How I nearly ignored compensation for useless credit card protection

Did you get a letter about the Sentinel AI Scheme card protection mis-selling? If you did and haven’t replied there’s a good chance you’re due some compensation.

At the back end of the August I received a letter in the post from AI Scheme Limited saying I may have been mis-sold credit card protection. My first instinct was to chuck it away. More junk mail.

Even if it was legit, I don’t buy this kind of extra so it was unlikely I’d get anything. But at the back of my mind the name “Sentinel” rang a bell.

So I threw the letter on my to-do pile, thinking I’d get around to properly reading it at some point.

With all the wedding and honeymoon prep, it wasn’t until the start of October that I finally got around to taking a look.

It looked legit and since filling in the form didn’t require much effort I eventually posted it back, not expecting anything in return.
Well, last week a cheque arrived! Turns out I did have Sentinel protection back in 2005. With interest added for the following 10 years, it came to a very welcome £63.

With all the PPI and CPI texts, letters and emails everyone gets, it’s easy to think it’s linked to that. Or just forget – like me – about something you bought a decade ago.

Well, if you have received the letter – or think you should have – it’s well worth your time sending it back.

Here’s more information about the AI Scheme

What is Sentinel Protection and how was it mis-sold?

Many of the big banks and credit card companies offer Sentinel card protection. This service includes a one stop shop phone number you can call to get all your bank cards cancelled if needed, emergency locksmiths if your keys were lost and money to cover the cost of lost ID. That’s all fine if you feel you need it.

However, between 2005 and 2013 Sentinel products also included protection of up to £5,000 or £100,000 (depending on the type of cover) if your credit cards were stolen. The thing is, money spent on credit cards is already protected once you’ve reported them missing. So by marketing this as a must-need feature, they were mis-selling.

How much could you get?

You’ll get the amount you paid, plus interest. So this could vary wildly depending how many years you had it and how long ago.
With the average annual cost £25 a year some could potentially get hundreds of pounds.

Of course if you did claim on this insurance, there will be deductions.

Who got the letter?

Though it’s not clear in the letter, only people who were sold it have been sent one. So that means there’s a very good chance anyone who received the letter will get some cash.

What if you didn’t get a letter?

Maybe you’ve changed address? Or it’s possible there could be an admin error or it was lost in the post. If you think you did get this cover, you can call 0800 678 1930 or write to AI Scheme Services, PO Box 260, Wymondham, NR18 8DU

What if I chucked my letter in the bin?

Easy to do with all the spam about. You can contact the helpline too, or wait for a reminder letter in the new year.

What do you need to write on the claim?

You need to fill in why you think you should receive compensation. As it was so long ago for me and I couldn’t remember any details I simply filled in something along the lines of “If I was mis-sold this product I believe I should be compensated”.

If you remember buying the cover, you’ll be able to write a little more.

When do you need to send it?

If you have the letter, you need to return it by 18th March 2016.

You can read more about the claims on the AI scheme website.