Banks have been charging excessively and unfairly for years. In what amounts to nothing more than a profit making scheme, they continue to make billions of pounds from bank charges. However, the fairness and legitimacy of these charges have come under scrutiny in recent times, leading to many being exposed as extortionate and unfair. Consequently, hundreds of thousands of claimants have contested their charges and succeeded in reclaiming their money back. Due to the sheer volume of bank charge reclaims, the banks agreed to settle the issue in court to decide once and for all whether bank charges are fair and, therefore, legal. Currently, the proceedings are still ongoing as the banks were given leave to appeal to the Court of Appeal after their initial loss in the High Court. The case is expected to last until early 2009. Unfortunately, and in the meantime, the Financial Services Authority has granted a waiver to all banks, permitting them the right to place a hold on the reclaim process until after the conclusion of the court case.
However, due to the Statute of Limitations, it remains essential that you lodge your claim right away. This will have the effect of preserving your permitted six years worth of historical charges from the date that your claim is lodged.
Moreover, if you qualify under the conditions of financial hardship you may be able to get your claim heard immediately. To find out more about financial hardship click here.
Our largest bank charge claim to date: £6,250
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