Bank Charge Case: MoneySavingExpert’s View

MoneySavingExpert Martin Lewis has just updated his site with his latest views on the bank charge situation, and despite refund claims still being on hold until 22nd May at the earliest, he believes the time is now right to put in your claim if you haven’t already done so. The reason? The six year rule:

If it’s on hold, why put in a reclaim now?

Simple, the statute of limitations says you can only claim back six years’ worth of charges in England, five in Scotland. The longer you leave it, the less far back your reclaim goes… as many people have had lots of charges stretching back over years, this means if you don’t put a claim in sooner, you’re less likely to get the old ones back. Plus hopefully when the FSA ends the waiver on reclaiming, it means you’ll be ahead in the queue, and should be dealt with more quickly.

What if my case is already on hold?

We’re still waiting for the FSA to end the waiver; as explained above, my hope is that this should happen in the next couple of months. Until then, sadly, you’ll just have to keep twiddling your thumbs.

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