Money, Benefits and Debt
Check if a financial service has followed the rules
Summary
When you apply for a credit card, companies can’t discriminate against you. This means credit card companies can’t refuse your application because of your race, sex, disability, religion, sexuality or where you live. Credit card companies must help you if you’ve been in credit card debt for more than 18 months. This might include offering a way for you to pay back your balance over a reasonable period. If you aren’t able to pay back what you owe, a company must help if you're struggling to pay back what you owe - this could include reducing or cancelling any interest or fees. If you think a company didn't consider ways to help you, or didn't offer you different ways to pay back what you owe, you can complain. Debt management plan (DMP) providers must make sure: * they give you information before you sign a contract with them * they give debt advice that’s in your best interest - for example, letting you know if something other than a DMP would suit you better If the DMP provider doesn’t give free advice, they must give you the details of a free debt advice provider. The DMP provider must also review your plan regularly to make sure it still meets your needs - for example, that you.
Key information
- they give you information before you sign a contract with them
- any fees they charge are fair
- they give debt advice that’s in your best interest - for example, letting you know if something other than a DMP would suit you better
- treat you fairly - for example, they should try to be flexible if you ask to change how you pay back a missed payment
- not charge you a higher interest rate if you’ve missed a payment
- not harass you about money if you’re in arrears
- only contact you between 9am and 8pm
- make it clear how much it would cost you in total to repay a loan
- tell you how and when to pay back your loan
- check your finances or personal circumstances to make sure you’re in a position to pay back the loan
- you’ve recently lost your job
- you have a health condition
Practical guidance
Related topics
More in this area
Sources
- Citizens Advice — Check if a financial service has followed the rules
This is signposting information from the Legal Shaman wiki, not legal advice. Always consult a qualified solicitor for your situation.