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PPI Claim News - 25/2/2010

 
Credit Card Charges: Banks will find new ways to 'recoup' consumer cash

Banks will look to new ways to "recoup" financial losses if excessive overdraft charges are dropped, a financial expert has claimed.

Andrew Hagger, spokesperson for financial advice website Moneynet, said consumers should not be too optimistic about a potential decline in charges for overdraft loans.

His comments come after a client of the Govan Law Centre in Scotland won the right to challenge the Bank of Scotland's overdraft charges under the Consumer Credit Act.

"The hope is there because the challenge has been raised. But as for the people concerned, I am not overly optimistic for their success," he remarked.

"This is a potential outcome that we have talked about. If in the future the fees get cut back then the banks will look to other areas to recoup that money and charge customers for their services. This is still a possibility."

Earlier this week Moneynet revealed that the average authorised overdraft interest rate has increased by as much as ten per cent over the past two years, reaching 15.32 per cent in February 2010.

Belmont Thornton can help you make a PPI claimPayment Protection Insurance Claim, or a credit card charges claim. For free PPI Claim advice call 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim pack or credit card charges claim pack.ADNFCR-2776-ID-19636217-ADNFCR



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