APACS comments on today's credit card summit with BERR

On behalf of the credit card industry, APACS has stated:

“Today's meeting has been very constructive. We've welcomed the opportunity to hear the Government's views.We remain fully committed to continue to do all we can to promote responsible lending and responsible borrowing and to make change wherever it will not be to the detriment of the 31 million customers who use our products.

To these ends, and on the back of today's meeting we have agreed to progress two specific issues. The first of these is to establish a set of risk based re-pricing principles over the next two weeks, such as how and when customers are notified should the APR on their credit card change and how often an APR may change in a given period. The second is an agreement to create an appropriate breathing space for customers in financial difficulty to give them more time to come to an agreement about how to pay their debt.

We continue to remind any customer who is struggling to pay their credit card bill to speak to their card provider or one of the free debt advice agencies sooner rather than later. Through the Banking Code any customer in this position can expect to be treated sympathetically and fairly."

Ends

For further information contact the APACS Press Office:

Jemma Smith on t: 020 7711 6340 m:07811 113075

Sandra Quinn on t: 020 7711 6234 m:07768 044656

or press@apacs.org.uk

Notes to Editors

APACS is the trade body that gives banks, building societies and card issuers a forum where they can work together on non-competitive issues. We help manage the way that businesses and individuals in the UK move their money around - this covers cash, credit and debit cards, cheques and automated payments such as Direct Debits, salary payments and the new Faster Payments Service launched on 27th May for online/phone banking transactions and standing orders. We lead the fight against banking fraud and twice a year we publish figures on payment industry fraud losses.