Prior to the results of the exam case regarding bank charges issues, the regulator (Financial Services Authority) has put hold on reclaiming. However, it is not easy to claim back bank charges now as you can only go back six years and delaying may mean you will not be able to get your money for old charges.
US banks decided to go to the court together with the Office of Fair Trading to clarify the law on current bank charges in July 2018. This is because of the customers?complaint concerning charged rates once they sought to borrow money from the banks without discussing the penalties or that they are being charged unfairly. Ever since then, bank customers tried to reclaim the bank charges they have already paid, quoting a piece of European regulation called the Unfair Terms in Consumer Contracts Regulations 1999 to back up their claims.
It became clear to the banks, the Office of Fair Trading, the Financial Ombudsman and Financial Services Authority that steps needed to be taken into account to handle the significant number of customers?complaint in a fair and orderly method. In the end, the only way this might be dealt was by seeking the court guidance on these areas of law. Due to the considerable public interest, the banks and the Office of Fair Trading thought it was adequately essential for the problems to be fully tested in the court.
Bank charges have been well publicized and are possibly unlawful charges on bank clients. There has been a significant amount of resentment concerning these charges, which range from extra through to bounced cheques and unauthorized borrowing interest. Bank charges exceeds approximately 3 billion pounds to 5 billion pounds every year. In order to effectively recover the bank charges a professional approach must be adopted.
Bank clients themselves can pursue their bank to recover bank charges from them. Recovering the information, preparing for a response and preparing the papers to submit a small claims application can be created through the local county court. However, be wary of any motion or response that you’ll prepare since you may well be questioned if the complaint continues to the small claim court by the judge or the bank’s solicitors.
It is far better to seek the help of a specialist claiming company to help you throughout the bank charges claim process. Your solicitor can help you with all the preparations which are required for the processing of claim. They may also support you in facing court proceedings and will guide you on the next move. The steps involved in recovering bank charges can differ but as a general, the rule average recovery period is around 3 months.