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Harry Monk

Credit Card Protection Insurance Refunds

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Before I type a long post, did anyone receive a letter last week telling them that credit card insurance which they have purchased since 2005 is being reviewed as it was mis-sold, and that they are likely to receive a refund?

It's not a fortune but I'm reading of an average refund of £180, expected to be paid in early-mid 2014.

Anyone?

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Yep, I did...I had HSBC CardGuard insurance...cost me £20 a year...it used to auto renew (and I'd always forget to cancel it)...Finally cancelled it this year, so hopefully I'll get something back...

Edited by Dave Beans

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Yep, I did...I had HSBC CardGuard insurance...cost me £20 a year...it used to auto renew (and I'd always forget to cancel it)...Finally cancelled it this year, so hopefully I'll get something back...

Same here. I reckon I had it for about 4-5 years before I finally remembered to cancel it before it renewed again automatically!

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As I understand it, you will receive two ballot forms in the next 4-5 months, the first asking if you think there should be a review, and if a majority vote in favour, a second asking if you want your own policy to be reviewed, obviously the vote should be "Yes" to both.

I understand interest of 8% is being paid as well as the premium.

The fault in the selling was that they suggested you could be liable for £100,000 of loss if your card was used fraudulently, whereas the maximum liability is in most circumstances is £50.

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Same with me. I had been meaning to cancel this for ages, but only got round to it last year.

By the sounds of things, pretty much 100% of these policies were mis-sold (the policy was sold as insurance protecting you against fraudulent use of your credit card; but as credit cards inherently include fraud protection, there would be no circumstance where this policy could pay out) so a mis-selling complaint is almost certain to succeed.

What is more interesting is that this was CPP's only product, and that the referral fee paid to the bank for signing up a new customer, was something like 70% of the premium!

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Same here. I reckon I had it for about 4-5 years before I finally remembered to cancel it before it renewed again automatically!

The stupid thing is that I never really looked at the paperwork either (when it was time for renewal), so for instance, if I was issued a new debit card by my bank, I forgot to tell CG, so I wouldn't have been covered at all...

I took it out, as my primary card is a debit card, which is effectively like using cash, so I wanted to cover my back, as it were..

Edited by Dave Beans

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The stupid thing is that I never really looked at the paperwork either (when it was time for renewal), so for instance, if I was issued a new debit card by my bank, I forgot to tell CG, so I wouldn't have been covered at all...

I took it out, as my primary card is a debit card, which is effectively like using cash, so I wanted to cover my back, as it were..

Haha yeah I ended up with cover on no valid cards, an expired passport and my NI card dry.gif

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A quick bump, I've now had the second letter, asking me if I wish to vote in favour of a review being carried out; naturally I did.

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A quick bump, I've now had the second letter, asking me if I wish to vote in favour of a review being carried out; naturally I did.

So did I...I cancelled my policy 3 or 4 months ago, so I've got nothing to lose...Do you get just your money back, or do you get compensation as well? I couldn't be arsed to read through all the bumpf...

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I've had similar letters.

I really had to think long and hard as to whether to approve of the compensation scheme :lol:

Tbh the whole thing came as a bit of a surprise as I've always as a matter of course elected NOT to have any kind of insurance or card protection. Apparently I ended up with at least two policies anyway??

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