Reclaiming charges and accounts being closed

clare0305_2

Hi there

this is my first post on here so sorry if this has been answered before! I'm Just at the beginning of attempting to reclaim charges (credit cards and catalogues) I know that on doing so, the account(s) can be closed by the various lenders but are they allowed to close the account and demand the outstanding balances be paid immediately??

any help would be appreciated

natweststaffmember

clare0305 wrote: »

Hi there

this is my first post on here so sorry if this has been answered before! I'm Just at the beginning of attempting to reclaim charges (credit cards and catalogues) I know that on doing so, the account(s) can be closed by the various lenders but are they allowed to close the account and demand the outstanding balances be paid immediately??

any help would be appreciated

The answer is yes they can do so but the FOS could see this as being retaliatory because you are reclaiming. To be honest, if you are paying interest on the credit cards, it doesn't make sense you cut that income stream by shutting the account since the longer there is an amount owing the more money they get in interest.
Hope that makes sense

clare0305_2

that does make sense yes, thanks! I just wanted to ask the question first:o