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Quicken

Mastercard - The next PPI?

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Almost every adult in the UK could receive a payout of up to £300 from Mastercard after a court ruling paved the way for a £14bn class action lawsuit.

The legal action taken by former financial ombudsman Walter Merricks claims that 46 million UK consumers paid higher prices in shops over a 16-year period because of allegedly excessive transaction fees charged by Mastercard.

Merricks said the maximum payout would be about £300 for anyone who can prove they were in the UK in the 16 years between 1992 and 2008.

In total, Merricks said 46 million adults could qualify and they need never have held a Mastercard. His case rests on the fact that higher prices would have been paid by all consumers during the period.

https://www.theguardian.com/business/2019/apr/16/mastercard-court-ruling-paves-way-14bn-class-action

Nice little spending stimulus

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Just now, longgone said:

I doubt 300 quid is going to stimulate much, unless it's used for a weekend break to Amsterdam.

In the unlikely event this actually materialised, those holding debt with MasterCard would just see the amount owed reduced.

More chance of brexit happening

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12 minutes ago, HowMuch! said:

I thought this was killed off last year

https://www.nortonrosefulbright.com/en-gb/knowledge/publications/eb80b7db/14-billion-consumer-class-action-against-mastercard-falls-at-the-first-hurdle

 

compensation awarded, even though no actual loss suffered?

Yes, but the court of appeal says it's back on.

Quote

Two years ago, the Competition Appeal Tribunal threw out Merricks’s claim, ruling it would not grant an order for the case to continue to trial. In a dramatic turnaround, the court of appeal has ordered the tribunal to reconsider what has become the biggest class action in British legal history.

 

Quote

The tribunal originally rejected Merricks’s claim partly because it could not find clear evidence about how the Mastercard fees had been passed on to consumers – or absorbed by retailers – and how individual losses could be calculated. But the court of appeal found that was not a basis for rejecting certification for a court action.

 

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Would they not be better of putting all these £300 monies together into some sort of "common good" fund like they do with lottery money?

£300 isn't really going to buy an individual person very much, a night out and a few bits and pieces maybe; but funding for recreational facilities, community projects etc. could really benefit from the combined cash.

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17 hours ago, HowMuch! said:

In the unlikely event this actually materialised, those holding debt with MasterCard would just see the amount owed reduced.

More chance of brexit happening

Who have mastercard loaned money to? There basically a communication protocol between shops and banks.

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17 hours ago, HowMuch! said:

In the unlikely event this actually materialised, those holding debt with MasterCard would just see the amount owed reduced.

More chance of brexit happening

Who have mastercard loaned money to? There basically a communication protocol between shops and banks.

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27 minutes ago, Diver Dan said:

£300 isn't really going to buy an individual person very much, a night out and a few bits and pieces maybe; but funding for recreational facilities, community projects etc. could really benefit from the combined cash.

£14bn could buy us another Olympics.

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Credit cards make everything bought with them more expensive, unless repaid in full every month......not what they are, how you use them, max one month credit is free.;)

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18 hours ago, HowMuch! said:

In the unlikely event this actually materialised, those holding debt with MasterCard would just see the amount owed reduced.

More chance of brexit happening

 

50 minutes ago, Diver Dan said:

Would they not be better of putting all these £300 monies together into some sort of "common good" fund like they do with lottery money?

£300 isn't really going to buy an individual person very much, a night out and a few bits and pieces maybe; but funding for recreational facilities, community projects etc. could really benefit from the combined cash.

i can waste it better than they can and i won't spend it on lesbian dance routines !

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10 minutes ago, PeanutButter said:

I have already mentally spent my Mastercard money on a selection of cheese toasties. 

I will stay in for a month and turn it into £600.;)

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4 hours ago, Diver Dan said:

 but funding for recreational facilities, community projects etc. could really benefit from the combined cash.

Nah I'll take the money thanks and sort out my own recreation and give whatever I want to causes I support.

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37 minutes ago, chronyx said:

Nah I'll take the money thanks and sort out my own recreation and give whatever I want to causes I support.

Fair enough, enjoy your white Audi 🙂

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1 hour ago, Diver Dan said:

Fair enough, enjoy your white Audi 🙂

You haven't seen my numerous PCP bashing posts then :lol:

I drive a 16 year old knocker mate.

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22 hours ago, Quicken said:

No - you'd never even have had to own a Mastercard. Higher prices for everyone caused by Mastercard overcharging, allegedly.

Sure, but those that hold debt would only see the balance reduced rather than a credit given elsewhere.

Did hear of cases where PPI claims got applied to debts with the fees then still payable to third party solicitors.

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4 hours ago, SE10 said:

Who have mastercard loaned money to? There basically a communication protocol between shops and banks.

The card providers hold the balance sheet. Who claims the rights to the numbers is all that matters.

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  • 296 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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