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Last year, the Financial Services Authority (FSA) whacked a massive fine on mortgage lending company GMAC-RFC for starting repossession proceedings too early. Now, GMAC-RFC conducts no new business in the UK and as well as the £2.8 million slap on the wrist, the US based lender had to repay £7.7 million to the customers concerned.

The thing is, what GMAC-RFC did is just as bad as all the extortionate bank and credit card charges that other lenders charged leaving people overdraen and in serious debt. Yet those lenders go unpunished and have their actions sanctioned by a Supreme Court. As usual in this odd financial system we have, it’s one rule for one set of customers and another rule for another. Get it sorted, someone.

You heard it hear 2nd – The Recession’s over! According to the figures released today (Tuesday), by the Office for National Statistics (ONS), the UK economy, measured by gross domestic product (GDP), grew by 0.1% in the final quarter of 2009.

But before you get all excited and start buying Tesco Finest lasagne again, this number is only preliminary and the ONS will release a revised figure on Feb. 26th and another on March 30th that could see us still officially in a recession. However the ONS have said that they are just as likely to adjust the figure upwards as well as downwards so there maybe room in your budget for that lasagne after all.

The latest report by the Financial Ombudsman Service (FOS) has revealed that unfair bank charges are affecting low-income  households so much that they are unable to pay their rent or mortgages. According to the report, the number of families struggling because of excessive bank charges risen from 2,000 to 8,000 in just one year.

As part of their report the FOS commented that the situation had been made worse by the Supreme Court decision to allow bank charges to remain unregulated and in turn denying millions of customers the chance to reclaim bank charges. The FOS expects 2010 to be a year of continued and increased banking distrust and is preparing for a 27% increase in the number of disputes between consumers and financial firms about bank charges, mis sold PPI and mis sold endowments.

Just a quick one today to point you in the direction of Msartin Lewis’ Blog, he’s been to No. 10 to discuss the future on bank charges and credit card charges. Looks like the PM’s on board with making sure the banks reduce fees and play ball, check it out here…

Someone once said “To make millions in football you have to start with billions” or something like that, the point being that running a football club is an expensive hobby to have. And it’s not just top flight premiership clubs that can be guilty of strying into the red either, as one junior football team in Derbyshire recently found out.

A BBC Watchdog investigation revealed that Riverside under 15’s football club from Long Eaton, Derbyshire, was issued £800 worth of bank charges by HSBC for going just £2.57 overdrawn. The amount reached £260 before Manager Kevin Cooke was able to speak to anyone from the bank and was then told it was too high a debt for that department to deal with. By the time Mr Cooke was able to discuss the seemingly unfair bank charges with a representative from HSBC, the deficit had risen to a whopping £813.29.

After pressure from the TV show and the club, HSBC finally wrote off the debt and a representative of the bank said: “It is clear that we got it very wrong, we are in the process of contacting the club to apologise for what has happened as well as sending them some sports vouchers as a goodwill gesture.”