Have you paid excessive late payment or over the limit charges on your credit card? Did you know that, following an investigation, you may be entitled to make a claim for compensation worth hundreds or even thousands of pounds?

In 2006 the Office of Fair Trading investigated the charges applied by banks and credit card companies for over the limit and late payment fees. There investigation revealed that some lenders were charging fees that were unfair. In some cases the charges applied could be as much as £35. Lenders tried to justify these fees by claiming they were necessary to cover the cost of administrating accounts. The Office of Fair Trading disagreed; however, and announced that £12 should be the maximum charge applied to credit cards for late payments and over the limit fees. This figure took into consideration the cost of staffing, postage and IT system maintenance.

Since the Office of Fair Trading investigation the majority of lenders have reduced their fees. Their findings also mean that anyone who has paid higher charges in the past now has the right to submit a complaint and could receive a full refund.

To get help making your claim, complete our claim form.