Credit Card Charges – PPI Claim Managment

Rated among the top 10 industries in the world is the lucrative credit card business. From a beginner’s student credit card to major credit cards offering limits as high as L100,000, the majority of credit card companies place an enormous sting on wallet of their customers by imposing excessive fees and interest rates. Unfortunately, the L400m that is earned in revenue every year are the result of these unthinkable default rates and penalty fees. Once the first payment is due and cardholders peel back the appealing incentives that are draped over the real credit card system, they discover that they have compromised much more than what they had bargained for.

Unreasonable Penalty Charges
Like any business, credit card lenders have every right to want to pursue ways to increase the revenue of their business. However, inflicting financial burdens upon consumers by imposing excessive default charges and fess (some exceeding L25), is nothing less than extortion! The OFT (Office of Fair Trading), after having conducted an investigation of charges from consumers stating that credit card fees were unfair, recently determined that a default charge of L12 was a reasonable fee. This brought all of the arguments by lenders to defend their unreasonable rates to a screeching halt.

Know Your Rights
Laws are written to ensure that consumers are protected from the illegitimate practices that often occur within the credit and lending industry. It is your right to know every detail about the lending practices and fees imposed on you by your creditor. When the UK government discovers that a corrupt or deceitful practice has been conducted within a business, it will always provides the company, business, or financial institution ample time to correct the behaviour without first placing the burden of strong penalties on them.