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Loan protection: Banks 'refusing' to refund scam-hit customers

UK banks are refusing to compensate customers who have lost money to scams, it has been claimed.

Consumers who purchase poor quality goods with a credit card are entitled to a refund, known as a chargeback, from their provider if the retailer refuses to do so.

However, the Office for Fair Trading (OFT) has revealed that some credit card holders are wrongly being denied compensation.

A spokeswoman for the OFT told financial website "People are sometimes refused a chargeback by their bank, even when they are entitled. We are talking to banks so they meet their obligations."

The chargeback ruling enables credit card users to claim back their funds for any goods which are not delivered or faulty, and it also covers claims in which retailers have gone bust.

In addition to credit cards, Visa and Maestro debit card customers are also entitled to refunds in selected cases.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800102664-ADNFCR

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