Bank Charge Money Refunds - Opportunity To Pay Priority Debts

Writing by Paul on Monday 28 April 2008

OFT Can Rule On Fairness Of Bank Charges

The recent test case decision allowing the Office of Fair Trading (OFT) to rule on the fairness of banks’ unauthorised overdraft charges could mean that many people struggling with debt are refunded money.

Customers have been reclaiming charges since the beginning of 2006, and the BBC estimates that in 2007, despite the fact that banks claim their overdraft charges are not unfair, approximately 378,000 claimants were refunded around £784 million.

Payplan Free Debt Advice

Payplan advise that those who are struggling to prioritise their living costs and meet monthly payments to credit cards and personal loans should use any overdraft charge money refunds or lump sum payments as an opportunity to reduce their debt. Priority costs include missed mortgage repayments, late payments towards the council tax bill and ensuring fuel bills such as gas, electricity and oil are up to date.

Using Payplan’s free debt advice service, and making the most of a financial opportunity like an overdraft charge money refund, could be the first step to dealing successfully with a larger debt problem. Payplan can help people manage their debt using a free debt management plan (DMP), and money refunds from the banks can go some way to solving a person’s debt problems.

To find out how, call Payplan free on 0800 917 7823 or submit your details online for immediate free debt advice.

Filed Under  Financial News, Personal Finance, UK Debt News  |  Trackback

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