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RichB

Just Got A Letter From Barclaycard

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Apparently they are dropping their charges to £12 for late payment, credit exceeded or bounced payments.

:lol:

Of course they are also slapping interest rates for purchases up to 21.9%pa and 27.9% for cash :ph34r:

Oh, and they reserve the right to suspend card use at any time for any reason...

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I caught something on BBC Breakfast News this morning about it being the 40th anniversary of the first credit card to be introduced in the UK? Overall it was a fairly sentimental piece (with of course highlights from THAT football match from 1966), but there were a couple of experts on there (sorry, no idea who they were!) who were talking about how people have used credit cards to borrow above their means and long gone are the days of saving up for something that you really want. There was quite a bit of talk about levels of debt and people having to pay for their weekly groceries using a credit card ... sentiment is definitely changing in the media I think!

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Guest muttley

£12 is the legal maximum they can charge since a court ruled banks can't use charges as a money spinner.

They can only charge you what it costs them to get their money, the court said that was £12 maximum.

http://www.govanlc.com/bankcharges.html

We were charged £20 by Nationwide for missing a payment (We always pay off the full amount, but this one got overlooked.)When my wife rang up to say that this was excessive, and there was a new law that said £12 was the maximum, she was told that that law hadn't come into force yet! So when does it come in?

Since then we've changed to paying the full amount by DD. Martin Lewis of Moneysavingexpert.com fame recommends at the very least setting up DD for the minimum payment. This avoids unwanted penalty charges and protects your credit rating.

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I also got a letter from Barclaycard - presumably the same one. I didn't read it properly as I always pay off in full but thought the purpose of the letter was to inform me that the minimum monthly repayment was being increased to 2.5% (not sure what it is now - 2%). Not a huge change but it does signal a tightening of the screw.

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Guest absolutezero

In answer to the question about the £12 maximum law not being in force.

It came into force as soon as the powers that be said £12 was the maximum.

Use the letters from the website I linked to earlier and they will refund your money.

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i got a junk letter from some outfit called vanquish offering me a credit card at 39.9% apr, or 49.9%. how i chuckled as i flung the f*cker in the bin.....................

12 pound charge, thats the last or some people's worries! :(

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i got a junk letter from some outfit called vanquish offering me a credit card at 39.9% apr, or 49.9%. how i chuckled as i flung the f*cker in the bin.....................

12 pound charge, thats the last or some people's worries! :(

agree with the sentiment, but I'd dig it out and shred it before someone nicks my identity....

TLM

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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