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 claim – Payment 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.
Belmont Thornton is a specialist Financial Claims Company regulated by the Ministry of Justice in respect of regulated claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk number 18273
Belmont Thornton Ltd. is incorporated in England and Wales, Company number 6621233 , whose registered office is at 24 Glenrosa Street, London SW6 2QZ and whose head office is at 6 Stephendale Yard, Stephendale Road, London SW6 2LR. VAT Registration number 945 3375 06.
Belmont Thornton Ltd is registered with the Information Commissioner's Office (I.C.O.) to ensure compliance with the Data Protection Act 1988. Registration Number Z1728023 and holds a Credit Consumer Licence issued by the Office of Fair Trading licence number 634655.
* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of commencement, you do not wish to continue pursuing your claim with us. Please see our terms and conditions.