last night i spent 50 mins !!!! on the telephone to my bank. I had intended an early night after a hectic bank hol when i checked my statements online to ensure that i had not gone over my overdraft limit.
I had a charge of £25 and could not understand where it had come from and so I called the bank who informed me that it was a renewal fee of my bank overdraft. it appears that First Direct have changed their terms and conditions which was allegedly sent out to me some time ago. this states that if i go over my agreed overdraft limit when the annual renewal is determined they can charge me a further fee for having gone over the agreed amount without authorisation.
I complained to the supervisor whom said that it is simple as long as I do not exceed my limit without authorisation this fee will not be applied.
i could not understand the policy so to clarify ... if in the year i exceed my overdraft limit even by pennies i am charged a penalty for this .... yes is the answer ... OK and now the bank annually look at the overdraft limit and if in previous 12 months i have exceeded the limit without authorisation, they will charge me AGAIN ! for renewing the same limit. ..... yes
BUT i have now been penalised TWICE .... well don't exceed your limit in the first place.. it is your responsibility not to...
but it is unreasonably to charge so much again and again as the last time i went over my limit i accrued charges of £75.00 ( 3x £25.00) 3 transactions over my limit and now 3 months later a further £25.00 for renewing my agreed overdraft limit.. Particularly when i increased my limit and the bank charged me ... guess what ... £25.00 for increasing my limit to do so...
tell me i am going Mad ??!! i thought there was litigation regarding bank charges not devising more ways to make the customer pay??
Tuesday, 26 August 2008
Thursday, 21 August 2008
Financial Compensation scheme
what is it --- well yesterday as I was reviewing a file for a client, it appears that they had a loan with Picture Finance.. so what you may say ?
When I wrote the letter of claim, they wrote back to say that the they were currently no longer trading and any compensation would have to be met by the FSCS, this means that the client will get a paltry sum in relation to what they would have got in the normal course of events.
How unfair is that ... Dare i be a cynic and suggest that the company decided that they did not wish to meet all these claims for compensation and decided to call it a day ! or maybe the shareholders had enough.
So how does the FSCS work ? the industry pays a levy (sum) into the scheme and claim is investigated and compensation paid out.
so watch the space for more fun and games..
so in effect the client pays his own compensation.
When I wrote the letter of claim, they wrote back to say that the they were currently no longer trading and any compensation would have to be met by the FSCS, this means that the client will get a paltry sum in relation to what they would have got in the normal course of events.
How unfair is that ... Dare i be a cynic and suggest that the company decided that they did not wish to meet all these claims for compensation and decided to call it a day ! or maybe the shareholders had enough.
So how does the FSCS work ? the industry pays a levy (sum) into the scheme and claim is investigated and compensation paid out.
so watch the space for more fun and games..
so in effect the client pays his own compensation.
Wednesday, 13 August 2008
HSBC BANK
Yesterday I went into the bank to pay some invoices on behalf the company, the manager who was assisting me was a pretty girl with long black hair. I had recently watched a programme about hair extensions and we chatted away.
She then asked the fatal question about what our company did ...... hmmm... how do I answer that one. After all I required her assistance in dealing with my company affairs. so after some deliberation I replied that we processed claims in relation to payment protection insurance as many polices appear to be mis sold according to industry statistics. (honesty gave way to prudence).
To may amazement she agreed ! She went onto add that HSBC no longer sell this product and where they do it is through regulated individuals who are assessed and monitored that it is sold correctly. She pointed out that her colleagues after extensive training are only then allowed to sell this product.
Unfortunately as passionate as she was I did not have the heart to tell her that many other banks and building societies appear not to be so ethical.
Egg announced that 80% of their profits were due to the sale of PPI and I am aware from conversations with friends that they have never been asked a single question about PPI before the premiums were added each month to their credit cards by reputable big name banks and building societies.
She then asked the fatal question about what our company did ...... hmmm... how do I answer that one. After all I required her assistance in dealing with my company affairs. so after some deliberation I replied that we processed claims in relation to payment protection insurance as many polices appear to be mis sold according to industry statistics. (honesty gave way to prudence).
