You may have heard the hype about reclaiming bank charges on the news, in the papers, or online over the last year or so. If you’re in debt, have been in debt, and are either currently struggling to repay what you owe, or simply afford to live in general, now is the perfect time to reclaim every penny. Those suffering financial hardship are exempt from the current legal wrangling hold, and can reclaim immediately.

Financial Hardship covers a multitude of things from not being able to repay your debts, not being able to get out of your bank charge spiral, or simply not having enough money for reasonable living expenses. Whatever your financial situation, if you’re struggling in any way, it’s worth putting the effort in. You could get thousands of pounds in return.

It might seem (it certainly feels) like a bit of a cop out, but rather than reinvent the wheel on this subject, let me simply point you to Martin Lewis’ Bank Charges Reclaim Guide. He’s done the painstaking research and initial legwork, and even has template letters you can send to your banks to get you going. The BBC also has a step-by-step guide with template letters you can use. As a last resort, a web search for ‘reclaim bank charges‘ (Google) will reveal a slew of companies that’ll do all the work for you, in return for a percentage of your payout.

You can do this for Credit Cards too. How many times have you been stung for paying late, or going over your credit limit over the years? If your answer is ‘too many’, then get reclaiming these fees. Reclaiming won’t affect your credit score, but don’t be surprised if the card company decides they no longer want your business afterwards. You need to weigh up the positives of getting cash back versus the possible negative of having a credit line closed on you.

Still want to give it a go? It applies equally to open and closed accounts, so tackle your closed account charges first if you know of any. That way you get all the positives, without the possibility of closure. There is a ready-to-go guide on this matter as well from Martin Lewis, which you can access here.

Have you had your charges back? Share your experience in the comments below.