cjd
Well-known member
Whilst you have clearly been away, where there is no media coverage during the last 18 months, look up "credit crunch" ..........loads of info there for you.
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Banks win in High court (overdraft charges etc)
- Thread starter surrey jim
- Start date
Whilst you have clearly been away, where there is no media coverage during the last 18 months, look up "credit crunch" ..........loads of info there for you.
BensGrandad
New member
The banks have appealled lost, and appealled to a higher court lost again, then went to the highest court in the land is that now the end of it or can the OFT appeal this blatant mistravesty of justice.
Uncle Spielberg
Well-known member
Its done and dusted. This decision has been heavily lent on by the government as they do not want the banks to have to pay back billions of pounds in charges.
I agree entirely, in recent months the facts have been screwed to blame the UK borrowers, the usual jibe of irresponsible lending and irresponsible borrowing, shifting the blame to us the consumer.
As I see it there might have been generous lending ( maybe ) however due to the historically low interest rates I would suspect that most are servicing those loans quite well.
It was the Sub Prime mortgages invented in the USA that might of brought us down.
By the way not too sure how our bankers saw any value in buying in bulk all of that debt and I suspect that the US banking system knew they were selling us a lemon.
I cannot think that such vast volatile debt could find a buyer, without the USA bankers 'cooking the books' beforehand ridding themselves of this toxic debt.
Yet there seems very little political will to bring the USA to account on this one.
Nibble
New member
- Jan 3, 2007
- 19,238
The British Bankers' Association says in a statement: "The Banks acknowledge the unanimous decision of the Supreme Court to allow their appeal. We recognise this issue has been of real concern to a large number of customers and we are pleased this decision brings clarity for all.
"The Banks will work with the regulators to ensure that the outstanding customer complaints are brought to a swift conclusion."
Translation : We, The Banks can do what ever we f***ing like. Yes, we stole your money, no we won't give it back.It's all over, you will never see your money again, face it. Now, f*** off.
End of story.
"The Banks will work with the regulators to ensure that the outstanding customer complaints are brought to a swift conclusion."
Translation : We, The Banks can do what ever we f***ing like. Yes, we stole your money, no we won't give it back.It's all over, you will never see your money again, face it. Now, f*** off.
End of story.
Curious Orange
Punxsatawney Phil
cjd
Well-known member
Jeseus Christ.....!
I have to go out.............can anyone else take over this idiot for me.......?
Be warned....he,s a bit dim.
Indeed. And as the Government owns a big chunk of some of these banks, then bank charges are now effectively a new stealth tax !
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,864
so you're saying the judicary is corrupt now? come on.
lets draw a line and move on, the campaign should be to focus on changing the charges, which hasn.t been addressed all the time they've been fighting this.
drew
Drew
Uncle Spielberg
Well-known member
I am sure other people like Drew have brought the spin that this shit is the fault of all us naughty girls and boys over comitting ourselves. It is a crock of SHIT. I agree we were overly relient with property and property prices going up and thinking our houses were our bank accounts and professions but that has been well and truely redressed now. I imagine people will now see property and somewhere to live and not a cash cow.
The level of debt is reducing in this country at a record breaking rate which is good. Some people are paying diddly squat on their mortgage, one of my clients i paying £ 27 pm for a £ 214000 mortgage. All this excess cash as they anticpated the mortgage payment would be around £ 900 pm is paying off mortgage balances, loans and credit cards
Make no mistake the banks are awash with cash. The are effectively not lending anymore and have closed the shutters for over 2 years , they have massive repayments back each month on mortgages, loans and credit cards and have tens of billions of pounds from our government sat in dormant accounts.
Its good to redress the balance and people repaying debt is good but the whole future of the economy and long time prosperity is needed to be lubricated with credit and reasonable rates which has not be available for 2 years. Contrary to what the FSA are now trying to do after the Horse has bolted you CANNOT eliminate all risk form lending.
The banks now run the country and boss the economy even more so than before. They have not been held to account and the bonuses are back. They still think it is justifiable to charge someone financially on their arse £ 80 for a returned dd.
It is the common man especially the self employed who have suffered horrendously over the last 2 years whilst the banks just laugh in our faces.
The level of debt is reducing in this country at a record breaking rate which is good. Some people are paying diddly squat on their mortgage, one of my clients i paying £ 27 pm for a £ 214000 mortgage. All this excess cash as they anticpated the mortgage payment would be around £ 900 pm is paying off mortgage balances, loans and credit cards
Make no mistake the banks are awash with cash. The are effectively not lending anymore and have closed the shutters for over 2 years , they have massive repayments back each month on mortgages, loans and credit cards and have tens of billions of pounds from our government sat in dormant accounts.
Its good to redress the balance and people repaying debt is good but the whole future of the economy and long time prosperity is needed to be lubricated with credit and reasonable rates which has not be available for 2 years. Contrary to what the FSA are now trying to do after the Horse has bolted you CANNOT eliminate all risk form lending.