To may amazement she agreed ! She went onto add that HSBC no longer sell this product and where they do it is through regulated individuals who are assessed and monitored that it is sold correctly. She pointed out that her colleagues after extensive training are only then allowed to sell this product.
Unfortunately as passionate as she was I did not have the heart to tell her that many other banks and building societies appear not to be so ethical.
Egg announced that 80% of their profits were due to the sale of PPI and I am aware from conversations with friends that they have never been asked a single question about PPI before the premiums were added each month to their credit cards by reputable big name banks and building societies.
Thursday, 7 August 2008
cheques .. or more ways to charges
The children were having photos at nursery and I put a cheque to pay in the envelope and subsequently had a phone call back to say that cheques were no longer accepted.
Being a curious nosy solicitor I looked into this problem of cheques and read that 10m customers who pay by cash or cheque every quarter are being charged £699m more than is justifiable, according to a report from a committee of MPs last week by the 10 big Energy Companies.
So this means that if you pay by cheque or even cash rather than direct debit you are going to be charge more for your energy around 11% more. How appalling is this..
So now the latest phase in litigation will possibly to claim back your 4 years of overpayment.
I would be more than happy to be involved in this as, it is thoroughly wrong to penalise people in this manner, particularly those who are having difficulty affording the basic things of life. Is gas/electricity not one of them ??
the consumer who is trying to make ends meet and on a prepayment meter is now worse off than the consumer who can afford to pay by direct debit.
END POVERTY NOW what about dealing fairly with all !
Being a curious nosy solicitor I looked into this problem of cheques and read that 10m customers who pay by cash or cheque every quarter are being charged £699m more than is justifiable, according to a report from a committee of MPs last week by the 10 big Energy Companies.
So this means that if you pay by cheque or even cash rather than direct debit you are going to be charge more for your energy around 11% more. How appalling is this..
So now the latest phase in litigation will possibly to claim back your 4 years of overpayment.
I would be more than happy to be involved in this as, it is thoroughly wrong to penalise people in this manner, particularly those who are having difficulty affording the basic things of life. Is gas/electricity not one of them ??
the consumer who is trying to make ends meet and on a prepayment meter is now worse off than the consumer who can afford to pay by direct debit.
END POVERTY NOW what about dealing fairly with all !
Wednesday, 6 August 2008
new credit HOLIDAY charge
so you go on hols to somewhere nice and sunny (or not as the case may be !) and you come home to a even higher bill on your credit card than expected !
WHY ? so you check the statement ( in my case for a change) and realise that you have been charged penalties and interest for going over your limit........ BUT BUT you say when I use my card over the limit in the UK my card is declined so why not abroad as after the card was not declined.
Well let me warn you before you go away that this is not a rare occurrence.
I was sat having a drink with a pal when I got talking to the bar girl, she was lovely and very sweet ( Ok have to admit very pretty too !!)
She asked what I did for a living and I said that I was a solicitor, she then asked if what had happened to her was legal. she had managed to go over her credit limit on hol and had then racked up charges of over £100. her cheap get away in the sun was not so cheap.
Need less to say I dealing with it and attempting to reclaim these extortionate charges and penalties. Watch this space...
WHY ? so you check the statement ( in my case for a change) and realise that you have been charged penalties and interest for going over your limit........ BUT BUT you say when I use my card over the limit in the UK my card is declined so why not abroad as after the card was not declined.
Well let me warn you before you go away that this is not a rare occurrence.
I was sat having a drink with a pal when I got talking to the bar girl, she was lovely and very sweet ( Ok have to admit very pretty too !!)
She asked what I did for a living and I said that I was a solicitor, she then asked if what had happened to her was legal. she had managed to go over her credit limit on hol and had then racked up charges of over £100. her cheap get away in the sun was not so cheap.
Need less to say I dealing with it and attempting to reclaim these extortionate charges and penalties. Watch this space...
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