- Tuesday, 24 November 2009The Supreme Court will tomorrow (November 25th) make its decision on the legality of banks charging consumers for unauthorised borrowing.
The verdict could have a significant impact on Britain's personal debt levels, with Which? revealing that 41 per cent of people waiting for a claim resolution would use the money to pay off bills or debts.
Phil Jones, personal finance campaigner at Which?, said that although the Supreme Court decision was imminent, it would not necessarily spell the end of the saga.
He commented: "If the Supreme Court rules against them, the banks could find themselves staring down the barrel at millions of fresh claims.
"With so much money at stake, the banks may well try to drag the process out even longer, so we'd warn people not to make any plans for their refunded cash just yet."
If the Supreme Court upholds the bank charges challenge, a further eight million claims could be filed, Which? reveals.
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