Living abroad for the first time was a real challenge. But with my first-ever credit card in hand, I knew I had a safety net if I found myself in an emergency situation.
Shortly after receiving my Barclaycard in 2005 (the details are very sketchy) I was signed up to a three-year Card Protection Plan (CPP) policy, costing about £80. It promised to provide “peace of mind if your cards are lost or stolen anywhere in the world”, adding “help is at hand 24 hours a day, 7 days a week to get you back on track”.
As I had no previous experience of credit cards or what was required in terms of insurance or protection, I went with it until 2011, only cancelling the policy after being made redundant.
However, we now know that some seven million people were mis-sold this worthless card protection. If you’re one of them, you could be due a share of £1.3bn.
But you will only get a share if you, and a majority of others, vote ‘yes’.
If you had a CPP policy, you should have received a letter in November inviting you to vote on a redress scheme so those who were mis-sold could get their money back (see the CPP guide for the full info).
Mine was in the post straight away with a big, loud ‘yes’.
While I did actually make a claim on the policy, on New Year’s Eve 2005/2006 (you can come to your own conclusions!), I’m still voting ‘yes’ as I believe I wasn’t given the full facts about the protection plan when making my first ever independent financial decision.
Also, as the redress scheme requires a majority to vote ‘yes’ in order for compensation to be paid out, I voted in favour to help others get their money back for the worthless protection scheme.
The deadline is now looming to submit your vote form – it’s 5pm on Friday 3 January, so if you believe you were mis-sold or want others to be compensated, make sure your voice is heard.
Have you voted yet? Please share your thoughts in the discussion below, or in the forum.