Forum Home » Credit Cards

MSE News: Card protection firm CPP must pay £14.5m to mis-selling victims

New Post Advanced Search

Coronavirus: The latest from MSE


The MSE team is working extremely hard to keep the info we have about your travel rights, cancellation rights, sick pay (and more) up to date.
The official MSE guides: UPDATED MSE Coronavirus Guides

NEWSFLASH


New, free ‘Academoney’ course from MSE and the Open University launches
All the key areas of personal finance are covered, so that you can master your money decisions


MSE News: Card protection firm CPP must pay £14.5m to mis-selling victims

edited 30 November -1 at 1:00AM in Credit Cards
166 replies 47.9K views
Former_MSE_HelenFormer_MSE_Helen
2.4K posts
edited 30 November -1 at 1:00AM in Credit Cards
"CPP mis-sold card insurance products between January 2005 and March 2011 on a massive scale..."
«13456717

Replies

  • They have taken payment off my credit card - should I get the interest applied back too?
  • Rundmc77 wrote: »
    They have taken payment off my credit card - should I get the interest applied back too?

    I read you should get 8% interest back. But I'll be asking Vanquis to clear my balance and close my credit account!
  • I took out a Vanquis credit card 2 years ago and was sold an identity protection policy by a vanquis agent who passed my details onto cpp. When I heard the news today I rang CPP who said Vanquis is responsible for any claims. So I rang Vanquis and the agent said CPP is responsible. Grrrr.. So I rang Vanquis and demanded to speak to the complaints department who are supposed to call me by tomorrow the latest. I'm planning on asking for a refund of the payments plus interest plus compensation. I'm worried they will try to deny responsibility. Can anyone advise me on what to say????
  • I had both the CPP policies - card protection taken out pre 2004 but I still have policy number etc. Will moneysavingexpert be producing a template letter to make a claim?

  • MishomeisterMishomeister Forumite
    928 posts
    Ninth Anniversary 500 Posts Combo Breaker
    ✭✭✭
    I've read recently that the banks will be doing all they can to prove you were negligent in order not to pay money stolen by fraudsters back. So having an insurance that would pay our regardless of circumstances might not be such a bad thing for some people.

    The circumstances here do sound different from PPI which was sometimes sold to people like pensioners who could not claim whilst there is no one guaranteed never to suffer from a fraud.
  • JuicyJesusJuicyJesus Forumite
    3.8K posts
    Tenth Anniversary 1,000 Posts Combo Breaker
    ✭✭✭✭
    The circumstances here do sound different from PPI which was sometimes sold to people like pensioners who could not claim whilst there is no one guaranteed never to suffer from a fraud.

    It also provided things such as cash advances if you were stranded abroad, assistance with lost keys and the cancellation and replacement of all lost/stolen debit, credit and loyalty cards at once.

    It's not something I'd personally buy but for a lot of people it would be useful.
    urs sinserly,
    ~~joosy jeezus~~
  • SnowTigerSnowTiger Forumite
    4.3K posts
    Ninth Anniversary 1,000 Posts Photogenic
    ✭✭✭✭
    I took out a Vanquis credit card 2 years ago and was sold an identity protection policy by a vanquis agent who passed my details onto cpp. When I heard the news today I rang CPP who said Vanquis is responsible for any claims. So I rang Vanquis and the agent said CPP is responsible. Grrrr.. So I rang Vanquis and demanded to speak to the complaints department who are supposed to call me by tomorrow the latest. I'm planning on asking for a refund of the payments plus interest plus compensation. I'm worried they will try to deny responsibility. Can anyone advise me on what to say????

    Before going in all guns blazing you might want to consider whether the policy and mis-sold and whether it was mis-sold by CPP?

    As with PPI, not all of these policies were mis-sold. And, according to the article, "Only those sold products directly by CPP [...] can get redress, the FSA says."

    It appears to me that you were sold the policy by Vanquis, rather than being mis-sold it by CPP.
  • The main thing for me as with many with CPP is that all my card details are in one place and if my purse is stolen i just have to make one call.

    Who else does the same but is reputable as if there is someone else who does this i'm off after CPP have paid me back what they owe ?

    Any ideas?
  • SnowTigerSnowTiger Forumite
    4.3K posts
    Ninth Anniversary 1,000 Posts Photogenic
    ✭✭✭✭
    maxwell11 wrote: »
    The main thing for me as with many with CPP is that all my card details are in one place and if my purse is stolen i just have to make one call.

    Who else does the same but is reputable as if there is someone else who does this i'm off after CPP have paid me back what they owe ?

    Any ideas?

    LOL.

    You were mis-sold a service you wanted? A service you will look for elsewhere when they pay "back what they owe?"

    Do they owe you anything? You wanted a service and they provide you with it (for a fee). Isn't that how life generally works?
  • Alpine_StarAlpine_Star Forumite
    1.3K posts
    Tenth Anniversary 1,000 Posts Combo Breaker
    ✭✭✭
    I've read recently that the banks will be doing all they can to prove you were negligent in order not to pay money stolen by fraudsters back. So having an insurance that would pay our regardless of circumstances might not be such a bad thing for some people.

    This is where you're wrong.

    CPP's insurance didn't actually cover money stolen by fraudsters at all and that you think it did just goes to demonstrate how mis-presented and mis-sold it was.

    ''The product sheets identified the availability of “up to £60,000 of insurance to make sure you do not end up out of pocket when clearing your name” but failed to explain that the insurance only covers administrative and legal expenses. They did not explain that the insurance does not cover debts fraudulently taken out in the individual’s name (although the customer is not liable for such debts in any event).''

    ''For example, a sales agent told one customer that the £60,000 insurance covered “basically, anything you’re out of the pocket for, we would pay”. In addition, he told the potential customer that criminals were “leaving people liable with the bills, debts and the problems of sorting it all out”. While the sales agent made some reference to legal and administrative costs, he left the potential customer with the impression that the £60,000 insurance would cover any debts a person fraudulently using a person’s identity incurred. The £60,000 does not cover any debts fraudulently incurred in the customer’s name (which the customer would not be liable for in any event). It only covers the legal and administrative costs required to deal with the problem.''


    http://www.fsa.gov.uk/static/pubs/final/card-protection-plan.pdf

    It was virtually worthless and was grossly and aggressively mis-sold.
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support