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Late Payment Charges To Be Capped At 12
The Office of Fair Trading, also known as OFT have ruled that credit card companies only be able to charge a maximum fee of 12 for late payment of credit card bills.

The OFT believes that the current charges for late payments of credit card bills which are typically between 20 and 25 - to be excessive and unfair. The Office of Fair Trading have ruled that in future, credit card customers should only be charged for the actual administration costs incurred when processing late payments such as postage and stationery.

The OFT also ruled that penalty charges are illegal as they breach the 1999 Unfair Terms in Consumer Contracts Regulations. A section of the statement from the OFT included "credit card default charges have generally been set at a significantly higher level than is legally fair".

The OFT stated its ruling on charges would collectively save consumers a minimum of 300 million.

Legal proceedings to enforce the 12 cap are now underway following time allowed enabling the credit card industry to respond to the statement.