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I've had a letter through today along with my statement (which includes a £20 late payment charge) from Barclaycard informing me they are reducing their charges for late payment, exceeded credit limit and direct debit/Cheque bouncing with effect 1st August 2006. The new charges are all now £12.00. Does this mean that Barclaycard now agree that their charges are too high and are therfore accepting liability for prior charges? Or has this been ordered by the OFT ?
Hope I am not hijacking, but here is the letter in it's entirety
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Changes to your Barclaycard Conditions effective 1st August 2006
Some important changes are being made to your Barclaycard Conditions, these changes are detailed below. As these changes may affect the way your account is managed, please take a few minutes to read about them.
OTHER FINANCIAL INFORMATION
Your cash rate
The monthly interest rate will change on your cash balance to 2.075% (27.9% p.a.). The new rates will affect any existing cash balance and all new transactions showing on your August statement.
Any promotional rates you are currently benefiting from remain unchanged.
Default charges
The default charges will reduce as follows: £12 if you do not make at least the minimum payment by the payment due date; £12 if you exceed your credit limit at any time; £12 if a direct debit, cheque or other item is not paid when first presented.
How can you use the account, card and Barclaycard Cheques?
We will add a new clause at 2.6: As a responsible lender we may suspend your rights to use the card for cash withdrawals or impose cash limits at any time. We will only do this, if based on usage of the card or card account or our assessment of the risk of lending to you, we reasonably consider that you may not be able to meet your repayment obligation to us. We will tell you before we take this action or as soon as possible afterwards.
How can you keep tack of your spending?
Clause 4.1 will be amended to read: We will normally send you, or make available to you electronically, a monthly statement showing your payments and all the amounts we have put on your account since your last statement. You must tell us if your statement includes something you think is wrong.
Please keep this letter safe for future reference.
Barclaycard Letter
/Cheque bouncing with effect 1st August 2006. The new charges are all now £12.00. Does this mean that Barclaycard now agree that their charges are too high and are therfore accepting liability for prior charges? Or has this been ordered by the OFT ?
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Re: Barclaycard Letter
