Question Of The Week: Credit Card Reclaiming

Former_MSE_Penelope

Q. Is it possible to still reclaim charges from a credit card company, even if they sell on the debt to a debt collector? Rita, by email.


Martin's A: In a nutshell, if you've had charges over £12 from a credit card for late payments or busting your credit limit in the last six years, it's usually quite easy to reclaim (see the Credit Card Reclaiming guide for info & templates) and many get £100s.

However, if there's a debt on the account, any reclaimed money's likely to go towards paying it off. Yet don't let this put you off, it still means you're less likely to be chased for any further cash, depending on the amount of charges and debt.



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natweststaffmember

Martin, why oh why do you answer in that way?
Please can you tell me what the OFT report on Default charges said?
I agree with the outstanding balance bit but the over £12 bit?? Why don't you say that £12.00 is fair and let the banks off repaying more?

OFT report is here if you want to re read and amend your advice: http://www.oft.gov.uk/shared_oft/reports/financial_products/oft842.pdf

If not then your advice is ill informed, I'm afraid.

Premier_2

Surprised you didn't have a go at him about his 6 year rule too. You do whenever I mention it. Something along the lines of if it wasn't a lawful debt in the first place, then it isn't covered by the limitations act.

natweststaffmember

Premier wrote: »

Surprised you didn't have a go at him about his 6 year rule too. You do whenever I mention it. Something along the lines of if it wasn't a lawful debt in the first place, then it isn't covered by the limitations act.

I thought Martin knew that £12 bit.....good job we haven't spoken about Egg who did get a dispensation for charging £16.00

Glad we haven't spoken about the application of UTCCR 1999 or its EC(at the time) Directive which leaves to National courts as to how far a term that is unenforceable in law can go back to.....

Premier, you are special in my eyes so you get some special attention...I do hope Martin doesn't get jealous of the attention you get from me cos I would hate that to happen

Tangoman1978

I still think the credit card companies are bang out of order. The OFT stipulated that £12 was the threshold, yet I am yet to be made aware of a single company that charges anything less than £12. I think that this is absolutely disgusting.