Reclaim CPP article discussion

MikeBlyth

Bought my M & S Card Safe in 1990 but have only received compensation from 14 January 2005, when the CPP was regulated. CPP admit in a letter that the Policy was mis-sold in 1990 but say that I am not due anymore compensation for 1990 to 2005. Have contacted the Financial Ombudsman but they can't help!
Has anyone received compensation for the period BEFORE 14 January 2005?
Help!

skyeblue

I the same as you - reading all the info I realised that refund only due since 2005, but that is better than nothing!


I have had the service provided by Cardsafe though, which proved invaluable the twice I mislaid my wallet.

[Deleted User]

MikeBlyth wrote: »

Has anyone received compensation for the period BEFORE 14 January 2005?

The CPP compensation scheme only covers the period from 14th January 2005.

The procedure for complaining pre-2005 is here
http://www.moneysavingexpert.com/reclaim/CPP-card-protection?_ga=1.128443534.340047350.1365283676#templateone

MikeBlyth wrote: »

CPP admit in a letter that the Policy was mis-sold in 1990

Are you certain they "admit" the policy was mis-sold in 1990? I'd check their wording on that if I were you, since CPP didn't actually sell it to you.

rackel22

My partner and I both sent off claim forms to CPP almost 7 weeks ago. Mine was for CPP card cover protection and hers was for Identity protection. She received a cheque within 4 weeks but I still haven't had a response.

I know the letter advised it could take upto 8 weeks, it just seems strange that we applied at the same time and that other people seem to be hearing back within a few weeks. Does anyone know if the card cover claims take longer to resolve than the ID claims? Thanks!

Tatum27

I just called CPP to request a claim form. They were very helpful and polite, and they were able to tell me who I took my policy out with, the policy number and the date.

It turns out that I took the policy out via Columbus Direct (I don't remember this but then it was in 1997) and it has been running ever since. However I do remember being called every year and receiving letters re-selling it to me, discussing how it was easy to cancel if I didn't want it, and how I needed to be protected because of fraud... all the misselling things I believe.

Anyway - because it was via Columbus Direct and they aren't part of the scheme (how do they choose not to be included if they missold?) then I'm not entitled to compensation.

I pointed out to the girl that I had been contacted directly by CPP once the policy was taken out but she says that they were servicing it for Columbus Direct...is this true??

I didn't make any payment via Columbus Direct that I remember and I'm fairly certain I renewed directly after the first year was up...

Surely just because they claim it was for their client - although I didn't know that - I should still be eligible for mis-selling compensation?? Possibly double-y so!

Should I leave it there??

[Deleted User]

Tatum27 wrote: »

Should I leave it there??

The procedure for complaining pre-2005 is here
http://www.moneysavingexpert.com/reclaim/CPP-card-protection?_ga=1.128443534.340047350.1365283676#templateone

However, 1997 is 17 years ago and pre-dates regulation by several years.

tommytomtom

skyeblue wrote: »

not sure if this has been asked before - didn't fancy trawling through 69 pages to find out!!


Our CPP claim is valid - we fit the criteria. It is for a M&S Cardsafe product, which, amongst other things, provides a one-stop contact if cards are lost or stolen, and they notify the card issuers.


If we claim, and are paid compensation "we will have cancelled the policy... so we will lose the benefits it provides."


This means we will no longer have the card notification facility, which we find valuable, so we are in a quandary - claim the money (approx. £200) and lose the service, or not claim and keep the service.


But I think I read somewhere that CPP will probably cease to exist as a result of all this, so there my be no future service anyway?


What can anyone advise - thanks in advance for any suggestions.

I have a HSBC card guard policy which I find very valuable and like you I was in a quandary until I read this on LSE CPP shares chat website and I bought some shares in CPP. I have copied and pasted for you. 26% have submitted claims compensation up to 5th June 2014.

Copied and pasted from LSE website:
The other 74 % are probably too busy buying the shares at this price of 10p and waiting for the price to rise after August.
That way they would make way more than the £200 compensation and still keep their policy with all its benefits!
Makes complete sense to me

I hope this helps.

[Deleted User]

tommytomtom wrote: »

The other 74 % are probably too busy buying the shares at this price of 10p and waiting for the price to rise after August.

That's some risky "investment" advice you've given there! Why on earth anyone would be purchasing shares in CPP (even at 10p) rather than seeking redress for mis-sold insurance is beyond me!

tommytomtom

Moneyineptitude wrote: »

That's some risky "investment" advice you've given there! Why on earth anyone would be purchasing shares in CPP (even at 10p) rather than seeking redress for mis-sold insurance is beyond me!

74 is great than 26 the majority find the policy valuable just like you, thus far. Yet, you want other people to cancel their policies by claiming compensation. That is beyond me.

[Deleted User]

tommytomtom wrote: »

74 is great than 26 the majority find the policy valuable just like you, thus far.

That's not any indication that they find the policy "valuable". More likely simply inertia or lack of awareness of the refund scheme.

Where have I ever said I think the insurance is even useful? I've never held this "protection"!

tommytomtom wrote: »

Yet, you want other people to cancel their policies by claiming compensation.

I don't have strong feelings either way, I'm just responding to posts on a discussion board about the method and processes involved. I'm certainly not giving out poor financial advice about buying CPP shares!

tommytomtom wrote: »

That is beyond me

If you read my actual posts, instead of confusing me with others, all would become clear.