The Money Stop

Credit card users are being urged by the Consumer Action Group to fight what they see as unfair bank charges, particularly if they have caused their credit ratings to suffer.

The organisation says people get “black marks” on their credit records if they go overdrawn and can even have their reputation destroyed if the bank defaults them in an extreme situation.

In this case, people are affected for a minimum of six years for defaults as little as £5. They may have difficulty in getting credit or have to pay a higher rate and may not be able to buy a home.

The Office of Fair Trading recently won the right to investigate whether banks are making excessive overdraft charges.

Marc Gander, founder of the Consumer Action Group, says if banks have unfairly charged their customers, it is not just the refunds they should be liable for but also the associated problems, such as a bad credit record.

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