www.iva.co.uk

http://news.bbc.co.uk/1/hi/business/7977156.stm

Regards.

Hi
Yes, it is not a surprise really.
There is no doubt that Banks have been charging unfairly, with Lloyds one of the worst offenders.
I am sure that they are just delaying the inevitable pay back.
Regards

Hi guys, if the ruling goes against the banks will they just pay eveyone out or would everyone still have to undertake a claim process.

Also, I assume if I was in an IVA at this point, this would be classed as a windfall? And this means that I would be able to keep the first £500 and then use the rest to pay to my IP to distrubute across my creditors?
Thanks
Phil

Hi
Yes it will be classed as a windfall, another option is that the bank could just reduce it's claim in an IVA by the amount that is due to be refunded.
Regards

If the banks lose their case I presume that they will still charge fees for going overdrawn, but they will be capped in the same way as credit card fees?

Hi
Yes that is the way that I understand it.
The charge should reflect the cost actually incurred by the banks and this should be a fraction of the charges made at present.
Regards

Considering I'm useless with money (obviously!) I only ever incurred bank charges twice, neither of which were my fault.

Hopefully if the banks lose the case it won't mean the end of free banking. It's not as if you get a lot with a current account anyway - even though I've got a full account with Nationwide they don't pay any interest at all now, and I think Dave gets 0.10% on his Natwest account.

The banks are getting ready to lose their case and start charging on current accounts. That is why the pre-paid card industry is gearing up to offer as good or better service with certain added extra benefits. See this thread:

http://iva.co.uk/forum/topic.asp?whichp ... 125#181365

and this one:

http://www.iva.co.uk/forum/topic.asp?wh ... 452#181191

Unless they start charging phenominal amounts for a current account, then I will stick with what I have.

However, Iyou can also get a prepaid card through Payplan which looks as though it is run along the same lines as the Clearcash one and I can also pay standing orders through that.

Any idea what your monthly charges are going to be David?

Same here Jan. I'm happy with Nationwide, so unless they charge some horrendous amount I won't be changing.

Around £9.99 but that includes all transactions and bill payments (Standing Orders as well) the only extra cost will be withdrawing cash which will be £0.50 (except if from abroad - more expensive). Please wait until launch as there are some tremendous features which will blow this whole market upside down!!!!

so if the banks lose this do we get all our bank charges back? or do w have to through it as a claim????

Hi
I would imagine that you will have to put a claim in
Regards

what happens if this full and final i do is accepted! can i then put a claim in after its finished cheeky I know but worth asking!

Hi
Yes, just be sure that your IVA is concluded and off the Insolvency Register
Regards