Interest rates on credit cards amount to hundreds of millions of pounds in revenue each and every year for credit card lenders. Despite this massive source of income this does not stop the lenders in issuing unfair credit charges for exceeding credit limits or for late payments. In 2006, the Office of Fair Trading ruled that these fees which sometimes exceeded £35 were unfair and as a result thousands of customers who were charged these unfair have made applications to the lenders and banks fees to reclaim the charges via a claims process.
The Office of Fair Trading ruled that they would not pursue banks or credit lenders with charges of £12 or lower. This was a milestone for the thousands of borrowers who had been charged the excessive and unfair fees of £35 or higher as it now meant that they could expect to receive at least £23.00 of the money back, in some cases customers were actually being able to reclaim the whole £35.00.
The recent ruling by the Supreme Court in respect of bank charges has not had any effect on the claims process for credit card charges so if you are one of the thousands of customers who have been charged unfair credit charges by lenders please click here to find out how to reclaim these unfair charges.
The Office of Fair Trading ruled that they would not pursue banks or credit lenders with charges of £12 or lower. This was a milestone for the thousands of borrowers who had been charged the excessive and unfair fees of £35 or higher as it now meant that they could expect to receive at least £23.00 of the money back, in some cases customers were actually being able to reclaim the whole £35.00.
The recent ruling by the Supreme Court in respect of bank charges has not had any effect on the claims process for credit card charges so if you are one of the thousands of customers who have been charged unfair credit charges by lenders please click here to find out how to reclaim these unfair charges.
