British banks may soon be faced with many more complaints from debtors who have been subject to bank charges since July 2001, after research from Which? revealed that 63 per cent still have not made claims to recoup their money.
Personal finance campaigner with the consumer watchdog Phil Jones noted that banks could be “staring down the barrel at millions of fresh claims”, with Which? statistics showing that approximately four out of ten are for amounts of £500 or more.
He added that those in the financial industry may attempt to drag the Supreme Court’s decision out longer as there is so much money involved.
“We’d warn people not to make any plans for their refunded cash just yet,” he said.
Of those polled, 41 per cent stated that they would use their returned money to settle debts and bills.
But debtors may find themselves somewhat disadvantaged as a result of the ongoing court case.
The Daily Mail has reported that campaigners are concerned that banks will introduce charges for cash machines if they lose.
By Sarah Adie