Bank Card Protection Policy (Not Ppi)

[Misky]

For years I've paid about £30 pa for a Credit and Debit Card Protection Policy (not payment protection) which I thought I had to have, so that I would be covered if my card was stolen and used, etc. Now I've had a letter saying that the Bank would have given me that cover anyway, and that they are going through a consultation process to say whether I (and others, obviously) have been mis-sold this Policy. If the policy is cancelled, does the Bank really cover me for any spending on my account after I have notified them of a lost or stolen card? Touch wood, I've never lost a card or had one stolen, but sod's law and all that....

[factor-fiction]

Yes they do cover you once you've reported it (provided I suppose that they are satisfied that it is a genuine loss and not a fraud where you've given it your mate)

[Misky]

Well! I hope they do let me claim the money back then!. Tsk.
Thank you factor X

[woofgang]

My sis just had this letter as well. Its genuine and here's the link.http://www.bbc.co.uk/news/business-23792582

[whistonian]

I have also had a similar letter Misky, from what the letter states repayment may take a few months .

[Misky]

I read it that they hadn't decided if they would pay back, but if they do, I don't mind how long it takes. I feel a bit stupid that I thought I had to have it in the first place! I know it's not much, £30 for a full year, but still.... !

[factor-fiction]

There is a timetable they have to follow. SOme of these policies offered other benefits too, some of which may not have been missold so I suppose they need to assess whether to repay all or just some.
We have a letter too regarding a M&S Cardsafe policy

[Misky]

Thanks for all your help - I'll just sit back and wait, but at least I know what to do.