Credit Card Refund

How To Obtain a Credit Card Refund.

There has been some news in the press of late about how it may be possible to obtain a credit card refund by making a claim against the credit card company that you first signed your credit card agreement with.

What most consumers don’t yet fully understand is how it is possible to obtain a credit card refund, which is why it is important to seek out a reputable financial claims company who has a panel of solicitors experienced in the Consumer Credit Act. Any credit agreement signed by a consumer prior to the 6th April, 2007, is governed by the Consumer Credit Act of 1974 and must comply with its regulations.

They will be able to communicate directly with your lender and obtain a true copy of the original credit agreement you signed when you first took out your credit card or loan. Once this is obtained, only then can their solicitors fully evaluate the credit agreement. If they are able to identify breaches of the prescribed terms within the credit agreement, and believe you have a valid case, only then will they make a credit card refund on your behalf.

Many people mistakenly believe that successfully obtaining a credit card refund involves a financial process. This is not the case. To receive a legitimate credit card refund, the credit agreement must be put through a legal process. Although many claims are resolved in the consumer’s favour within six months, some cases are taken to court. This happened in the north west of England recently when a judge found in favour of a couple when he declared the credit agreement they signed with their loan company was “irredeemably unenforceable”. This meant they didn’t have to pay back the outstanding balance of over £17.000

The goal of any credit card refund is to have the outstanding balance completely written off. Although it is impossible to achieve this by yourself, it is a lengthy and complicated process, and one that really requires the experience and expertise of a legitimate financial claims company that is authorized by the Ministry of Justice. Their goal is to ensure they follow the correct procedures in order to retrieve a true copy of your original credit agreement from your lender. There is a lawful process that needs to be adhered to when requesting a copy of your original agreement with regards to the information being released under the Data Protection Act. There is also a recognized time period that the lender must respond to the request.

Whether the outcome is the lender complies with the request and provides a true copy of the agreement in the allocated time frame, or refuses, or is unable to do so, it is imperative your chosen financial claims representative have the legal team in place to proceed to the appropriate step of the credit card refund process. Providing that a copy of your credit agreement is supplied by your lender, a thorough and accurately evaluation or ‘Audit’ then needs to be carried out by an experienced solicitor.

Another vital component to maximize the success of any credit card refund is ensuring you choose a financial claims management firm who has After The Event Insurance in place. This means that you, the consumer, are protected on a ‘No Win No Fee’ agreement with regard to legal fees incurred by either party’s legal team. An underwriter will only agree to provide adequate insurance cover if they believe you have a strong case and can achieve a credit card refund, so it is imperative that an established and highly experienced legal team evaluate your credit agreement thoroughly.

Debt Clear Solutions is an established financial claims management company that can provide all of the components necessary to maximise the likelihood of their clients’ receiving a full credit card refund. In partnership with a major city law firm, plus a Barrister on hand who is an expert in Consumer Credit Law to advise on individual cases, where required, Debt Clear Solutions is able to provide the highest quality of legal expertise available.

To find out if you have a valid claim and may be eligible to receive a full credit card refund, visit www.DebtClearSolutions.com today and take our 60 Second Test or call 020 7544 1093 to speak directly with one of our dedicated Claims Specialists.

It Pays To Claim.