OFT test case/cases on hold within the banks

[natweststaffmember]

I know that the court claims stay means that banks will mean 6 years back. What about claims acknowledged by banks but not gone through the court system. Has anyone asked the FOS about the effect of the waiver on these claims?
What if the case goes on until 2010. Will those claims be back ONLY until 2004 or the date of acknowledgement, say 2007 for example which means charges back to 2001?

Any thought peeps. Brain is overloaded with questions this evening.

[Budgie]

Re: OFT test case/cases on hold within the banks

I know that the court claims stay means that banks will mean 6 years back. What about claims acknowledged by banks but not gone through the court system. Has anyone asked the FOS about the effect of the waiver on these claims?
What if the case goes on until 2010. Will those claims be back ONLY until 2004 or the date of acknowledgement, say 2007 for example which means charges back to 2001?

Any thought peeps. Brain is overloaded with questions this evening.

Here's the actual clause in the FSA waiver that refers to the Limitation Act. Note that this clause is also applicable to new complaints about charges and complaints to the ombudsman as well as court claims.

(14)
the firm must not take into account the period between 27 July 2007 and the date of termination of this direction (the “stay period”) for the purposes of relying on any limitation period (or periods) or time limits within which complainants must:
(a)
make relevant charges complaints;
(b)
refer relevant charges complaints to the Ombudsman; or
(c)
bring claims before the court;
and the firm must not otherwise limit any redress that may be due to the customer, when complying with DISP or otherwise, because of the stay period;

There is a lot of confusion surrounding the six year limitation for claiming back charges. Claimers should note that there are possible ways around the six year period as specified in the Limitation Act and there are numerous threads discussing this matter on the Legal Beagles forums.

Budgie

[natweststaffmember]

Re: OFT test case/cases on hold within the banks

Bugger, I think i have given crap advice on MSE. Darn it. Will sort it tomorrow.