How to reclaim your card protection claim
The UK laws hold the bank responsible for any fraudulent payments made on a card that is lost unless the user allowed irresponsible use of their cards by another party. However, many people have taken out an insurance cover to allow cover of lost, stolen or fraudulently used cards for up to several thousand pounds. This caver is offered by financial institutions and the card protection plan limited.
Card protection plan cover is offered by numerous financial institutions alongside other credit, debit or ATM card products. The insurance cover is aimed at providing protection to the card holder in case the card is lost, stolen or used fraudulently. The cover is sold together with identity protection cover which allows for tracking of transactions with the card and acts as evidence when filling for a reclaim. CPP also offers financial assistance to people whose cards are lost or stolen in form of cash or loans. The cover is also responsible for cancelling of all your cards when reported lost with one phone call. CPP cover begins when the payments are done in full and is valid for only one year. Normally, the payments are deducted at the beginning of the year.
Over the recent years, CPP has been mis-sold to a large number of consumers. CPP mis-sale ranges from aggressive sales tactics that convince the user to purchase the cover with the purchase of a card, misinformation that includes false statistics, deduction from a number of cards even though only one of the cards is insured and continued payments even when the insured card has been cancelled. Mis-sale also involves selling the cover to the consumer without their consent or knowledge.
How to reclaim CPP
One of the key things in making a claim is obtaining evidence, the first of which is a police statement. It is also absolute necessary to report the missing cards within 24 hours to the CPP for cancellation. To make a formal claim fill in forms from the CPP. Attach evidence such as the original credit card statements and police statement. Once you fill the forms and attach the documents send them to the CPP within the shortest time possible. The reclaim has limited time normally within 30 days. If the complaint is not addressed by the service provider within eight weeks or at least six months then you can take up the case to the financial ombudsman or the court. Whichever way you go remember evidence is the key to getting what you are owed.
CPP is a beneficial cover to the consumer. However, it should be taken out by a willing customer. Sales agents who actively engage the consumer and try to convince them that they need CPP contribute to mis-selling the product. Moreover, banks and other financial institutions should avoid making it mandatory for card holders to take out CPP. In any case, most of what is within the cover is probably covered in other protection insurance.