- Thursday, 23 July 2009Thousands of already-struggling Britons could need to seek out debt advice as their applications for bank charge refunds are put on hold for a further six months.
With plans to pay consumers back for high charges levied on banking charges such as overdrafts currently being subjected to a thorough legal examination, the Financial Services Authority (FSA) has agreed to give banks and building societies more time to before they need to handle complaints.
The City watchdog has ruled that the "waiver" will be extended for an additional six months, despite the fact that this could leave many people in financial difficulty and could even lead to a rise in the number of adults seeking
IVA debt solutions.
However, Dan Waters, director of retail policy and conduct risk at the FSA, affirmed: "Our objective continues to be facilitating a fair and consistent resolution of consumer complaints about unauthorised overdraft charges."
Around one million people are currently waiting on claims for refunds on unauthorised overdraft charges.
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
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960