Tuesday 15 May 2007
Zanna: BBC: "Lloyds TSB has become the first bank to win a court case after being sued by a customer for imposing supposedly unfair overdraft penalty charges." Oh dear.
justin:
Woah - lucky my bank just offered me £500. I'm not sure this is the first ruling by a judge though.
Marcus:
It is - before the banks have simply failed to enter a defence, meaning the bank customer wins by default but no precedent is set on the legality.
Marcus:
The bank actually bothering to enter a defence to fight the case means a precedent has been set. And not in favour of the little guy either. Surprise!
Marcus:
(NB I'm not a lawyer - except when I parade around as Ally McBeal on alternate Thursdays - but I'm pretty sure my legal logic is sound here.)
justin:
I guess you are correct that this is the first time a bank has entered a defence - but that does not mean it sets a precedent. County court cant do that - it has to be the high court I believe.
Additionally, I do remember that some young lawyer was ready to go to war over this - basically the crux of it is he needs to get the banks to disclose the actual cost of writing or "handling" the overdraft. However, until a ruling is made on that I think this case is very fishy.
Additionally, I do remember that some young lawyer was ready to go to war over this - basically the crux of it is he needs to get the banks to disclose the actual cost of writing or "handling" the overdraft. However, until a ruling is made on that I think this case is very fishy.
