In 2006 the Office of Fair Trading (OFT) suggested that credit card default fees of up to a maximum of £12 were fair and reasonable. In accordance with this suggestion, many of the credit card companies adjusted their charges by reducing them to this level. Astonishingly, and prior to the OFT’s recommendation, credit card companies had standardly been charging anything up to £35 for such financial misdemeanors as going beyond one’s agreed credit limit and/or making late payments to one’s card. In light of the OFT’s findings and the subsequent decision by the credit card companies to reduce their charges, it is now possible to reclaim all historical charges within the last six years above this recommended amount.
Furthermore, that consumer law states that credit card companies must only charge an amount equivalent to their costs, we believe that £12 remains disproportionately high and, therefore, not a true reflection of their supposed ‘administrative costs’.
In fact, so confident are we of this that we will pursue a claim for ALL charges incurred against your account over the last six years. In addition, we will also endeavor to reclaim compound interest at the rate set by your credit card company. With credit card companies imposing very high rates of interest, this can increase your claim substantially.
Our largest credit card charge claim to date: £4,000
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