Consumer revenge website MoneySavingExpert.com has launched the new bank charges protest song, “I fought the Lloyds and the Lloyds lost” by Oystar, and it’s tipped as a big chart hit.
The song’s available for pre-orders at 50p from today, and is released on 7 January; meaning if it’s in the charts, it’ll enter on Sunday 13 January, just in time for the likely date of the OFT Bank Charges test case on Mon 14 January.
Can this really be a number one?
The numbers speak for themselves. Over 4.4m bank charges reclaiming template letters have been downloaded in the last year, by roughly 1.4m people. Each week, MoneySavingExpert.com sends out an e-mail to over 1.5m people and a special note’s going out, asking them all to support the song, to send a message to the Government and the FSA.
It takes roughly 15,000 downloads to get in the top 10, and 30,000 to be a number one.
Martin Lewis, creator of MoneySavingExpert.com, said: “Hurrah. The biggest consumer revolution since the council tax riots has its own music. While it’s a fun, catchy tune, make no mistake; this is a good old-fashioned political protest song like the best of them. It’s about taking on the power of the big banks and winning. I, and many others, believe the penalty charges banks have levied are unlawful.
“To get it into the charts would be a tremendous victory. Over 70,000 people signed the bank charges petition, yet still the big institutions of state turned a blind eye to their calls. Let’s see them ignore this!
“Regardless of the FSA’s disgraceful current hold on reclaiming, many hundreds of thousands and possibly millions are waiting to get their six years of charges back and this song is the new rallying call!”
How to get the song
To order the single, simply text the word "bankers" to 82822.
Texts cost 50p, plus the phone provider’s standard text costs. On the day of release, people will get a text reminding them to download the track from MoneySavingExpert.com.
The song’s being done at the cheapest budget possible; in fact, it actually costs MoneySavingExpert.com 5p per single downloaded. The track will continue to be available by text for 50p after 7 January, and will also be available on itunes and all major download stores (out on Tonedef Tunes/Indie Mobile).
The history of the bank charges song
The song was penned by Oystar singer Dan, after he won back £530 in overdraft charges from Lloyds TSB. He posted the tune on the MoneySavingExpert.com chat forum, and it was then included in the site’s weekly e-mail. Music producers at Tonedef Tunes and Indie Mobile spotted it, and were so impressed they offered to produce the single.
The song uses its own original lyrics, set to the tune of the Clash’s “I fought the law”. The promo video features singer Dan donning a boxing suit and Money Saving Expert Martin Lewis acting as ‘sensei’ to Dan’s bank charges reclaiming figure.
Update on bank charges
“I fought the Lloyds” will be released to coincide with the likely date of the bank charges test case on 14 January 2008. In July 07 The Office of Fair Trading announced it had agreed to a test case with seven major banks and one building society to decide the principles of reclaiming bank charges in the High Court.
The case is expected to start on the 14 Jan 08 and will last eight to ten days. It’s important to understand this first stage will determine if the ‘Unfair Terms in Consumer Contract Regulations’ (UTCCRs) can apply to bank charges. Assuming the ruling is they can, then it is for the OFT to decide, at that stage, whether bank charges are unfair.
In the meantime, the regulator, the FSA, has suspended bank charges reclaiming awaiting a court decision based on the test case. This decision was taken without any consultation with the consumer groups who have been championing bank charges reclaiming.
So far, 4.4 million free template letters taking on bank charges cases have been downloaded from MoneySavingExpert.com (roughly equates to over 1.4 million reclaimers). It’s predicted up to £1 billion overall has been reclaimed.
Watch the bank charges song video here
Date: 23rd, November, 2007
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