Credit Card mis-selling

Margie1970

I've recently heard that some people can clear their credit cards if they were mis-sold them (or some other similar small print reason).

Is this correct and if so is there a list of Credit Cards that this applies to?

ILW

It applies to all of them, and they must also buy you a house in Chelsea.

_Andy_

Margie1970 wrote: »

I've recently heard that some people can clear their credit cards if they were mis-sold them (or some other similar small print reason).

Is this correct and if so is there a list of Credit Cards that this applies to?

Absolutely - give customer services a call on each of them, they will wipe out the balance on all of them plus pay you compensation.

Margie1970

I'm sorry, I was under the impression I'd be receiving informed, intelligent advice.

Once_bitten

I'm curious, how can a card be missold? Did you pay for it?

BugsyBrowne

Margie1970 wrote: »

I'm sorry, I was under the impression I'd be receiving informed, intelligent advice.

Now this is got to be one of the funniest i have heard,have your balances cleared because of mis-sold credit card,don't tell me you have spent money on your so called mis-sold card.

Do yourself a big favour and be like everyone else pay the money back.

Thats a point i filled my car up earlier i am sure i was mis-sold the petrol,will give the petrol garage a ring later.

Margie1970

I briefly heard an advert on the radio that said that some credit cards could be wiped clear due to a technical reason. I came on here hoping someone would know more about it, not to be ridiculed. Is there anybody reading this that has a sensible answer for me please?

scottishblondie

Ok here's some - no, wherever you heard this from it's total rubbish. It is possible to reclaim money for mis-sold payment protection insurance depending on various factors, which can get you back a fairly large amount, but you can't get your balance wiped out.

EDIT: some credit agreements can be unenforceable, but since you heard it on an advert it's likely some company wants to charge you a load of money to "wipe your debts" and once they have the money you'll never hear from them again. If you spent the money please just take responsibility and pay it back.

Margie1970

Yes I'm aware about mis-sold payment protection thank you Scottishblondie. But as I hadn't heard anything via Martin's emails about credit card clearance I was just curious about this advert.

chattychappy

In theory, if any financial product is missold, the FSA can order penalties on the provider and/or restitution.

Also in contract law, if something was misrepresented to you and as a result you suffered a loss, you might be entitled to compensation.

BUT, almost never in law are you entitled to have debts wiped out simply because of a technical slip. You have to have a solid case of suffering a loss as a result of whatever wrong has been done.

My answer is already 3 times as long as your question - you have to give more information.

In the meantime, I heard on the TV from Tesco that "every little helps". I am compiling a list of little things that don't help and then will sue them.

exel1966

If it sounds too good to be true..........................