With just under one month left for eligible customers that were mis-sold credit card security protection to claim, Hannah Maundrell, Editor in Chief of money.co.uk, offers some useful advice on getting your cash back.
Hannah Maundrell, Editor in Chief of money.co.uk, comments
"The clock is ticking if you want to claim for mis-sold credit card security protection products: you have just four weeks to complete the paperwork and get your money back. With around two million potential claimants, there is a lot of money on the table in yet another mis-selling scandal.
"So, if you received a letter from Affinion International Limited (AI) in August or September 2015 what are you waiting for? The money is yours for the taking! With the average annual policy costing £25 a year refunds could total £275 plus interest. You only need to fill in a short claims form, it's really simple so don't even think about paying anyone else to do it for you."
Who can claim? You can claim compensation if you bought a certain type of credit card security insurance policy between January 2005 and 2013 and received a letter and compensation form from Affinion International Limited (AI) in August or September 2015. 11 banks have agreed to compensate all customers that may have been mis-sold certain credit card security products.
Which products are affected?
Safe and Secure Plus
Which banks and credit card issuers are in the scheme?
AIB Group (UK) plc trading as First Trust Bank in Northern Ireland and Allied Irish Bank (GB) in Great Britain
Barclays Bank plc
Capital One (Europe) plc
Clydesdale Bank plc
HSBC Bank plc
Lloyds Bank plc
Northern Bank Limited trading as Danske Bank
Santander UK plc
Tesco Personal Finance plc
The Co-operative Bank plc
The Royal Bank of Scotland plc
What do you need to do to claim? You should have received a letter from Affinion last year that contained a claims form; you may have also received a reminder at the start of this year. If you want to claim you must sign, date and return the compensation claim form using the envelope provided by AI Scheme Limited. The original form has to be used - photocopies will not be accepted. You do not have to provide any documentary evidence to support the claim.
What if you are entitled to claim but haven't received a form? If you have not received a letter and compensation claim form and think you may be eligible or you have lost it, you should contact the AI Scheme helpline on 0800 678 1930 (from outside the UK +44 208 475 3103 but calls to this number may incur a charge) or visit the AI Scheme Ltd.
Will a claim cost anything? No
Will forms be accepted after the 18th March? No, forms must be received by this deadline - late applications will not be considered. This will be the only chance to claim compensation for these card security products sold and renewed since 14th January 2005.
Do you need to contact your bank? No. If you do have any further queries regarding the scheme, including your postal address, please contact AI using the details on the contact us page.
If you were mis-sold a credit card security product before 2005 you can complain to your bank or insurance provider and pursue compensation directly.