Recaiming Bank Charges

[mercury]

Hi there,

I discovered the other day I may be eligible to be part of this reclaiming changes revolution whilst looking through old statements, a lot of people seem to be claiming loads, the thing is, if i'm on a long term repayment plan and ask for charges bk, can they stop my repayment plan?

[Ethel]

The bank can close your account at any time, without reason, providing they give the notice stated in the terms and conditions.

My guess is that if you successfully reclaim the charges, the bank will expect you to use this money to repay your debts to them. They may well cancel the repayment planand call in the debt, knowing you have funds to at least pay towards it.

However, you can of course pre-empt the bank by making a lump sum payment off your debt as soon as you receive your refunded charges. Not very exciting, but it will certainly be a benefit to you in the long term.

[bednobs]

you cannot do it at the moment: the cases are on hold until the oft's test case has gone through the courts

[chazza]

I would give it a go anyway, my friend just got hers settled at the weekend so it is definitely worth a try!