- Friday, 21 May 2010The coalition government has announced its plans to introduce measures to tackle unfair bank charges and limit credit card stealth charges.
Bank charges for going over an overdraft or not paying a standing order can easily add up and lead to the need for a
debt management plan.
Consumers can seek redress from the bank for unfair charges already but quite often they have to prove they are in financial hardship. This could mean showing that the consumer is using a
debt management plan or getting an
IVA.
This can be difficult and could lead to people having to go to court if the provider rejects the complaint and the Financial Ombudsman Service cannot help.
Furthermore the government's announcement that it will be forcing banks and building societies to lower their charges for exceeding an overdraft is a positive one.
Prime minister David Cameron and his deputy Nick Clegg said: "We will introduce stronger consumer protections, including measures to end unfair bank and financial transaction charges."
It is not quite clear what they mean by financial transaction but it should be clarified in the emergency budget on June 22nd.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
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