Saturday, 19 September 2009

Cutting the lifeblood from Government and the Banks is starting to work.

The Halifax is the second Bank to run up the flag of surrender in the OFT V Banks High Court case due to be finalised in January of next year.

Thousands of bank account holders have refused to accept the punative charges that can see a £10 overdaraft baloon into a £1500 charges bloodfest in a matter of months.

The banks are preparing themselves for mass write offs and refunds on current accounts.

This case was won a year ago by the OFT but they continued to appeal. This has been the first example of a concerted attack on bank priviliged thievery by the public.

The destruction of the public finances by Labour has also meant a de facto tax strike, because business and the public have no more to give.

The fact that Labour is now belatedly decided to 'look at' some of their high spending programmes has been brought about because the Labour vampire has reduced the UK economy to a bloodless corpse, and there are no fresh virgins for them to go after. Not that the Vampire has changed its habits, because the Cabinet cannot agree to even scrap the proposed ID cards legislation.

Parasites eventually die when the host dies, or the host takes action to rid itself of the contagion.

There is an upside to this slump after all.


Anonymous said...

Best thing to do is bark with Bankleys, or is it wank with the Bestminster. Can't remember which.

electro-kevin said...

Can we call those working for The Righteous The Prefects ? Police chiefs, civil servants, traffic wardens et al ...

That's what a lot of them must have been at school, nay ?

Guthrum said...

Not the traffic wardens- ten of them working together would not have got a a 'U' GCSE in Media studies

VotR said...

Cap in hand to the IMF, Brown and Darling returned but found their invulnerable liner had already sunk forever beneath the waves.

Rogerborg said...

There aren't many good reasons for giving work to ambulance-chasing shysters, but siccing on a bank to recover stolen 'charges' may be the exception.

CIngram said...

The Libertarian answer is to change banks and read contracts before you sign them .It's a short step from shouting 'thieving banks' to demanding regulation and banning things.

Edgar said...

@electro-kevin: my guess is that the people who get themselves nice state uniforms and go around pushing the population around (provided they aren't dusky-skinned) are the ones who weren't chosen to be prefects. That rejection is what fills them with such bile and hatred for everyone else.

@CIngram: ideally, you're right. But no-one has time to analyse all the terms and conditions they must 'agree' to before they can do anything. Nor is everyone sufficiently confident about interpreting the jargon and legalese that go into those documents. Even for Libertarians, there has to be a modicum of protection from the worst excesses of the tricky bastards who're simply out to separate you from your hard-earned cash.

CIngram said...


It's a reasonable assumption that in any deal both parties are looking to their own advantage. There is more than a modicum of protection, there is a contract, freely entered into, which the law will uphold if required.

It's the assumption that we're not grown up enough to make our own decisions and accept the consequences that is behind the nanny state and the bureaucratic tyranny we increase live under. By delegating responsibilty to the government, because we don't have time or don't understand, we are complicit in our own oppression.

Guthrum said...

Thats fine and dandy- but we have suffered from a cartel of banks acting against the consumer.

Ever tried suing a bank ?

Anonymous said...

I'm with CIngram on this issue. If you overdraw your account and get charged a penalty that was in the agreement you signed up to how is that the banks fault? I agree their charges are excessive but if you agreed to the terms and conditions then I fail to see how the banks are to blame. I can see how this will end up. You will have to start paying a monthly fee unless you maintain a £5k balance in the account. This is just another example of the feckless being propped up by the prudent.

Rab C. Nesbitt said...

If all the banks are shafting us via timy small print clauses in the contracts we sign, it's hardly fair is it? What do we do, go to a competitor and get shafted also?

Rogerborg said...

>This is just another example of the feckless being propped up by the prudent.

My wife is fat and lazy, but not feckless. A £5 accidental overdraft turned into £200 of charges before we caught them at it.

My advice was to open a new account elsewhere and tell them to try and collect the money, but being one of those prudent types, she paid it off instead.

Using my money, naturally. So that's the prudent propping up the fat and lazy, if you want.

Dear Prime Minister said...

Contract law has evolved so that those disadvantaged (the banks) by others' feckless behaviour (debtors who go over their limits) can only reclaim back what they lost. It is unlawful to effectively extort money by fines using contract law. This has been upheld by the courts.

It is worse to fund free banking for the pious using excessive fines on the weak and vulnerable.

Giolla said...

And of course it doesn't help that banks control just when money goes in and out and do that to their advantage, from experience of friends the method seems to go:
1) Take out everything going out that day
2) Charge fees if possible
3) Pay in all incomings for the day that would have covered the outgoings
4) Take money for fees from the now available funds.

Anonymous said...

it really angers me that banks keep my money to themselves for three days before I can have it whenever money is paid into my account.

Guthrum said...

What do we do, go to a competitor and get shafted also?

My point exactly- they have been running a cartel, there is no competition.

If you saw the 'Last days of Lehman Brothers' you can see how it worked they were conning each other, the shareholders,their investors. The Government were paid of the deal as well.

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