Had a couple of outstanding results for some of our credit debt management clients this week in regards to PPI refunds and also we have helped other clients reclaim credit card charges.
When people are in debt and arrears, any victory against a lender for the mis-selling of PPI is often offset against the outstanding balance. This is great news for our clients currently on debt management plans, as it means the terms of their plans will be reduced, leaving them debt-free earlier than planned. Two of the bigger successes we have achieved include:
An £11,324.44 win against Santander, reducing a £20K outstanding balance to less than £9,000, and reducing the clients DMP term by 30 months.
A £9893.55 win against MBNA, reducing the clients overall debt by 20% and lowering the DMP term by nearly a fifth.
Our clients can be assured that we will continue to identify areas where we can recover client’s money, obtain refunds for mis-selling and bring forward debt-free dates as much as we can – areas such as unfair credit card charges. These charges are applied by card providers when payment deadlines are missed or credit limits breached.
Prior to 2006, credit card charges were regularly around the £30, £35 or even £40 mark and this was identified as excessive and challengeable by the OFT who decided that £12 was a fair price to pay. We have made challenges to reclaim credit card charges for no less than 137 of our debt management clients so far this year, which will reduce their debt levels and bring forward their debt-free dates if successful.
Remember, don’t just choose any credit debt management company – choose one that actively seeks to get you debt-free and recover money for you wherever possible!