Don't throw financial circulars away thinking they're junk – you could be one of up to seven million people being sent claim forms to get money back from mis-sold Card Protection Plan (CPP) credit card and identity protection policies.

CPP policies were either sold directly or via banks. It primarily protected from risks that didn't exist, so the policies were often worthless.

Last month, a High Court ruling gave the thumbs-up to guarantee money back to people mis-sold to since 2005 (see our Reclaim CPP guide for more info).

Victims are typically expected to get £100-£300 paid back.

But despite CPP customers being invited to vote on whether they wanted a redress scheme last year, less than 20% returned their voting form, meaning there are potentially millions of victims who don't know they're entitled to their money back. So they may mistake the official reclaim letter for junk mail and miss out on their chunk of a £1.3bn redress scheme.

Martin Lewis, founder of MoneySavingExpert.com, says: "Keep an eye on your mail. We need to avoid the irony that thousands of people who were ripped off by this policy in the first place don't get redress because of scepticism over junk mail.  

"If you get a CPP letter, open it and fill it in. You don't need a po-faced, long detailed explanation – for some people, the simple answer is 'I thought this policy was giving me valuable additional protection from fraud, now I've found it wasn't.'"

Martin Lewis
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Here are some tips from MoneySavingExpert.com on what to look out for:

  • Keep an eye on the post. Look for a CPP-branded letter asking if you "want to be considered for redress". In a nutshell, that means "do you want compensation for your mis-sold insurance?". You can see a copy of what the letter looks like in our Reclaim CPP guide.
  • Complete and post the form. One you've received the letter, fill in the simple form, noting truthfully why you were mis-sold. Just send it back in the envelope provided by 30 August to get your money back. The quicker you send it back, the faster you'll get your cash.
  • Beware scam CPP emails or calls. No doubt dirty, nasty scammers will try to leech onto this. So if you do get an email or a call asking for private details about this, ignore it. CPP is only sending letters to people.
  • FREE 'lost card' protection tool. The only real value of card protection was that it would auto-cancel lost cards for you. But tell our free CardsGone.com tool what's in your wallet, for example credit and debit cards, loyalty cards, your driving licence and more, and it remembers them. Then if you lose them, it provides all the up-to-date numbers for you to cancel.
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CPP mis-selling