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Sunday 1 February 2009

More debts for the banks

There is still more to come in pain and grief for the banks.

A couple of years ago my eldest daughter disclosed inadvertently that she owed many thousands of pounds on her credit cards and to her bank. Well, being the dutiful father that I am, I decided to see what I could do.

After perusing the web I found a couple of sites heavily involved with this aspect of modern day life for the young. (Sigh)

It quickly became clear that the banks were taking the piss on charges for bounced DD's, un-authorised overdrafts, etc. One account my daughter had was charging £35 for each infringement. each month these charges put my daughter further in debt, with the result that she could never get back into the black.

I successfully gained the money back from her credit card suppliers, albeit going to the wire on the courtroom steps once.

The banks have succeded in trying to put the agony off for the moment but are the subject of court action, judgement due in June

Anyway, the long and short of it is, that if the courts come down on the side of the customer then the banks will be forced to pay back most of the £3.5 billion that they made from their customers last year. And for the preceding 5 years!

My daughter has mended her ways thank god.