Posted in: Credit cards
Reclaiming bank charges from an existing or an account that had been closed down was once an easy task. You only threatened the bank with a court suit or telling them that you would take them to the ombudsman and they easily complied with your demands. However, it has now become a hard thing to do. Though the charges have since fallen to about fifteen sterling pounds, they may sometimes rise to as high as 35 pounds. The good news is however that it is still a possibility to reclaim these charges.
There are some money savers who are reporting that they have got their money back. Though there is no guarantee of getting this money back, there are some cost-free and risk-free ways of reclaiming it. Despite the fact that battling with a bank is a stressful thing, you should feel free to pursue a refund with a positive mind. Even if you do not succeed getting the refund, you should not feel defeated. You should also remember that the best way to avoid paying bank charges is shunning them in the first place.
Pursuing a guide to reclaiming bank charges is not a science but an art. The guide is mostly about how well one can negotiate with the bank. It is geared towards ensuring that the money that has been taken unduly is recovered as soon as possible. If the bank thinks that your issues need to be addressed by the ombudsman, it may opt to give you a partial refund or give none at all. If the bank knows that it will have to do a refund at the end of it all, it will no doubt do it without having to do the refund plus the resources it will use in fighting it.
The first step in reclaiming bank charges is gauging your eligibility. As such, you need to well know that the request may either be accepted or turned down. You therefore should be ready to pursue your complaint further than that. Most of the ways through you will have to pursue this refund is via the ombudsman. Others may choose to take the path of suing the bank at a court, which is another option.
For one to successfully file their complaint with the ombudsman, some criteria will have to first be met. Beginning by giving your full details, you should go ahead and outline to the ombudsman how you have been adversely affected. Some pertinent things will however have to be verified.
To begin with, you have to show that the charges have negatively affected your ability to pay for your basic necessities. You should actually convince the ombudsman that you are unable to pay your utility bills, council tax, Mortgage, among others. You should also cite the fact that the charges have made you unable to pay your debts. Your case will also get favour of the ombudsman if you are able to show that the extra charges have actually dented your income.