The banks now run the country and boss the economy even more so than before. They have not been held to account and the bonuses are back. They still think it is justifiable to charge someone financially on their arse £ 80 for a returned dd.
It is the common man especially the self employed who have suffered horrendously over the last 2 years whilst the banks just laugh in our faces.
US sub prime mortgages are/were certainly the problem, made worse by the complex financial instruments and spin-offs (derivatives) thereof. The debts were re-sold, packaged up (mortgage-backed securities, credit default swaps etc) and sold again so many times, that it became difficult to put a finger on what was actually being traded by the banks and therefore the level of risk they were exposed to. There should have been controls in place so that the trades would not have been made if the banks didn't know what they were buying and therefore be able to evaluate the risk involved. This is a massive failing of the banks first and foremost (who should look after their customer's money and their shareholder's interests better), but also of regulation.
It really worries me that so much of our economy is dependant upon the financial services sector - investment banking and all the murky practices there, insurance/re-insurance, complex tax avoidance schemes dreamt up by high-paid accountants... None of this (in the grand scheme of things) really ADDS anything to the world - there is no tangible product, just an ever expanding paper-chase of documents, transactions etc which actually is worth nothing, and thousands of very smart people get paid vast sums of money to do (but achieve WHAT?).
I'm not saying we need to re-open the coal mines, but I do like the idea of a more diverse economy.
Uncle Spielberg
Well-known member
sten_super
Brain Surgeon
Eh? It wasn't, per se, the existence of the sub prime mortgage market that caused the problem. There is similarly a sub prime market in this country, although it is nowhere near as large as the US one. The problem is the fact that these assets were mispriced, and they were mispriced by everyone. There was a far higher risk of default on these assets than had been factored into the price. The US had a massive stake in these markets, that's why the US banking system went down the tubes so horribly as well, it was nothing to do with 'cooking the books' to get rid of them.
Curious Orange
Punxsatawney Phil
I'll elaborate for you - the banks may not loan out the money that they have in current accounts to other borrowers, but it sure as hell gets invested in the overnight markets, where it makes money, a lot of money, enough money to pay the likes of you and I interest on said current accounts (such as it is), and for the banks to continue to not "have to charge" for them using our money to their benefit.
So I ask again, if you think the banks should be charging us to use current accounts why are they bothering to pay interest to us on them now? My apologies for the dimness of the question (particularly as I just answered it).
Anyway, we seem to have wandered drastically off topic - excessive charges are clearly bad and probably counterproductive in some cases - no point putting people who are in debt further into debt and thus reducing the chance of recovering the money.
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Why do you find this so difficult to believe? How is the judiciary any less susceptable to corruption than any other public institution.
drew
Drew
You got me wrong, I don't blame the borrowers, well maybe some. The people that caused this mess were the lenders who couldn't see further than their next bonus. However, people who borrowed money must take some responsibility.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,864
US you really are starting to look like a loon. both the lenders and borrowers are to blame, theres no spin, we all gorged ourselfs on cheap, easy credit, while the banks fought to improve their market share and make more money. learn to live with it and more on. your profession will come back one day, or maybe branch into wider advise than mortages.
i just dont belive a group of distinguished law professionals would compromise themselves in such a way, for a such a realitivly mundane reason (a contract dispute is what it boils down to). if you want to go down this route, why not say the previous courts found against the banks for political reasons? the two dont match up, so lets assume they are acting in good faith. otherwise the bank charges are the least of our worries and its time for a revolution.
i just dont belive a group of distinguished law professionals would compromise themselves in such a way, for a such a realitivly mundane reason (a contract dispute is what it boils down to). if you want to go down this route, why not say the previous courts found against the banks for political reasons? the two dont match up, so lets assume they are acting in good faith. otherwise the bank charges are the least of our worries and its time for a revolution.
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Uncle Spielberg
Well-known member
Yes but people are paying their debts infact over paying their debts so the level of debt in this country has not been an issue. We are in the shit due entirely to the banks here and in the usa losing trillions of pounds in the us housing market. The banks have not lost money in any degree in uk property. the sub prime market here was about 2% at its peak in 2006/2007. In the USA lenders did self cert mortgages for 95% and the whole thing was unregulated.
Basically they held a mirror in front of the client and if thay had a 5% deposit and the mirror steamed over they lent the money without any checks.
Basically they held a mirror in front of the client and if thay had a 5% deposit and the mirror steamed over they lent the money without any checks.
My point is that it wasn't our mortgage lending that determined any of the resulting problems.
I am not too sure where our sub prime mortgages exsist, self cert
But I am not aware that there was any great default on that lending here in the UK so those mortgages probably remain quite profitable for those lenders.
the USA sub prime mortgages did start to default in frightening numbers, I am told that you could raise a mortgage whilst on benefits over there and there is not a parallell here.
So once the US banking system recognised the problem, how did they then bundle such volatile debt and sell it to our own bankers.
The US bankers must of known its risk thats why they were selling it, so how did our own bankers not also recognise the risk those US bankers had already identified ??