News from the CMC - May (OFT v Banks)

[Budgie]

Re: News from the CMC (OFT v Banks)

I of course agree with Exc. The Judge wants this sorted.

IMO opinion the Banks are too blame for all of the delays. It's in their interests for decisions to be delayed. They have now very cleverly deflected some of the blame for delays away from themslves and onto the OFT.

It's interesting that the FSA were very vocal yesterday, expressing their displeasure regarding the OFT's failure to commit to timescales for publishing the results of their investiagtion into personal Current Accounts ( This report is necessary so that Phase 2 ( hearings relating to the Fairness / Unfairness aspects ) can be planned.
Even though the Banks are appealing the Judges original judgment regarding UTCCR1999 and stated that this appeal must take priority he still wants the planning in place for the next stage ( phase 2 ).
However one can undertsand the difficulties involved for the OFT in producing this report, the completion of which depends on continued discussions with the Banks and the contents of which have to be updated each time a Bank changes it's terms and conditions.
There must also be huge reluctance on the part of the OFT to release a report whilst the Banks appeal remains unresolved. If the Banks were to win the appeal then what's the point in issuing the OFT's report.

It's all a very big chess game at the moment. The Banks currently have the upper hand with respect to timescales. Although I believe the OFT will be able to regroup and regain control.

I believe that one of the more interesting things over the next month or so ( apart from the 7th/8th July CMC to issue judgment with respect to historic and basic accounts ) will be the FSA's stance with respect to the waiver. The FSA may decide to lift the waiver if sufficient progress is not being made in the test case.
When you take into account that the Banks will obviously appeal any decision made against them at the 7/8th July CMC I personally think it will be very tough for the FSA to justify keeping the waiver in place.

Budgie

[righty]

Re: News from the CMC (OFT v Banks)

Theres a little report in Independent today about PayPoint's profits rising by 14%. Apart from the cash machine service they provide, they offer a payment service for bills like water, tv licence, electric - which have previously (recently anyways) been being paid by direct Debit - maybe this shows a slight move away from DD useage by the consumers.

Why doesn't the site help promote Credit Unions. They are none profit & you get a cash withdrawal card. They provide reasonable loans & you can now set up DD's to pay your bills & you can't spend what you don't have

Check these out

http://www.leedscitycreditunion.co.uk/content.asp?section=150

http://www.whiterosecreditunion.co.uk/content.asp?section=57

http://www.credituniondirect.co.uk/

http://www.abcul.org/page/index.cfm

[EXC]

Re: News from the CMC (OFT v Banks)

I'm sorry I just don't have the confidence in Justice Smith that many other seem to have

Why not a moratorium we have one for consumers in the form of the stays & not only the banks still applying them they are also still trying to recover them using all the old methods, threats DCA's etc

We have to be realistic. The judge does not have the power to do this.

[Amethyst]

Re: News from the CMC (OFT v Banks)

Credit union goes bust - News - Manchester Evening News

[righty]

Re: News from the CMC (OFT v Banks)

lol not at all, and I know my views can be taken that way by some.

I do agree that the ''vast majority of consumers knowing they are not being charged & knowing that risk receiving a large bill if they lose would actually act differently & be more careful.'' Sadly it is the more vulnerable in society who may think today deal with tomorrow when/if it comes. Myself included in the past. If charges were put on hold, people yes might worry about getting a big bill at the end of it if the decision were to come down on that side, but equally I think there would be people who would think the decisions likely to come down on our size so the bill wont be that big etc etc. Like I say its just my opinion, and I know its the way I would have thought a couple years back. Also if I knew that if I didnt quite have enough to pay my mortgage in my account and it would get paid but I;d get a £35 wallop I'd likely get up to the bank if I possibly could and get the extra in to avoid the charge. If there were no charge or a minimal charge then I most likely wouldnt. Thats just the way I think.

I would just be concerned that a halt entirely on charges during the test case could end up with the most vulnerable people facing bills at the end of it increasing debt at a time when we really don't need any more.


And thanks for your other comments righty, thats lovely to hear from you


Oh and I have no notions whatsoever about Plasma TV's before any one chucks that old chestnut in to the mix

Oh dear my lovely Amythyst to paraphrase 'penalty charges work'

Pleased to be here your constant updates have been excellent & most welcome

Dam I was going to mention the plasma TV:cry:. What about the flash motor or the exotic holiday ................. or the new extension ................. or the new kitchen

[righty]

Re: News from the CMC (OFT v Banks)

Credit union goes bust - News - Manchester Evening News

Yeah but no one lost any money.

Very very few either go bust or are absorbed by other Unions.

It's an inconvenience if it happens because you may have to set up your DD's again but that's no reason not to use them. Some have been going for many many years. They have charitable status, are non-profit organisations & their brief is to help the financially & socially excluded & all those who have difficulty obtaining credit or banking services in general

Even though my family do have bank accounts we are all members of our local CU into which we pay regular monthly amounts via DD.

Apart from the you never know when we might need it syndrome we feel that by being members we are supporting or local community

[righty]

Re: News from the CMC (OFT v Banks)

We have to be realistic. The judge does not have the power to do this.

Yes he does. The banks would probably appeal but he does as he has intimated on previous occasions

[Amethyst]

Re: News from the CMC (OFT v Banks)

Aye I do agree in part but I don't believe it is the way forward for the majority of the population. I don't have a bank account either anymore btw - I use the post office card account for my benefits and paypoints for bills. If I did have easy access to a credit union then I probably would use it for savings/wages etc. I'm not against them, I just don't think they are the way forward, we just need to get the banks to act properly and fairly. Thats why we're here.

[tomterm8]

Re: News from the CMC (OFT v Banks)

Yes he does. The banks would probably appeal but he does as he has intimated on previous occasions

I agree. He does have this power, as an interlocutionary injunction, but there would normally need to be a provision of security on any application, which would be a huge amount of liability for the OFT.

wouldn't bet on it any time soon.

[righty]

Re: News from the CMC (OFT v Banks)

Aye I do agree in part but I don't believe it is the way forward for the majority of the population. I don't have a bank account either anymore btw - I use the post office card account for my benefits and paypoints for bills. If I did have easy access to a credit union then I probably would use it for savings/wages etc. I'm not against them, I just don't think they are the way forward, we just need to get the banks to act properly and fairly. Thats why we're here.

Join you local Credit Union some have substantial loans available, cash cards, & some even have current accounts allowing you to set up DD's to pay your bills ................. & you won't get ripped off as they are non-profit making

[Paule]

Re: News from the CMC (OFT v Banks)

Are we going off topic here guys??

[Amethyst]

Re: News from the CMC (OFT v Banks)

Just thumb twiddling while the OFt make up their minds about the PIL appeal God how long is it till 2pm ?

[Ladidi]

Re: News from the CMC (OFT v Banks)

2 hours and 7 minutes and counting Amethyst

[righty]

Re: News from the CMC (OFT v Banks)

Pop up to El Vinos & have a drop of their best plonk. You'll probably find many of the QC's in there

[madbutterfly]

Re: News from the CMC (OFT v Banks)

Join you local Credit Union some have substantial loans available, cash cards, & some even have current accounts allowing you to set up DD's to pay your bills ................. & you won't get ripped off as they are non-profit making

Don't go over there very often but I see CAG are talking about starting a credit union.......can anybody just start one, or do you need a lot of money first to set it up?