People urged to fight unfair credit records
May 10, 2008 by admin
Filed under News, News-Credit-Cards
Credit card users are being urged by the Consumer Action Group to fight what they see as unfair bank charges, particularly if they have caused their credit ratings to suffer.
The organisation says people get “black marks” on their credit records if they go overdrawn and can even have their reputation destroyed if the bank defaults them in an extreme situation.
In this case, people are affected for a minimum of six years for defaults as little as £5. They may have difficulty in getting credit or have to pay a higher rate and may not be able to buy a home.
The Office of Fair Trading recently won the right to investigate whether banks are making excessive overdraft charges.
Marc Gander, founder of the Consumer Action Group, says if banks have unfairly charged their customers, it is not just the refunds they should be liable for but also the associated problems, such as a bad credit record.
Consumer Action Group: People should reclaim overdraft charges
May 7, 2008 by admin
Filed under News, News-Banking
Many people seem unaware that they can reclaim unfair bank charges, which may be leading them into greater financial difficulty, says the Consumer Action Group.
Founder of the group, Marc Gander, has said that British people often feel a sense of responsibility if they receive bank charges, however these fines could actually be unlawful.
The Office of Fair Trading (OFT) recently won the right to investigate whether overdraft charges by banks are excessive, following a court case in which banks argued that the OFT does not have jurisdiction over the matter. The banks have until May 22nd to appeal the ruling.
According to the BBC, banks refunded about £784 million to nearly 378,000 customers last year.
Mr Gander said that consumers “shouldn’t feel blameworthy, they shouldn’t feel responsible, because it’s the banks that have caused this by levying what we think are unlawful charges”.
He advised consumers to start claiming immediately if they feel they have been unfairly charged.
