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PPI Claim News - 20/1/2010

Bank Reclaim: Bad news for banks as credit card write-offs double

British banks have been forced to write off an increasing number of bad debts on their credit cards, new figures from the Bank of England reveal.

In the third quarter of 2009 £1.6 billion of credit card debt was cancelled, twice the amount recorded in the previous quarter of the year, the BBC reported.

The high number of people who are no longer able to meet their credit card repayments has been attributed to the economic downturn of the past year, which has seen mass redundancies and financial losses across the public and private sectors.

Late payment fees and charges issued for people spending over their credit card limits could also be factors in the rise of bad debt.

With the banks already showing cautious reluctance to issue new credit cards and consumer loans, the news will come as little comfort to those with a negative financial track record who may find it increasing difficult to obtain credit.

The figures come after a London-based financial analyst Jonathon Pierce told Bloomberg news that Barclays, the UK's second largest bank, may need to raise £17 billion to meet capital requirements after shares in the company fell by 2.4 per cent.

If you would like to make a credit card charges claim to get back all your late payment / over limit fees in the last 6 years from Barclays then fill out the Quick Claim or call Belmont Thornton on 0845 526 0000 .ADNFCR-2776-ID-19567499-ADNFCR

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