Reclaiming bank charges ‘could aid debt management’

Around two-thirds of consumers who have been hit with "unfair" bank charges are yet to reclaim their money, it has been revealed.

Research by Which? reveals that some 64 per cent of Britons could be missing out on hundreds of pounds after being initially charged penalties of up to £39, a figure which could help them with their debt management and make personal loans repayments.

Personal finance campaigner Emma Bandey said: "Claiming back unfair bank charges is a simple process that won’t take up hours of your time."

The study also revealed that around one in five consumers had not attempted to make a claim as they were unsure how their bank would react.

However, 85 per cent of respondents to the Which? survey claimed they had been successful in getting at least some of their money refunded.

Earlier this week, the Welsh Liberal Democrat leader Lembit Opik claimed the principality is facing "catastrophic levels of debt" as residents need a better financial attitude towards secured personal loans.

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