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Credit Card Over the Limit Fees

Most of us at some time or another have accidentally exceeded the agreed limit on our credit card and, of you have, you have probably found yourself with a costly charge on your next bill. These charges can be particularly frustrating if you have only exceeded your limit by a few pounds or there were extenuating circumstances as to why you exceeded your limit. What is even more frustrating for many people is that these charges are applied directly to your account, often taking you even further over your limit, and giving you no opportunity to discuss the matter or work out a solution.

Up until 2006, these kind of charges could be extremely high. Some lenders were known to charge as much as £35 and in many cases the same customers, many of whom were already experiencing financial hardship, were charged over and over again. This led some debt charities to criticise the way some lenders applied these fees and, eventually, the Office of Fair Trading stepped in to investigate.

The Office of Fair Trading agreed that some of the charges being applied for over the limit fees were unfairly high and recommended they be lowered. Lenders dispute this, arguing the charges were necessary to cover their costs. Eventually the Office of Fair Trading decided that £12 was the maximum charge that should be applied in these circumstances and strongly recommended lenders lower their fees.

Most lenders have reduced their over the limit charges, but many customers still feel aggrieved that they were forced to pay unfairly high charges for many years. The Office of Fair Trading investigation does mean, though, that if you have paid charges in the past you now have the right to make a complaint and could receive a refund worth hundreds of pounds. To start you claim, complete our quick claim form online today.