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Credit card companies trying to wriggle out of compensation

While the vast majority of credit card holders in the UK are fully aware of their rights under section 75 of the credit card law, it would appear that some credit card companies are trying to wriggle out of their responsibilities. Section 75 effectively ensures that where goods over £100 in value, and less than £30,000, acquired using a credit card are not delivered, the credit card company is liable to return the funds to the customer. As we are seeing around 120 UK companies going to the wall each day, there have been a growing number of claims under section 75.

While the industry itself has been fairly vague on the amount of claims processed over the last 12 months it is known that a significant increase has been experienced. We are seeing examples of credit card companies giving excuses, delaying compensation and generally giving customers the run around on a daily basis. Even though the laws are very specific on the situation it would appear that the ever increasing liabilities these claims are creating have got credit card and insurance companies running scared.

So far there has been no intervention by the authorities as more and more credit card customers are deprived of their rightful compensation.

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