If you're one of the seven million people who bought Card Protection Plan (CPP) card insurance, you can start claiming your money back from mid-February, the Financial Conduct Authority has announced. Watch for a claim form in the post over the next few weeks.

Last month, the High Court approved a redress scheme for customers mis-sold a card protection or identity protection policy in 2005 or later, after it was backed by a vote (see the MSE News story Court rules you can get money back).

Claims forms will be sent to eligible customers during February, and must be returned by 30 August (see the Reclaim CPP Card Protection guide for full details).

The first payments are expected to be made from late March, with the total bill expected to come to £1.3bn. But the final amount will increase or decrease, depending on how many people respond.

Last month, CPP itself said it was setting aside £65.8m to pay customers – £10m more than expected. Banks and other outfits who sold its policies are also contributing to the fund.

If you were mis-sold a CPP policy, either by CPP itself or via a bank, keep an eye out for a form and make sure you claim.

Martin Lewis
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Watch out for a letter and return the form

Letters are being sent to all affected customers, regardless of where you bought the CPP policy from, throughout February. So keep an eye on the post and don't ignore the letter, or you won't get your money back.

The letter will ask whether you want to be considered for redress. It'll include a claim form that has to be completed, signed and returned in the envelope provided by CPP before 30 August (see the Reclaim CPP Card Protection guide for full details).

Photocopies or letters won't be accepted. If you don't send the original claims form back, you won't get a refund.

Separate letters will be sent out for card protection and identity protection.

Will I automatically get my money back?

If you complain, you'll get your money back. It's that simple. The Financial Conduct Authority won't be judging this on a case-by-case basis, meaning you won't need to provide stacks of paperwork to prove your policy was mis-sold.

Any redress paid will be done so on a rolling basis after the claim form has been received. So the sooner you return your claim form, the quicker you should get your money back.

How much will I get?

You'll get the money you paid in premiums, minus any money paid out by the policy. You'll also get interest, calculated at 8% per year.

All redress payments will be paid by cheque. If you're due redress from both card protection and identity protection, you're likely to receive two cheques.

I didn't vote, or I voted against it. Can I still claim?

Yes. Even if you didn't vote on the redress scheme, or if you voted against it, you'll still be able to make a claim. You should also keep an eye on the post for a letter.

I haven't had a letter, am I still eligible to claim?

If you haven't received a letter from CPP by the end of February, but think you're eligible for your money back, it's not too late to get redress. You can contact the scheme team on 08000 83 43 93 and explain why you think you should be included in the redress scheme. Your case will then be looked into.

How do I know if I had CPP in the first place?

If you bought card protection or identity protection, you would've had a welcome pack in the post. Look out for the words CPP or Card Protection Plan Limited.

If you can't find anything but think you may have had it, check credit and debit card statements. CPP says if you bought its products directly on a card, it should say CPP on those statements.

CPP's card protection product was also known by a number of different names – see our Reclaim CPP Card Protection guide for a list of these names as well as more information on how to find out if you had CPP in the first place.

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