Can charges on a closed
account be reclaimed?
Yes, charges on an account that has been closed can still be reclaimed.
Can I reclaim from
more than one bank?
There is nothing stop you from trying to reclaim charges on any
current account you have ever had, regardless if they were at different banks.
How far back can I
reclaim?
The Financial Ombudsman Service (FOS) have said there is no limit on how far you
can go back with a claim, but technically it can only help with claims within three
years of when you realised there was a problem.
Do I need my old statements
for the bank account?
You will need information on previous transactions but you will be able to request
this information from your bank. If you use online banking it could be very simple,
check what is available online before contacting your bank.
To request information of charges from your bank, call or write to them requesting
a list of past transactions including charges. Under the Data Protection Act, you
are legally entitled to this information. However banks are legally allowed to charge
you a fee of up to £10.00 for each statement, so it is better to request a list
of transactions over a certain period rather than requesting each individual statement.
Will claiming back bank charges affect my credit rating?
Claiming back charges on a bank account won't have a negative effect
on your credit rating nor will it be listed on your credit file, although the bank
you are making a claim against may keep a record of it.
However if you are claiming back bank charges due to financial hardship and the
bank offers you a payment plan with reduced payments, this could have an effect
on your credit rating.
The bank could also downgrade your account to a more basic account with certain
restrictions. In this situation it may be worth opening another account with a different
bank. Although the bank can downgrade your account, a Financial Ombudsman Service
ruling has ensured banks cannot close your account as a result of reclaiming bank
charges.
What charges can you
help me with?
With our reclaim service we can claim back unfair charges
for mis-sold Payment Protection
Insurance and unfair charges added to a credit card
account.
If you have taken out a loan, credit card or mortgage in the last ten years, you
may have taken out this insurance and there is a chance that it was mis-sold to
you.
If you believe you have been subject to unfair credit card charges, we can calculate
these and the interest added to them to negotiate with your credit card provider
on your behalf to request a full refund.
If you are struggling with debt, we can help you by providing you
with a unique debt management solution. As part of a debtsmart debt management plan,
we will also negotiate with your creditors to try and have interest and charges
either frozen or reduced.