If you've ever had Affinion (often branded Sentinel) card protection, you have just one week left to vote in favour of a redress scheme.
You should already have received a letter inviting you to vote for or against a redress scheme being set up to compensate those who've been mis-sold card insurance from Affinion/Sentinel.
So ensure you fill in the form and send back your vote so it's received by 5pm on Tuesday 23 June. Otherwise you'll have to go to a creditors meeting to vote. See our Sentinel (AI Scheme) card protection guide for full step-by-step help to reclaim your money, including help on how to fill out the voting form.
The voting letters will feature the AI Scheme Limited logo and will be consistent in look and feel with the first letter you should have received explaining that you might have been entitled to redress. It was sent out between 27 January and 23 February.
If you didn't receive this initial letter and haven't received the letter to vote but think you should have, contact the AI Scheme now on 0800 678 1930. It could have the wrong address for you.
'If not enough people vote in favour, it won't happen'
Helen Saxon, senior money writer at MoneySavingExpert.com, says: "It's crucial to understand that if not enough people vote in favour of the scheme going ahead, it won't happen.
"So if you were one of the two million people who were paying for worthless Affinion card insurance, then vote now. And remember to post your form a few days before 23 June to allow time for it to arrive."
What happens next?
The next step in the process is a creditors' meeting on 30 June in which votes received will be counted. If you want to vote in person, you can attend.
If the majority vote yes, then a redress scheme will go ahead, with the High Court of Justice expected to approve it on 9 July. A seven-month claim period will then begin in August.
If a redress scheme is approved, you can still claim compensation, even if you don't vote now. But remember, if not enough people vote yes, the scheme may not go ahead and you won't get compensation. Here's a timeline of the key events:
- 23 June 2015: Deadline for your voting form to be received via post – it needs to be received by 5pm on this date for it to be counted. If you miss this deadline, you can vote in person – see the next bullet.
- 30 June 2015: A creditors' meeting will take place in which votes will be received and counted. If you want to vote in person, you can attend.
- 9 July 2015: High Court approval. If the majority of people vote yes, it will go to the High Court to approve.
- 18 August 2015 – 18 March 2016: A seven-month claim period takes place. You'll receive a claim form no later than mid-September 2015.
- Mid-January – start of February 2016: Reminder letters for people to claim ahead of the deadline will be sent out.
- 19 September 2016: Extended claim period for exceptional cases ends. As an example, if you've been out of the country for a long period, the deadline could be extended for you.
What's the problem with Affinion/Sentinel?
You may be entitled to £100s back if you got Affinion card protection directly or via one of 11 banks and card issuers, including Barclays, HSBC, Lloyds, RBS and Santander.
The problem is that the 'card security' part of some of these products, which covered fraudulent use if a card was lost or stolen, was completely unnecessary as card issuers are typically responsible for fraudulent transactions.
How much could I reclaim?
The scheme covers policies sold between 14 January 2005 and August 2013.
If the scheme goes ahead, those mis-sold will get back every penny paid for this cover, which usually cost £25/year. You'll also get interest, which is calculated at 8% per year, but you do not get interest on the interest (ie, it's not compound interest).
If you've made a claim, the value of any claim will be deducted from the redress. If your policy is still active and you decide to claim for redress, your policy will be cancelled.