The clock is ticking if you want to claim for mis-sold credit card security protection products. You have just over three 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.
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. Eleven banks have agreed to compensate all customers that may have been mis-sold certain credit card security products.
It's simple so don't pay anyone else to do it for you
Which products are affected?
- Card Protection
- Sentinel Gold
- Sentinel Protection
- Sentinel Excel
- 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
- 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 I 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 I'm entitled to claim but haven't received a form?
If you've 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 or visit its website.
Will a claim cost anything?
Will forms be accepted after March 18?
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 January 14, 2005.
Do I need to contact my 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.
It's simple to claim
“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!" says Hannah Maundrell at Money.co.uk.
"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."
- There are more money-saving tips in every issue of Yours magazine, out every fortnight on a Tuesday.