I have claimed back bank charges from my bank?

i have claimed back bank charges from my bank,totalling Â£1250 and they have sent me a letter offering me Â£725 as a gesture of goodwill that they will credit to my account if i accept it.However i am on the verge of going into an IVA and the bank in question is one of my creditors and obviously the money will be just swallowed up.What are my options??

Well, your two options are accept the Â£725, or hang on for the full Â£1250.

Personally, if it were me, I would hang on and only accept the full amount.

I should think that either way the money would be swallowed up by your creditors, but at least with the full amount it would pay more of the debts off.

Hi - I work for a major financial services firm and have managed the Customer Service Department, and also was responsible for ensuring regulatory compliance, so hopefully I can help.

Any redress offered to you (in this case the charges you have claimed back) is a separate matter from any debts that you owe to the bank.

With that said, if you refuse the offer made by the bank, the bank is not under any obligation to honour that amount if you subsequently change your mind.

You are in something of a difficult position, and need to make an assessment of whether you would be willing to pursue this matter through the courts if necessary, and also consider how urgently you need the money. In general, banks have not defended their fees and charges in the courts, but if they begin to do so and win you may get nothing at all.

Realistically speaking, I would say that it's more likely than not that you would receive the full amount back if you pursued the complaint, given the track record of banks up to this point.

In the circumstances, if you choose to accept the payment you could write to your bank to request that the Â£725 is issued to you in the form of a cheque. This is not an unreasonable request (as many banks pay redress via cheque), and you could then pay this cheque into an account that is not held with the bank so that the funds are not frozen or set-off against your debts when your IVA commences.

In answer to your specific question, your options are:
1. Accept the payment of Â£725 (safe option, funds available sooner rather than later, but least money)
2. Reject the offer and pursue your complaint for the full amount of Â£1,250 (riskier option, funds available later - if at all - rather than sooner, but possibility of higher overall gain).

Which one is best for your particular circumstances is for you to decide.

Hope this helps, however if I can help further please post further information and I'll try to provide more information in response. Best of luck to you!

Get it spent! Or at least have a receipt to show it was spent! Good work mate, and good luck with the IVA.

draw it out,and spend it on me.

take it ... its a good deal well done.

Hold it out for full amount thats what my other half is doing most banks send good will gestures heres a good site where you can get more advice.
http://www.moneysavingexpert.com/reclaim/bank-charges

725 not pound not bad

I know you want answers!
but really you have to ask what is right for you!
I am trying to reclaim Â£3,300 from my bank. they have not offered me a penny but I would take 2/3 which is roughly what yours is!

i am taking them to court it is a nerve racking place to be I wouldn't wish it on you, my court date will be set this week!

Their have 2 case found in favour of the banks to-date so good luck (the lower option may not be that bad)

remember Â£750 is Â£750 better off than what you would have been had you not heard about reclaiming!

If you get a full and final settlement from the debt collector in writing who is working on behalf of your bank pay that off if you can raise funds you never no they may half it by least 50% after reclaim your charges the bank would possibly send you the amount you reclaimed in full rather than paying it in to your account, you could always contact their credit dept and check it out with them first, Theres no halm in asking! Maybe check with the Citizens Advice if it will affect your iva in any way.

Take it spend it & say good bye to your bank account

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