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Financial Facts reveals the many advantages to credit card users -
Added: (Mon Oct 12 2009)
Financial Facts reveals the many advantages to credit card users of the still widely unknown and underutilised Section 75 of the Consumer Protection Act.
Credit card purchases between £100 and £30, 000 are protected
Solution to faulty products, undelivered items, bankrupt issuing companies
Crucial to follow the right steps, say experts
Section 75 does not cover debit card purchases
MBNA's credit care service offers full details of best procedure to follow
Consumers doubly protected by Section 75
Section 75 on the Consumer Protection Act stipulates that all purchases between £100 and £30, 000 on a credit card, at home or abroad, are protected by the provider of credit card with which the purchase was made.
Financial Facts points out that for such claims, the minimum cost of £100 must be for a single item and not, as the case may be, for five items costing £20 each.
Financial Facts adds that claims can be made long after the purchase. For example, if an item purchased a year earlier breaks – and the company that sold it has gone under – the credit card provider is still obligated to hear the claim.
"The bank is... liable. It's as if they have sold you the [item],” says Espe Fuentes, a lawyer at Which?
Certain steps can guarantee swift refunds
“If you wish to make a claim against the company then there are steps that you can take to obtain a refund against the company and possibly against your card providers but it is important that you take the correct steps,” says Fuentes.
MBNA UK's customer service department ask that all complainants keep a record of contact made with the company that has failed to deliver an item or delivered a faulty one.
Financial Facts emphasises that before MBNA can take act on a customer's behalf there is a requirement that contact has already been made with the company. If the company is in administration MBNA will only be able to make a claim for a refund after the delivery date has passed.
For a thorough outline of the terms and conditions relating to Section 75 claims and advice on astute management of credit and tackling debt, Financial Facts points to MBNA's recently launched 'credit sense' facility at http://mbna.co.uk/help-centre/credit-sense/index.html.
Only credit cards covered by Section 75
Financial Facts warns customers to be aware that claims may only be made for credit card purchases and not necessarily for those made with a debit card. It is worthwhile contacting your debit card issuer nonetheless as exceptions do exist.
Financial Facts advises customers to attempt to contact the administrators directly and to keep a record of any contact made with the company, both will help to speed up a claim.
References
http://news.bbc.co.uk/2/hi/uk_news/magazine/8253915.stm
http://www.mbna.co.uk/
http://mbna.co.uk/help-centre/credit-sense/index.html
http://www.whichlegalservice.co.uk/latest-news/2008/12/8/lapland-new-forest.aspx
http://mbna.co.uk/help-centre/credit-sense/index.html.
http://www.financialfacts.org
Contact
For more information please contact:
Mike Brains – admin@financialfacts.org
http://www.financialfacts.org
01619309302