What Is The Problem?

Credit card companies and the banks who supply your credit cards often enforce a charges system for customers who break the rules of the agreement. Of course, you might not know that you have gone over your credit limit, or that a payment has been taken when the credit funds are not in place to cover it. However, most of us will incur charges for reasons similar to these at some point.

Essentially, you breach the rules of your contract when you exceed your limit or make a late payment and the company providing the credit are entitled to reclaim their losses through fees. Unfortunately, as you may well know, these fees often have no relation to the losses they are covering and you might find yourself asking ‘if I have no money, why are these guys asking for more from me?’

Where Do You Stand As A Consumer?

In 2006, the Office of Fair Trading (OFT) answered this question, at least in part, by ensuring that credit card companies must charge a maximum of £12 (rather than £35) for individual charges. Any charges over and above this amount can be appealed against and many customers have already claimed back what they are owed.

Your claim on credit card charges could reach back over 6 years and the average sum won through compensation is £600. Hence, if you have incurred charges on multiple credit cards over the years, you could be in line to receive a large amount back.

If you need any legal advice at all on credit card fees, or representation in your compensation case, we can provide a wealth of knowledge and expertise through our Find a Solicitor service.