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Default Charges

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I know that bank charges should be deemed as being resonable but what about charges on Fixed Sum Loan Agreements.

 

I currently have a one but I have defaulted quite few times over the 4 year term. The monthly payments are upto date but I've just got a full statement and the charges seem very excessive

£25 for a returned direct debit and £12 for a letter - usually get both in the month.

 

I've read on the OFT website that charges should be:

There are common law rules on penalties which may invalidate penalty

charges if they are excessive (ie they are more than a reasonable pre-estimate

of the lender’s costs resulting from the default).

Surely it doesn't cost £37 to tell me that the payment wasn't made. Should I be able to get these reclaimed / reduced together with the interest that would have been charged.

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Proceed to reclaim these charges. Issue a SAR so you have a full list of them.


Any advice given by me is based solely on my experience in claiming, my experience in CAG or my opinion. I have no legal background. I want to encourage others to reclaim what is theirs.

 

Got a DCA breaking OFT guidance. Complain to the OFT about the DCA. Help put an end to these practices-

 

http://www.consumeractiongroup.co.uk/forum/letter-templates/155095-complain-oft-about-unfair.html#post1652270

 

Register with CAG today, its free, its a great community:

http://www.consumeractiongroup.co.uk/forum/register.php

 

kennythecelt@consumeractiongroup.co.uk.

 

 

 

Thankyou Kennythecelt:)

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I got a full list of the charges as I recently requested a full statement.

Should I reclaim part of them as I will obviously pay a penalty for a returned payment, say for a returned direct debit reclaim £20 out of the £25.

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Go for the full amount of every "default/ unfair" charge, not a proportion of it.


Any advice given by me is based solely on my experience in claiming, my experience in CAG or my opinion. I have no legal background. I want to encourage others to reclaim what is theirs.

 

Got a DCA breaking OFT guidance. Complain to the OFT about the DCA. Help put an end to these practices-

 

http://www.consumeractiongroup.co.uk/forum/letter-templates/155095-complain-oft-about-unfair.html#post1652270

 

Register with CAG today, its free, its a great community:

http://www.consumeractiongroup.co.uk/forum/register.php

 

kennythecelt@consumeractiongroup.co.uk.

 

 

 

Thankyou Kennythecelt:)

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