Late fee, should we not be charged?

youknowwho

what would happen if we never got charged anything for being late? THe whole thing would be a sham, if there was no punishemnt for being late than noone would make the effort to pay on time, interest charges would get mixed up and we would all just take the micheal.

What is anyone elses opion on this?

I beleive that there should be a small charge of say, £5. I feel £12 is too much, but I feel there needs to be some penalty in place. Or maybe a system where every day late is £1, up to a maximum of £5.

barbie84

I agree, if I borrowed money off my mate i'd be expected to pay the money back on time and would feel bloody guilty if I didnt so it's basically the same, just becuase you dont personally know the person doesnt mean you have the right to pay them THEIR money back late.

I do think that the charges are a bit steep and you should be let off on your first late and I think most banks do, However repeat offenders well its just tough.

jonesMUFCforever

You say £5 the card companies used to say £25 the OFT said £12.

If you cannot pay on time then IMO you should not be allowed to have a card end of.

youknowwho

Yeah lol, maybe they shouldn't.

youknowwho

this is for ejones. I know its not on the subject, but..... how did u get the signature to appear at the bottom of your post?

inmypocketnottheirs

It is all about what is recognised in law. English law does not provide for punitive fines for breach of contract. All that one is entitled to for a breach is the actual cost, i.e. the liquidated damages incurred. It is not possible, for example that a breach of an overdraft agreement for say £2.00 costs £39, therefore these are not the liquidated damages and are not therefore recoverable.

david29dpo

Dont let these people have cards. Sorted.

youknowwho

I competely agree that it should not cost 39 pound, that is unjustified. but i beleive there should be a msall penalty chareg in place to deter pl from breahing contract. 2-5 would be suitable. hopefully this courtcase will et that knocked down to a justified amount.

MABLE

If the penalty fee is too low it would have no affect. However having a fee of about £38.00 would make most people think twice before going overdrawn without permission. After all when you write a cheque knowing there is insufficient money in the account you should be punished. Its a bit like taking money out of a friends wallet without asking first.

jonesMUFCforever

youknowwho wrote: »

this is for ejones. I know its not on the subject, but..... how did u get the signature to appear at the bottom of your post?

Highlight your user name and go to your profile.
On top of screen there is a CP button which if you click open shoes how to edit your signature on left hand side of page.

Hope That's clear for you.:beer:

borgbaiter

hi

the charges are unlawfull. it costs them nothing they actually continue earning interest. interest is why they give cards out after all. so your late paynig, so what, they lost nothing eventually they will get there money anyway.