Argos To Refund £30m In Store Card Charges

[EXC]

I wonder how much above the OFT £12 threshold they were charging in late payment fees?

In the course of implementing its new governance and risk management procedures, the Group’s Financial Services division identified that it had erroneously collected excess fees in relation to the late payment of amounts due from certain customers. The Group took advice on this matter and based upon this advice it booked a charge in its FY16 financial statements. The Group has subsequently been advised that a more extensive customer redress programme will now be required. A detailed review exercise will now be undertaken, however a preliminary estimate has been prepared, which indicates that the existing customer redress provision may need to be increased by an amount in the region of £30m.

http://homeretailgroup.pressarea.com...75/News_1/6349

[nemesis45]

Re: Argos To Refund £30m In Store Card Charges

I wonder how much above the OFT £12 threshold they were charging in late payment fees?



http://homeretailgroup.pressarea.com...75/News_1/6349

I of some £25.00 charges is the not too distant past, EXC.

nem

[enaid]

Re: Argos To Refund £30m In Store Card Charges

This is from March this year jeez you need a degree to get the a grasp of all the schemes http://www.argos.co.uk/webapp/wcs/st...storeId=10151&

[EXC]

Re: Argos To Refund £30m In Store Card Charges

This is from March this year jeez you need a degree to get the a grasp of all the schemes http://www.argos.co.uk/webapp/wcs/st...storeId=10151&

All £12 charges.

Our Charges

We charge the following fees:

• £12 if you do not make your minimum payment on time or if you do not pay sufficient sums to cover the arrears in full.
• £12 if you are in arrears and we or our appointed collections agent sends you a letter about your outstanding debt.
• £12 if you exceed your credit limit.

[EXC]

Re: Argos To Refund £30m In Store Card Charges

This is from March this year jeez you need a degree to get the a grasp of all the schemes http://www.argos.co.uk/webapp/wcs/st...storeId=10151&

I don't think even having a degree would do it. I remember that Micheal Moore documentary when they interviewed a professor who taught contract law at Harvard who said she doesn't understand her credit card contract.

[enaid]

Re: Argos To Refund £30m In Store Card Charges

If you read it, it says amended March this year can't find older ones, interest is added all the time too, these store cards are lethal and designed well and truly for the folks most struggling. Their initial intro offers are very, very enticing, been there meself years ago but didn't get into trouble with it, but only by good luck more than good management, they need controlling imho.

[EXC]

Re: Argos To Refund £30m In Store Card Charges

If you read it, it says amended March this year can't find older ones, interest is added all the time too, these store cards are lethal and designed well and truly for the folks most struggling. Their initial intro offers are very, very enticing, been there meself years ago but didn't get into trouble with it, but only by good luck more than good management, they need controlling imho.

And the worst thing is they're flogged by teenage Saturday staff who can barely string a sentence together.