You are here: Home - Saving & Banking - News -

Judge warns the banks to play fair on charges

0
Written by:
29/01/2007

A judge believes that some banks are abusing the legal process by resolving UK current accounts bank charges cases, in which they have initiated legal action, before they get to court.

District Judge Toombs said that he may strike out the defence put forward by banks unless they assure him they will contest them in court. Many banks instigate legal action on UK current accounts cases but then settle out of court.

Lloyds TSB, which has been given 14 days by Judge Toombs to detail all the claims it has pursued and whether and when it has settled them.

A spokesperson for Lloyds TSB, a major provider of UK current accounts, said: “The judge made his order without a hearing so we were not given a chance to make legal representations. We believe that the order was legally flawed.

“We judge cases on an individual basis and in this case made a decision to settle. Had we not settled we would have applied to have the order set aside.”

Thousands of holders of UK current accounts have successfully appealed in the county courts to reclaim their bank charges but no legal precedent has yet been set as settlements are usually reached just before cases get to court.

 

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
House prices will be ‘up £1,000 a month’ in 2007

House prices will go up £1,000 a month throughout 2007, according to the latest projections from the Centre for Economics and...

Close