Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.What's this, a new mis-selling scandal?
Actually, yes it is. Insurance which supposedly protected you if your credit card was stolen has been mis-sold to around 4.1 million people since 2005.
Does that mean I'm in line for a payout?
If you were sold the useless cover, yes. It was flogged to around 300,000 people by CPP, which was fined £10.5m this week for the scandal. A further 4.1 million folk were sold cover by RBS/NatWest, Santander, HSBC, Barclays and Nationwide building society.
How much might I get?
It won't be a fortune. You should get back all the premiums you paid since 2005 plus interest at 8 per cent. But with the policies costing £35 a year for card protection and £84 for identity protection, payouts are unlikely to be higher than about £700. The total compensation bill is £14.5m from CCP and an estimated £200m from the banks.
How can I claim?
That's still to be decided. If you took out a policy direct with CPP it should write to you explaining how to claim. If you were sold one through a bank, it's hoped the bank concerned will take responsibility to contact you, as has happened with payment protection insurance.
What will be the next mis-selling scandal?
Who knows! Illegal payday loans maybe?
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments