OFT v The Banks: Read This If You're Worried
Please Don't Panic
So the OFT is taking banks to court. A great wind of uncertainty is sweeping CAGgers and non-CAGgers alike. At times like these, it is easy to listen to all the rumours, half-baked truths, and feel despair, especially when the media is not letting the truth getting in the way of a juicy headline.
HOWEVER! The main things to actually remember are these:
If you complain to your bank, or decide to go through the FOS, then your case will be put on hold. But there is absolutely no legal reason not to stick to your deadline and start your court claim as previously planned, or not to carry on with your claim if you had already lodged it.
There never was any cast-iron guarantee that you would get your money back within certain timescales, and now, these have just increased, that's all. (Yes, I know that sentence doesn't sound logical )
As before, all you stand to lose is your court fee and not get the money you had lost a long time ago if you proceed with a court case and the OFT loses. On the other hand, if the OFT wins, your case will be already in the system, and wouldn't you rather be near the top of the list than at the end when this ends?
Another thing to bear in mind is the Statute of Limitations act 1980. SoLA 1980 kicks off from the date you first FILE AT COURT.
If you don't, and you were close to the 6 years period, by the time the OFT v 8 banks case is decided, you will have lost hundreds, maybe thousands of pounds. On the other hand, if your claim is already filed, then THAT date is the one where statute barred will run from.
Finally, a piece of advice for those with claims already in the system: Do NOT ignore courts direction because you think it's all over. People have been phoning courts all over the country since Friday and the message that is coming out loud and clear is this: BUSINESS AS USUAL, cases are proceeding. So don't neglect your court deadlines, and if you have a chance to get the defence thrown out because THEY didn't comply, do it ASAP, don't give them a chance to apply for a stay.
The banks have jumped at the chance to postpone all refunds, so fight back harder. Hit fast, hit low, and don't give them an opening.
In other words, KEEP GOING. We'll all get there in the end, but it's up to every one of us not to give up.
And most important of all:
DON'T PANIC!!!
