Required to send me a CC statement each month?

Raerea

One simple question, if anyone can answer it is another thing.

Is my CC company required to send me a statement each month or to at least let me know when a payment is due by?


(the situation is that I have a cc with Tesco they sent me a paper statement and email to say my statement is ready in July, the next notification by email is 17th September however nothing either by email or letter in August yet have slapped a late payment fee on the sept bill)

InsertWittyName

It's your own responsibility to ensure minimum payments are met, even if you receive no communication from the provider.

You could ring them and pragmatically suggest they refund you the late charge, but I wouldn't hold my breath.

Always ensure you're aware of when payment days are - don't rely on statements.

Better_Off_1983

Set up a direct debit for the min/fixed payment each month, so if you do not receive a statement, you know the onus will be on them to collect the monies by the due date. It will be your responsibility to make sure there are cleared funds in the account a couple of days before the due date.

stephane_2

Direct debit is the answer....and check your account online regularly & not wait for a paper statement to arrive

jonesMUFCforever

What if Tesco say that they did send an email in August - and it ended up in your trash/spam file?

chattychappy

Why sign a DD? If you haven't had the statement then you would have no certainty as to the amount taken as there could have been a mistake or fraud.

You must check the account - if no paper statement has been received then check online. Easy to check transactions or see a PDF version of the paper statement. You can then make the required minimum payment (or any amount up to statement balance) using a debit card (or internet banking from your own bank's site).

Raerea

thanks for the suggestion of a dd but no one is having free access to my bank account.
I take it no one knows the laws or requirements around statements then?

chanz4

i get an email and sms saying when payment / statment is done from tesco

exel1966

Raerea wrote: »

One simple question, if anyone can answer it is another thing.

Is my CC company required to send me a statement each month or to at least let me know when a payment is due by?


(the situation is that I have a cc with Tesco they sent me a paper statement and email to say my statement is ready in July, the next notification by email is 17th September however nothing either by email or letter in August yet have slapped a late payment fee on the sept bill)

You got the statement/you forgot, whatever it is man up, accept you screwed up and stop trolling !

YorkshireBoy

Raerea wrote: »

thanks for the suggestion of a dd but no one is having free access to my bank account.

The DD guarantee protects you. In over 30 years of using them I've never had a rogue payment taken, or one that I hadn't been notified of at least 10 working days prior.

I take it no one knows the laws or requirements around statements then?

I've read T&Cs stating...

"You must make a payment even if we don't send a statement", and

"You must make a payment even if you don't receive a statement".

What do your Tesco T&Cs say? And is anyone else in your neighbourhood experiencing difficulties with Royal Mail?

chattychappy

Raerea wrote: »

thanks for the suggestion of a dd but no one is having free access to my bank account.

Well said! My sentiments exactly.

Raerea wrote: »

I take it no one knows the laws or requirements around statements then?

Most CCs have signed up to the Lending Code. See para 125 on statements:
http://www.lendingstandardsboard.org.uk/docs/lendingcode.pdf.

It's not law, but most T+Cs either incorporate it by reference or are written to follow what it says. A departure from it might be evidence of an unfair practice that the OFT could be interested in (or give rise to a complaint that the FOS could uphold).

As you probably know, consumer credit law is given in the CCA1974. I'm guessing there is nothing extra in there to help on this particular point.

I'm sure the requirement to send statements would be satisfied if statements were sent whether or not you received them.

As for the penalty, well penalties are governed by the Unfair Terms in Consumer Contracts Regulations 1999. Penalties are not supposed to exceed the cost to the "victim" of the breach. For years penalties were as much as £25 or more until they got challenged. After an investigation, the OFT held that penalties above £12 would be presumed to be unfair. £12 has become a de-facto standard for CC penalties, but there is no legal support for this. You can always challenge the penalty if you don't believe the cost to the CC was £12. It could be more, it could be less. I certainly think where there is a succession of penalties that have been computer generated, then there are good grounds for complaint regardless of what the T+Cs say. (Doesn't appear to be the case here.)

Can't think of any other relevant law/regs to help.