CPP Claims (debit/credit card fraud insurance)

[dodsi]

Not seen a thread on here about this, more than happy to be flamed to new 2 stroke forum levels if I have this wrong though.

But recently (last 6 months or so) a company/scheme calked CPP have been sending out letters and claim forms for mis sold 'card guard' and others policies allowing claims back to 2005 - present.

Both myself and my partner have had rebates totalling nearly £500 between us, so not a con and worth claiming/chasing up if you can.

I know I should have known better than to take up the policy in the first place but I was a naieve 18 year old taking their first credit card out.

But - worth following up if you can. Only a couple of weeks between sending claim form in and getting cheque through the post.

[panrider_uk]

How long did you have your policies for to get that amount of compensation?
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[dodsi]

About 7 or 8 years but they are only rebating back to 2005 I think. Plus interest mind! Must have cancelled mine in 2011/12 when I remembered I had it and realised it was a massive con!

[G]

Note that it's quite likely you can do the same thing yourself and get a fair bit more cash I believe - as the fees come out of your claim I think.

[Ste]

https://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

and

https://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#claimsfaqs

There's nothing which limits claims just dating back to 2005.

[kitty kat]

[dodsi]

I'm not referring to PPI claims, its not payment protection insurance.

https://www.moneysavingexpert.com/reclaim/CPP-card-protection

It's this, so Kitty Kat... I have not been conned again

[Rogerborg]

What we're saying is that if a 3rd party company handled your claim, then they'll have skimmed a big chunk of it in fees for shuffling around a piece of paper.

If it was your CC issuer or bank that you dealt with directly, then fair enough.
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[dodsi]

I believe CPP (Card Protection Plan) are the company behind fraud/card protection policies that banks issued - in my case a HSBC CardGuard policy. These guys were investigated by a regulatory authority (can't remember who) and found thesr policies since 2005 were mis sold. Now they have been issuing letters and claim forms to receive refunds plus interest (less tax) there has been no fee's deducted from my rebate. Just premiums paid + interest @ 8% simple PA - tax (on interest only). This is taken from the letter received with rebate cheque.

Bear in mind these polocies were about £30 per year.

I'm being a bit wooly with my numbers as I don't really remember how much I paid or when I cancelled, this was a few years ago when I realised that the standard fraud redress on any bank card would cover basically anything the policy I had with CardGuard . Therefore I realised it was a con, cancelled it and made the point that it was pointless to them where I got fobbed off... at this point I was more interested in not continuing to pay and knew a complaint would get me nowhere. So.. cue a few years later and it would appear the regulators share the same opinion as me and have ordered them to rebate people. They have set up a claim service/form which could be mistaken for junk mail... hence my post here as a heads up that it isn't junk and there is refunds to be had.

Interestingly, reading the moneysaving expert link I posted the pre 2005 bit would probably be upheld by a ombudsman should I write in about it! This will be a slightly longer and difficult process but there are templates to use so may give this a bash.

Does this clear things up with regards to it not being a traditional PPI claim that we know there are hundreds of parasitic companies attempting to claim on peoples behalfs but something different?

[........................]

Thanks, I had the forms through and binned them thinking they were another PPI scammer company.

Just phoned the scheme and have some new forms on the way. I owe you a pint.

[-]

Yeah, it's money for free. Not like the CC companies and banks end up passing the cost onto the rest of us, who didn't take out these policies is it?
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[dodsi]

[Nb]

I just got a cheque for 130 last week after filling in a cpp form, well worth doing.
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[BTTD]

Yep, £280 a few weeks back. CPP is the original company, although I did also get a scammer letter regarding the CPP.

I took the policy out just after I left uni when it seemed worthwhile. They were quite cunning in not telling you that most of what they were offering was already covered by your banks standard terms. It was a good few years later when I was really looking to save cash and the renewal came up that I actually looked at it carefully and cancelled.

[JP7]

I got £86.00 back, and my mum got just over £120. (Two years and three years' payments respectively, plus interest). If you got the forms, fill them in. You're pretty much guaranteed to get your money back, because in the paperwork they send you, they tell you exactly why your policy was probably mis-sold.

[........................]

£209.53 cheque received yesterday

[Pie-Roe]

I don't really understand this.
I've had a credit card for 4 years now, with PPI.
But I'm not against having the PPI. When I crashed it was terrific. I put all my bills for the next 5 months on it, and they paid 16% of the balance off for me. Okay, it wasn't ideal, but I didn't get thrown out of my flat, or water cut off because I certainly didn't have any money coming in.

I had someone ring about claiming back something or other, I explained that I'd used PPI and it was very useful to me, and he just laughed and told me that I should claim it anyway.
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[JP7]

This is different, it's not PPI. CPP provided insurance against fraud on your credit/debit cards, but a lot of the "benefits" they claimed were already included in the terms and conditions of the card. For example, CPP claimed they would protect you against fraudulent transactions on the card after you'd notified your bank that your card was stolen. But what is the first thing the bank does when you notify them it's stolen? Cancel it. So there is no benefit after all.

The scandal surrounding PPI was over routine mis-selling to people. Setting policies up without telling the customer. Selling them a policy that they weren't eligible to claim on. Pressuring people into taking it. But from your point of view, it worked. Which is absolutely fine. So if you were happy with the policy and it was suitable for your needs, then you don't need to claim your money back.

[Ste]

[-]

[Pete.]

Well, because so many of them WERE mis-sold. If the underwriters had made sure that their selling agents were not passing off useless policies they wouldn't be in the pickle they are in right now. My manager a work was sold PPI which has a clause that made it not cover self-employed people. The seller knew full well that he was self employed since he had just done a mortgage agreement with him yet sold him this useless policy just for that bit extra commission. He paid it for years thinking it gave him some security when all the time he was throwing the money away.
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[-]

But how many of these people weren't miss-sold PPI policies? It seems like all you need to claim money back was to have been sold PPI, even if it would have benefited you and you were perfectly happy with it.
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[JP7]

[Pete.]

[Hetzer]

Stop calling it "mis-selling". It was deliberate fraud and those responsible should be prosecuted.
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