British consumers could be set to lose out even if the Office of Fair Trading (OFT) wins its court battle against some of the country’s leading banks in a test case regarding the fairness of fees, it has been claimed.
According to the Fool.co.uk, a victory for the OFT in the ongoing court case could result in the fixing of a minimum reimbursement level, beyond which banks will refuse to go as they look to settle disputes with overcharged customers.
However, for people who have seen their debt management problems worsen because of bank charges, a victory for the banking groups could make matters even more difficult, the financial comparison firm has suggested.
“As far as banks are concerned, the outcome of the court case may be one of heads I win, tails you lose,” said David Kuo, head of personal finance at Fool.co.uk.
“But vigilant customers can take proactive steps to ensure that banks never win regardless of which side the coin falls.”
Meanwhile, a report from the Post Office last week indicated that more and more British consumers are relying on credit card debt to fund their everyday expenditures.