Quicken Posted April 16, 2019 Share Posted April 16, 2019 Quote 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 Quote Link to comment Share on other sites More sharing options...
HowMuch! Posted April 16, 2019 Share Posted April 16, 2019 (edited) 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? Edited April 16, 2019 by HowMuch! Quote Link to comment Share on other sites More sharing options...
longgone Posted April 16, 2019 Share Posted April 16, 2019 I doubt 300 quid is going to stimulate much, unless it's used for a weekend break to Amsterdam. Quote Link to comment Share on other sites More sharing options...
HowMuch! Posted April 16, 2019 Share Posted April 16, 2019 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 Quote Link to comment Share on other sites More sharing options...
Quicken Posted April 16, 2019 Author Share Posted April 16, 2019 No - you'd never even have had to own a Mastercard. Higher prices for everyone caused by Mastercard overcharging, allegedly. Quote Link to comment Share on other sites More sharing options...
Quicken Posted April 16, 2019 Author Share Posted April 16, 2019 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. Quote Link to comment Share on other sites More sharing options...
happyguy Posted April 17, 2019 Share Posted April 17, 2019 £300 big deal Quote Link to comment Share on other sites More sharing options...
Errol Posted April 17, 2019 Share Posted April 17, 2019 £300 will be enough to buy a gold sovereign. Or some silver. Quote Link to comment Share on other sites More sharing options...
Diver Dan Posted April 17, 2019 Share Posted April 17, 2019 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. Quote Link to comment Share on other sites More sharing options...
SE10 Posted April 17, 2019 Share Posted April 17, 2019 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. Quote Link to comment Share on other sites More sharing options...
SE10 Posted April 17, 2019 Share Posted April 17, 2019 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. Quote Link to comment Share on other sites More sharing options...
thewig Posted April 17, 2019 Share Posted April 17, 2019 Cheeky little down payment on a BTL car? Quote Link to comment Share on other sites More sharing options...
Horridbloke Posted April 17, 2019 Share Posted April 17, 2019 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. Quote Link to comment Share on other sites More sharing options...
winkie Posted April 17, 2019 Share Posted April 17, 2019 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. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted April 17, 2019 Share Posted April 17, 2019 I have already mentally spent my Mastercard money on a selection of cheese toasties. Quote Link to comment Share on other sites More sharing options...
Spindler Posted April 17, 2019 Share Posted April 17, 2019 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 ! Quote Link to comment Share on other sites More sharing options...
winkie Posted April 17, 2019 Share Posted April 17, 2019 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. Quote Link to comment Share on other sites More sharing options...
chronyx Posted April 17, 2019 Share Posted April 17, 2019 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. Quote Link to comment Share on other sites More sharing options...
Diver Dan Posted April 17, 2019 Share Posted April 17, 2019 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 ? Quote Link to comment Share on other sites More sharing options...
chronyx Posted April 17, 2019 Share Posted April 17, 2019 1 hour ago, Diver Dan said: Fair enough, enjoy your white Audi ? You haven't seen my numerous PCP bashing posts then I drive a 16 year old knocker mate. Quote Link to comment Share on other sites More sharing options...
longgone Posted April 17, 2019 Share Posted April 17, 2019 13 minutes ago, chronyx said: I drive a 16 year old knocker mate. which one Quote Link to comment Share on other sites More sharing options...
HowMuch! Posted April 17, 2019 Share Posted April 17, 2019 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. Quote Link to comment Share on other sites More sharing options...
HowMuch! Posted April 17, 2019 Share Posted April 17, 2019 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. Quote Link to comment Share on other sites More sharing options...
Diver Dan Posted April 17, 2019 Share Posted April 17, 2019 50 minutes ago, Diver Dan said: Fair enough, enjoy your white Audi ? A uPVC conservatory or some crazy paving then? ? Quote Link to comment Share on other sites More sharing options...
chronyx Posted April 17, 2019 Share Posted April 17, 2019 51 minutes ago, longgone said: which one Depends what mood I'm in Quote Link to comment Share on other sites More sharing options...
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