bank charges, High Court case started 14th jan

[roadrunners]

hi
can anyone advise me? I have read a few posts about reclaiming bank charges from the last 6 years, and with the High Court case started today regarding this, I wonder if it is possible to do this when in an IVA, or am I just being damn cheeky. LTSB charges to our accounts over the last 6 years total approx £4500 - incidentally they were our main creditor (76.4%) and voted yes. Also if we were able to make any reclaim, would the money be classed as a windfall, and therefore have to be paid straight into IVA as I think they would.
Last [?] I promise. How would a potential lump sum payment affect the IVA - would creditors receive more p/£ or would the payments alter? I havn't a clue on this one so it would be great for some help
Thanks
Roadrunners

we'll make it !!

[aguise]

Hi there. If you did claim which I am not sure if you still can at the moment then the money would either go straight off your debt to them or would go to the iva. The last question if you mean if a windfall was paid to the iva would it alter payments then the answer is no it just means the creditors get more back.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[roadrunners]

thanks Ang. at least that clears a couple of points up
Roadrunner

we'll make it !!

[MelanieGiles]

There is nothing to stop you making the claim, but if Lloyds are a creditor then they are likely to just adjust their balance to take account of any successful claim you were to put forward.

If you want to put a lump sum settlement in front of creditors, then you should ask your IP to provide you with a settlement figure. I assume you mean a lump sum from a bank charges claim, which may be unlikely in view of my opening comments.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[roadrunners]

thanks melanie
to be honest I really can't see that there is much to gain or lose in spending time collating all the info. I thought this would be the case, but just needed someone in the know to spell it out for me. thanks again
Roadrunner

we'll make it !!

[Andrew Graveson]

We have around £500k under claim on behalf of our clients.

The Court case which began today is of monumental importance to tens of thousands of people throughout the UK.

I read a letter from a client today asking that we re-present her case as a hardship case (which banks are still duty bound to deal with by the FSA). As a result of the bank charges she has £5k of mortgage arrears and she and her children are on the brink of losing their home.

It was hard to write back to her explaining that the last seven letters we'd written asking for cases to be re-examined as hardship cases had been utterly ignored by the banks concerned despite the FSA requirements.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[jpj]

Just out of interest, what do most creditors do?? set the money against what you owe them or send a cheque to go into your IVA.
Obviously the money going into an IVA offsets a lot more that you owe, than it reducing a the whole amount you owe a creditor?

[MelanieGiles]

It has been a bit of a mixture really, but if the bank's lose this case I am sure that they will apply off-set rather than getting their cheque books out.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[ray_a]

Does anyone know how the case is going as I haven't seen anything in the business news although my attention has been slightly diverted!

[Andrew Graveson]

Long and slow.

I suspect months or years of uncertainty will follow; even after a verdict on the current case.

The banks are still free to impose the controversial charges on their customers (who effectively have no right to complain).

The FSA are satisfied that the banks are meeting their obligations under the FSA waiver (which means banks are relieved at the current time of investigating complaints regarding these charges in the normal way).

One such obligation is that the banks continue to investigate and deal with "hardship cases" that are presented to them.

We've presented a significant number of hardship cases to a variety of banks. None of the banks have investigated the cases.