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"Credit card firms get tough on consumers"

By admin | October 28th, 2009 | Credit Cards

It has been reported recently that consumers with credit cards are being chased by their credit card provider as soon as they miss a repayment even if they have previously had very good credit.

Card providers are now pouncing on all their credit card customers even if they have only just missed the payment and even if the amount that they have failed to pay is a very small sum.

One example of this was from Marks & Spencer, and a consumer explained how after missing a repayment on a M&S credit card the company made over one dozen phone calls over a period of a few days even though the payment was only five days late.

The representatives from the company demanded either immediate payment or wanted a date by which the payment would be made.

The customer who had been receiving the calls said it was unbelievable, stating: “I couldn’t believe all the calls I was getting. This was the first time I had missed a payment on the card. I had just got back from holiday and told M&S that I would make my payment in the next few days, which I did.”

M&S has said in the meantime that any customer that is late with repayment will be treated in the same way.

An official from the company said: “We need to be proactive, particularly in these economic times. In many ways, it could be better for the customer, to prevent them from building up further charges.”

However, the timing of these measures from M&S is poor, as in the current financial and economic climate lenders are being pressured into being more lenient with borrowers that fall behind on repayments rather than being more stringent.

Tags: credit card repayments, late payments

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