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M&S fair charges???Chargecard


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Hi all

I have send Letter 1 to M&S reply was

blabla

"In April 06 the OFT published their report on the level of default charges thay all creti card companies charged. They were of the opinion that, in some cases, firms were charging a fee thay was disproportionately high. They recommended thay default charges shoruld not exceed £12,00 andthat any charge above this level could be unfair.

As a result of the OFT's recommendations M&S MOney lowered their default charges from £15.00 to £12.00."

I regret that we are not prepared to make any refund f default charegs or provid eany compensation payments and apologise for any dissapointment this may cause you. "

and bla bla bla

 

Are they right??? or do I send the LBA

thanks

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Yep I love when they quote the bits they want.

Here's the whole piece with the important part bolded:

 

Where credit card default charges are set at more than £12, the OFT will presume that they are unfair, and is likely to challenge the charge unless there are limited, exceptional business factors in play. A default charge is not fair simply because it is below £12. Setting a threshold for intervention is a pragmatic pro-consumer action that is designed to give the industry the opportunity to change its practice without litigation. It is supported by detailed guidance to the industry as to how to reduce the likelihood of public enforcement.

A default charge should only be used to recover certain limited administrative costs. These may include postage and stationery costs and staff costs and also a proportionate share of the costs of maintaining premises and IT systems necessary to deal with defaults

Where we conclude that a fee above the threshold is unfair we are likely to challenge the charge but will have regard to all the circumstances in deciding whether to do so or not. We will regard default charges set below the threshold as either not unfair or insufficiently detrimental to the economic interests of consumers in all the circumstances to warrant regulatory intervention at this time. This does not affect in any way the statutory rights of individual consumers, or groups of such consumers, to challenge the level of default charges, either above or below this threshold

Be VERY careful whose advice you listen too

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  • 1 month later...
Hi all

I have send Letter 1 to M&S reply was

blabla

"In April 06 the OFT published their report on the level of default charges thay all creti card companies charged. They were of the opinion that, in some cases, firms were charging a fee thay was disproportionately high. They recommended thay default charges shoruld not exceed £12,00 andthat any charge above this level could be unfair.

As a result of the OFT's recommendations M&S MOney lowered their default charges from £15.00 to £12.00."

I regret that we are not prepared to make any refund f default charegs or provid eany compensation payments and apologise for any dissapointment this may cause you. "

and bla bla bla

 

Are they right??? or do I send the LBA

thanks

 

Hello,

 

Where you one of the fortunate customers that had their store card upgraded to a credit card in 2004.

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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  • 1 year later...

Thread moved to the newly opened M&S forum:grin:

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  • 2 months later...

Sent off the standard letter reclaiming charge and interest on an M&S Money account, to which they have responded with what appears to be the standard reply (HFC Bank appear to be working from the same template).

 

So, do I reply to say that I'm aware of the OFT guidelines and how they've interpreted the meaning to suit their own needs, or do I just send an LBA next?

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