financial independence

Feeling a bit low on inspiration today so heres some of my favourite posts from the past.

Reclaiming Bank and Credit cards charges The stubsy guide to reclaiming bank charges step by step, One of my first ever posts (it shows) but still very popular.

Thing have changed a bit with regard to reclaiming bank charges in the U.K the OFT is holding a trial case with 7 Banks in the high courts see my Bank Charges Update for more details.

Credit card small print ways your bank is keeping you in debt.

What is FOREX You probably stand more chance of getting rich with FOREX than with blogging.

Thats my most popular posts from the past. Going away for the weekend see ya soon.
Bye Bye

Bank charges on hold

As you know I have been encouraging all readers of financial independence to reclaim their unlawful bankcharges a couple of my bank charge posts can be found below.

Reclaiming Bankcharges

Reclaim Bankcharges

But then on Friday the OFT (Office of Fair Trading) announced they were starting proceedings in the High Court for a declaration on the application of the law in respect of unauthorised overdraft charges.

Many thousands of complaints that these charges are unfair, have been received by the County Courts and the Financial Ombudsman Service from people wishing to reclaim their unfair bank charges. But the banks don't accept that the unfairness rules of the Unfair Terms in Consumer Contract Regulations apply.

Bank Charges

Bank charges are like a penalty for a breach of contract imposed on you by the bank, when you opened your bank account you signed to say you accept these charges.

The reason these charges are unlawful is the sum imposed on you must reflect actual costs incurred by your bank the office of fair trading say this is about £1, most banks charge about £30 which far exceeds damages the bank suffered due to the breach of contract, making these charges a penalty.

When your bank charges you £30 for forgetting you had to pay the £5.00 Direct Debit for your sponsor a dog scheme the bankers are punishing you and this is unenforceable by the courts.

Heres the procedure to recovering bank charges

A business man from Norfolk has just made his bank pay £35,987.94 in unlawful charges.

He said a big thanks to stubsy for his Advice on reclaiming bank charges

Hee hee not really

His bank decided to send a cheque for £35,987.94 rather than face him in court, where the U.K Bank would have had to justify its unlawful fees.

The Norfolk businessman, had challenged his bank (NatWest) over £26,010 worth of unlawful charges he racked up between January 2001 and February 2003 - that is an of average of £250 a week in bank charges. The fees were mainly for cheques and direct debits that bounced. He also claimed £10,280 interest and £400 costs.

NatWest said it was settling the case only because its legal costs were becoming too big!!

Did you know UK banks have made £3.5 billion out of unlawful penalty charges.