Mis-selling is back at the top of the finance news again and this time because of more refunds being issued. Rather than it being a development of the PPI issue though, this time it is regarding customers who were mis-sold identity and card theft policies through CPP.
CPP – also known as Card Protection Policy Ltd sold policies for a number of years in conjunction with store and credit cards which gave protection against fraud. The company also worked with a number of banks to sell insurance policies and the company had a number of other names including CardGuard (HSBC), Card Safe (M&S Bank), NatWest Card Protection and Barclays Cardholder Protection. It has now been ruled by the regulator that many of the policies were mis-sold and forms have been sent to all those who could be entitled to their money back. The policies in question are those which were sold after 2005. For any before this date, the advice is to talk to the bank involved as they are not part of this current scenario.
For anyone making a claim, they have the right to request the amount they paid to be returned to them plus 8% interest. This makes a £30 a year policy which ran for 3 years’ worth around £100 now so it is a good idea to claim if you think you are eligible. To check if you’ve ever bought a policy, have a look on credit or debit card statements for deductions by CPP. They will also have sent out a welcome pack the first time the policy was set up. Even if you’ve made a claim on the policy you can file an application for the refund of the premium.
For those who have received a form to complete, they have a deadline of 30 August 2014 to complete and send it. For those who completed them as soon as received, the cheques are already starting to be issued and there are reports of them running to many hundreds of pounds per claim. The form must be completed in black ink and in capitals and only the original form will be accepted in the supplied pre-paid envelope; photocopies will be rejected.
If you haven’t had a form because perhaps you’ve moved house and CPP don’t have your current address, you can call them on 0800 834393 and one will be issued. Refunds are being made by cheque and the turnaround from the sending of a completed form is around eight weeks.
If you are awaiting the refund of policy payments and the premiums have left a gap in your budget, a short term loan may be a solution until you receive the cheque. You can read more about the benefits of payday loans online at Payday Choice and perhaps find a financial solution which will act to bridge the gap in your finances.
There are 7 million people who are eligible for policy refunds, so if you think you are owed money, complete the form if you have been issued one or telephone to have one sent to you.