“No Win No Fee” Finds It Way To Bank Charges

I guess it was only a matter of time until someone would try to make money from the current trend to reclaim bank charges, but the process of reclaiming fees appears to be so simple, there’s probably no need for you to get a middleman involved.

From BBC News:

Hundreds of people each week are turning to ‘no win, no fee’ firms to get back penalty charges levied by banks and building societies. Claims handlers are typically keeping about 25% of any money won back. Consumer groups and a body representing banks have told the BBC there is no need for intermediaries to be brought in to resolve disputes over charges.

There are plenty of templates for reclaiming fees available, most notably from Which? and MoneySavingExpert, probably the two biggest advocates for getting your charges back, so unless you’re really unsure about what you’re doing, and are willing to let someone else get their hands on money that should be yours, I’d DIY.

4 thoughts on ““No Win No Fee” Finds It Way To Bank Charges

  1. I’d been thinking about a way to make it even easier – creating an online form that populated PDFs for print out, but I believe it is so simple even that is unnecessary.

  2. Yes it is a very simple process. If you are happy with dealing with all the paperwork and all the negotiations then DIY is the way.

    However, if you have several accounts and do not have the time, inclination or confidence with dealing with the bank to achieve full payout then there are companies out there that will do all this for you at a much lower cost than 25% of the claim. 25% is too high – we have seen that figure and some add VAT too!!

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