A significant development has been announced for millions of people awaiting compensation payouts of up to £70 related to Mastercard. Some 47 million individuals could be entitled to compensation following a landmark legal victory declared last year - and notably, you may be eligible for this money even if you have never held a Mastercard.
The legal claim was originally brought in 2016 by Walter Merricks, a former financial ombudsman. He asserted that over a 15-year period, from 1992 to 2008, shoppers were subject to higher prices due to improperly imposed fees on transactions. Importantly, owning a Mastercard during that time is not a requirement to qualify for compensation. Mastercard has declined to comment on the outcome of the court ruling.
Although consumers have been waiting to claim compensation amounts estimated between £45 and £70, recent delays occurred owing to ongoing legal challenges.
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However, Merricks provided an update this week stating those legal challenges have now been resolved, allowing the process of distributing over £100 million to consumers to begin by the end of the year.
He explained: “Most people currently aged over 34 who shopped in supermarkets between May 1992 and June 2008 will be eligible to make a claim, regardless of whether they held a Mastercard card or not.”
Additionally, Merricks is considering allowing consumers to donate their compensation to a selection of national charities.
Alex Neill, co-founder of Consumer Voice, welcomed the news, saying: “This is excellent news for millions of financially stretched consumers. Shoppers will soon be able to claim at least £45 that they are owed. When claims open, it’s important people don’t miss out.”
Clare Carter, chief executive of the Access to Justice Foundation, noted the foundation has begun collaborating with partners to ensure that any unclaimed funds will be directed to charities focused on enhancing access to justice for those most in need.