 0923, and you can call our friendly team between 8.30am-9pm Mon-Fri and 10am-5pm Sat-Sun. If you are planning to take court action, open an alternative current account and consider switching any personal loans.


7. How to reclaim bank fees and bank charges


Reclaim your bank charges through debts.org and we will take the hassle away from you. We guarantee:

• A professional claims service – a comprehensive service no matter how small the claim.

• Intensive follow up procedure – we tirelessly pursue your bank for compensation on your behalf.

• Legal expertise – we won´t be fobbed off by your bank´s legal objections.

• Bank and beyond -we will take your claim as far as the Financial Ombudsman if needs be.

• No win no fee service – there is no charge if your claim is unsuccessful.

• Competitive commission – we only charge 23% plus VAT for successful claims.

8. Will the bank refund my unfair charges?The bank may now repay the unfair charges you have paid previously, and if they choose to ignore your claim, you will win by default within 14 days unless the bank enters a defence within that period of time.

9. Bank´s defence for unfair charges

It is unlikely the bank will go as far as to enter a defence for your unfair bank charges. If it does, however, you will receive a court allocation questionnaire which you should send back to the court, and a copy to the bank as soon as possible. The bank will probably then not turn up at court and you will win by default. Only two banks have been known to win cases when defending against unfair charges, yet thousands of people have won money back. Don´t be disheartened. Contact debts.org who will help you win back what is rightfully yours from the bank.

10. Avoid unfair bank charges

In future, to avoid the whole bank, unfair charge scenario, don´t allow them to issue you with penalty fines or charges. Make payments on time and don´t use unauthorised overdrafts.
As part of a large insurance company, Debts.org has inside knowledge of the financial industry, enabling us to offer a level of service other companies cannot match. We are also licensed by the consumer credit agency and our claims management service is fully authorised by the Ministry of Justice.

Labels: cheque, data protection, inform, letter, penalties, your rights