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| Claim credit charges back… everyone has them! | |
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If you’re like me, you’ll have heard some stuff in the news about claiming credit card charges back and claiming bank charges back.. Apparently you can claim back up to 6 years, and the only thing i remember from back then is that I had a credit card, but I have no real idea if I ever got charged for going over my limit. I probably did though. So - you know the charges that have been imposed for around the last 6 years have been determined to be too high (£30 a time is pretty extortionate for going over your limit!) and a “fair” limit has been set at a maximum of £12 (probably still too high in most of our opinions) If you’ve ever paid the £30 odd then you’re eligible for your money back (some of it anyway). But.. a) How can I find out if I ever did pay a penalty? b) What do I have to do to get it back? Well, the first thing you have to do is to contact your credit card company and ask for details of any charges. They are legally required to give you this information even though they may charge you a small sum for it (it differs but according to Money Saving Expert won’t be more than £10). Although the credit card companies may be difficult keep chasing it up.. and threaten to report them if necessary. Remember, you are entitled to this information, and they keep details like this for a very long time! If you find that there have been charges in the past then you can do any of 3 things. a) Write to the credit card company and ask for your money back. This is the best and easiest thing to do - with the amount of people that have these charges which they want back it’s easier and cheaper for the credit card company just to give you the excess money back! It may well be worth threatening to take them to court - if not in the first letter, then try doing it in the second letter. b) Go to the Financial Ombudsman The financial Ombudsman is a totally independent body set up by the Government to look into financial disputes between financial companies and customers. It’s totally free to use. The process has been made as simple as possible, and the main things you’ll have to do is hand over all the documentation you have on the charges and to sign a consent form. c) Go to Small Claims Court This is a possibility if you want to reclaim credit card charges, but it’s not easy! You will have to pay an upfront fee and there is potential for lots of paperwork, as well as potential that it may go into a full court process. This may still work for a lot of people - but it would be recommended to try the other ways mentioned above first! There are a lot of other resources on the web which give information on claiming money back, and there are companies that will help you do it - usually for a percentage of the amount you’re claiming back. Do your research and CHECK if you are entitled to any money.. it’s may well be worth £10 or so to see exactly what’s happened in the last 6 years! |
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