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Bank Card Protection Policy (Not Ppi)

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Misky | 10:13 Wed 25th Sep 2013 | Personal Finance
7 Answers
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....
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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)
Question Author
Well! I hope they do let me claim the money back then!. Tsk.
Thank you factor X
My sis just had this letter as well. Its genuine and here's the link.http://www.bbc.co.uk/news/business-23792582
I have also had a similar letter Misky, from what the letter states repayment may take a few months .
Question Author
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.... !
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
Question Author
Thanks for all your help - I'll just sit back and wait, but at least I know what to do.

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