Grandad.Malky Posted June 13, 2007 Share Posted June 13, 2007 Can I put in a claim to have the interest I have paid on loans over the last 5 years repaid? Don’t laugh, I ask because people on another thread are happy to boast about claiming back thousands of pounds in charges for unauthorised” loans “ This is surely a case of discrimination, person A takes out a loan and pays interest, person B goes over drawn and claims the charges back. Sensible answers please are those running their account properly subsidising those that are not. Mods I have not posted this on the mega thread to try and avoid yet another slanging match. Link to comment Share on other sites More sharing options...
avid_merrion Posted June 13, 2007 Share Posted June 13, 2007 NO! when you signed the agreement you also signed to pay the interest. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted June 13, 2007 Author Share Posted June 13, 2007 NO! when you signed the agreement you also signed to pay the interest. When people joined a bank didn’t they agree to pay the charges? Link to comment Share on other sites More sharing options...
avid_merrion Posted June 13, 2007 Share Posted June 13, 2007 When people joined a bank didn’t they agree to pay the charges? Probably yes but these charges are completely dissproportionate to the actual cost to the bank. Which is why I myself am in the process of claiming charges back. £39 for every one. You wanted a loan knowing you have to pay interest therefore you have to pay the interest. Link to comment Share on other sites More sharing options...
SimpyTimpy Posted June 13, 2007 Share Posted June 13, 2007 Interest is the way the banks make their money, and it's printed in the T&C saying that explicitly. It also is the cost to use the service. Bank Charges however are to refund the bank for the costs that going over your limit, refusing standing orders etc creates. However, the charges are dramtically more than the costs the banks incur, therefore illigitimate. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted June 13, 2007 Author Share Posted June 13, 2007 Probably yes but these charges are completely dissproportionate to the actual cost to the bank. Which is why I myself am in the process of claiming charges back. £39 for every one. You wanted a loan knowing you have to pay interest therefore you have to pay the interest. This is the point, if I took out a loan for £1000 I would expect to pay £100 interest but yet somebody could go £1000 overdrawn and claim there charges back, were is the logic in that. Link to comment Share on other sites More sharing options...
avid_merrion Posted June 13, 2007 Share Posted June 13, 2007 This is the point, if I took out a loan for £1000 I would expect to pay £100 interest but yet somebody could go £1000 overdrawn and claim there charges back, were is the logic in that. If you have an authorised overdraft and go £1000 overdrawn what charges would apply other than interest? Unauthorised overdraft however would only incur a charge other than interest if direct debits standing orders etc etc are not paid. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted June 13, 2007 Author Share Posted June 13, 2007 the charges are dramtically more than the costs the banks incur, therefore illigitimate. Not according to a judge in a recent court case. Link to comment Share on other sites More sharing options...
avid_merrion Posted June 13, 2007 Share Posted June 13, 2007 Not according to a judge in a recent court case. The case in question was due to the mans complete lack of financial understanding and commitment. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted June 13, 2007 Author Share Posted June 13, 2007 Unauthorised overdraft however would only incur a charge other than interest if direct debits standing orders etc etc are not paid. Is that true I thought there was a charge for going overdrawn, what about the mythical people that get charged £30 for going a “few quid” in to the red. Link to comment Share on other sites More sharing options...
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