Credit Cards Reclaim your penalty charges!
The Office of Fair Trading (OFT) has ordered banks to slash their late-payment fees on their credit cards to a maximum of £12. It says that their existing charges which average £20 to £25 and have risen by up to 40% in the last 2 years, are both unfair and illegal.
This groundbreaking decision opens the way for card holders to reclaim refunds for overcharging amounting to half a billion pounds!
The OFT says that late payment charges on store cards, mortgages and overdrafts should also be cut and is threatening legal action if they fail to comply. Indeed they say, ”If default charges are greater than £12, we will, subject to certain exceptions, presume they are unfair with a view to bringing enforcement action in the courts – we will litigate if we have to, against the strongest and most powerful institutions”.
The OFT’s decision is based upon the 1999 Consumer Contract Regulations in association with case law dating back to 1914.
If you want advice on winning refunds for overcharging visit https://www.which.net/campaigns/personalfinance/bankingcharges/whatyoucando.html
