Bank charges - claiming them back

Struggling for cash for Christmas and don't want to put your spending on credit cards again?

Well why not look at how you could find money you didn't know you had, in your finance agreements lying around at home for loans, credit cards, bank charges and possible tax reclaims, says MD of Moneybuddy, Fiona Howarth.

The current bank charges Court case which has featured regulary in the news, has determined that most bank charges over £12 are unfair and unlawful. However, the Court has not yet made it's final decision.

However, if you have been struggling financially over the last year, or anytime in the last 6 years, either in your business or personal finances, you are entitled to apply to have your bank charges refunded on a Financial Hardship basis. To meet the definition of "financial hardship" you just have to demonstrate that you have been charged more than £500 in bank charges in a 6 month period, be able to fill in an income and expenditure form (which Moneybuddy can help complete for you) and have a reason for the hardship.

Common reasons for financial hardship used in reclaiming back bank charges, are loss of a job, redundancy, illness, death of a partner or close family relative, relationship breakdown or divorce.

On average, the typical bank charges reclaim case amounts to £1,500 but £50,000 reclaims on business bank charges are not uncommon.

For more information on bank charges reclaim and other ways of finding money for Christmas, email Fiona@money-buddy.co.uk and ask for our free article on claiming back money you didn't know you could claim for.