Who Can Reclaim Credit Card Charges?
Traditionally, credit card companies increase the card limit for customers who have maintained good repayment records on their accounts.
This can be a good thing. However, in many instances, proper affordability checks have not been undertaken as to whether the customer can really afford an increase in their credit limit.
As a result, accounts default and charges ensue. Customers with good credit standing are now struggling to maintain payments under the new limit.
Even in cases where payments continue to be made on time, customers may still struggle in paying priority debts or have to take out additional lending to meet their monthly credit card payments.
If this sounds familiar, take the time to fill out and submit our simple enquiry form. You might be eligible for a cash settlement, just like the thousands of individuals whom we have helped to get compensation.
A lender must check if credit is affordable when you apply for it.
If you can’t make the monthly repayments without difficulty, credit isn’t affordable. This means being able to pay all your normal household bills, expenses and your other debts.
If you have to borrow more most months, this would not be affordable. This could be borrowing on the same account – making a credit card repayment but then using the credit card to pay for food so the balance never drops is “borrowing more”.
You have to be able to repay debt within a reasonable period of time. Paying the minimum amount is OK for a short while, but if you did this for a long period, this suggests the debt isn’t affordable and your limit should not be increased.
A lender shouldn’t increase a credit limit without new checks. Just because you have been able to make your repayments so far doesn’t mean you can manage a larger limit!
If any of the above statements describe your mortgage experience, you could be eligible to claim compensation. Start your claim below for professionals to guide you through the process.
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You do not need to use a claims management company to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Background To Mis-sold Mortgage Claims
Lenders and mortgage advisors are required to provide proper advice during the selling process so that you can make an informed decision. However, in many cases, financial advisors, lenders, and brokers have failed to provide proper advice leading to individuals being left with mortgages they cannot afford to pay.
There are a significant number mortgage owners who are not happy with the way the mortgage was present to them and as such this could signal mortgage mis-selling. The result of this was that individuals were left with mortgages that they were simply unable to afford to pay. The Financial Conduct Authority (FCA) had to intervene in 2004 since lenders and mortgage advisors were often guilty of this mortgage mis-selling.
Compensation in mis-selling cases is intended to put you in the same position that you would have been in had you not been mis-sold a product. In other words, compensation is calculated by comparing the financial position you are in now and the position as it would have been had you not been mis-sold the relevant product.