UK banks could yet be flooded with another 8 million bank charges claims, according to new Which? research.
New figures from the consumer champion show that, of around 12 million people that have been hit with bank charges since July 2001, over three in five (63%) haven’t asked for their money back.
With the Supreme Court’s ruling on the test case due on 25 November, the banks could face a deluge of new complaints should the Office of Fair Trading (OFT) win. This is in addition to the estimated million plus claims that are currently on hold.
Of the 4,161 UK adults interviewed in September 2009, around four in 10 claims (42%) waiting to be resolved are for amounts of £500 or more. Four in 10 people waiting for a claim resolution (41%) say that they would use any refunded money to pay off bills or debts and around two in 10 say they would spend it on shopping (20%) or a holiday (18%).
Banks could be ‘staring down the barrel’ of millions of new claims
Which? personal finance campaigner, Phil Jones, says: ‘If the Supreme Court rules against them, the banks could find themselves staring down the barrel at millions of fresh claims. This is in addition to the huge backlog that’s already built up since the waiver was put in place.
‘With so much money at stake, the banks may well try to drag the process out even longer, so we’d warn people not to make any plans for their refunded cash just yet.’
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