Credit cards, don't we love them? They are convenient,
secure and can be a lot of fun - if handled responsibly.
Unfortunately, however, many of us have at some time breached the
terms of our agreement and have been hit with hefty
penalties.
Credit card fees can be for several reasons but the
five most common defaults are:
- Under payments
- Missed payments
- Exceeding limit
- Returned payments
- Late payments
Why am I entitled to reclaim
fees?
Credit card fees for any of the above defaults can
be as high as �35, so consumers were delighted to hear the
Office of Fair Trading say credit card charges
should..
"only be used to recover certain limited
administration costs" and branded charges of more than �12
as. "significantly higher than what is legally
fair."
This means a credit card charges exceeding
�12 is unfair, illegal and subject to a
refund.
How do I reclaim credit card
fees?
You are entitled to reclaim credit card fees
backdating 6 years or 5 if you live in Scotland. How badly managed
your credit card account has been over this period will determine
the value of your refund.
Credit card companies are understandably reluctant
to issue compensation cheques so persistence is vital to getting
your money back. This means writing at least one letter, following
up correspondence, chasing replies and correctly handling any
negotiations. Remember it will be well worth the effort if you are
prepared to put in the work.
Alternatively you can use a professional debt
management company. Debts.org specialises in reclaiming
credit card fees. Their specialists will
handle all correspondence with your bank, expertly deal with
negotiations on your behalf and will use their legal expertise to
get results. Using a claims management company can save you a lot
of time and inconvenience, plus you get peace of mind knowing your
claim is being handled correctly.
Start you credit card fee application
today!
How much can I
reclaim?
You are entitled to reclaim charges backdated 6
years or 5 if you live in Scotland. How much you can reclaim will
determine how many charges you have incurred above
�12.
Simply ask your credit card company for a list of
charges, for which you may have to pay a �10 administration
fee. Do not request backdated statements, as this can be more
expensive. On receipt of your charges you will be able to calculate
how much your credit card has overcharged you.
Can I reclaim anything
else?
You can reclaim thousands of pounds if you have been
mis-sold a
Payment Protection Insurance policy - and
statistics say you probably have! You can also receive hundreds of
pounds by reclaiming a
mortgage exit fee or
unfair bank charges.
See other Videojug articles in the series for more
information.
