Summary

The Office of Fair Trading has ruled that excessive penalty ( car insurance cover ) charges levied by credit cards are illegal and youre entitled to rebates. Find out more.

Credit Cards. Claim back those unfair charges.

Author: Michael Challiner (loan)

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Did you know that the Office of Fair Trading (OFT)have ruled that £12 is the maximum your credit card can charge you for each late payment or unauthorised borrowing? Whats more, you can claim back any excess charges youve paid going back 6 years!

(life assurance)

The consumer magazine "Which" and lawyers have confirmed that this gives the go ahead for customers to reclaim all credit card, store card, mortgage and bank account penalties which exceed £12.

Stephen Alexander, a partner at solicitors Class Law, said, "Now that the OFT has decided that anything over £12 is unfair, it will be a lot easier for people to succeed against ( medical insurance ) the banks in the Small Claims Court. People are entitled to claim back charges made within the last 6 years". (mortgage deals)

The OFTs ruling will hit the banks hard. After all, last year they took around £1 billion in charges with the Halifax, part of the Bank of Scotland Group, being one of the worst ( mortgage quotations ) offenders. Theyve been charging £39 for unpaid cheques, direct debits and standing orders. The norm amongst banks has been closer to £30.

If you want help in claiming back the excess charges youve paid, you cant do better ( loans ) than visiting the web site run by Which. For a fee of £10, Which will provide all the draft letters you need to enable you to mount your own court claim for excess charges going back 6 years.

Click here for part 2 (life insurance policies)