Editor’s Note: This is a guest post from Louise Crossley, a contributing writer at Money BrightWith so much recent discussion in the UK surrounding the bank charges situation and the fact that it seems consumers will now be unable to claim back their bank charges, another fairly topical issue has been somewhat overlooked. That of reclaiming credit card charges
Contrary to popular belief, this is a separate entity entirely from bank charges reclaims and one that is ongoing. You can reclaim unfair credit card charges.
The reason is that credit card companies charge up to £35 each time someone misses a payment or exceeds their limit. Does it cost them £35? No. Indeed it does not. In fact, the only cost incurred by the company really is sending out a letter to tell you off for said offense.A report by the OFT in April 2006 drastically improved the chances of the consumers in reclaiming credit card charges. The OFT had, by this point, carried out their own investigation into credit card charges and the report declared that they would not seek to specifically investigate any credit card company charging less than £12. Was this a cloaked way of saying that £12 is the maximum fair charge?There’s a huge £23 difference between £12 and £35. If you have been charged that multiple times, then you have essentially been thoroughly ripped off. Thousands have successfully reclaimed credit card charges in excess of £12, in some cases being offered the difference between the charge and £12 and in some cases being offered the entire charge back. Each credit card provider has responded differently.What do you do if you think you might be eligible? Well, first of all you need to find out just how many times you have been charged and how much each time. You can go back as far as 6 years in reclaiming credit card charges. Once you have this information, get in touch with the providers themselves or go through a specialist company who will advise you.It could be worth thousands to you!
Louise Crossley, a contributing writer at Money Bright. To read more article from Louise, visit Money Bright now
image courtesy: xJasonRogersx