Don't miss Saturday's CPP payout deadline

By Chris Choi: Consumer Editor

The idea that time is money must be the message on this - people now have just days to reclaim money they are entitled to as a result of mis-selling.

For years banks and card companies were selling identity theft and lost card protection.

It was a huge earner with with 23 million policies sold.

Card cover cost around £30 a year; ID protection about £80.

But there was a problem - it was being sold to people who didn't want or need it.

Customers of 13 bank and card companies were given misleading and unclear information.

Seven million people bought card protection and are in line for compensation.

Customers can expect £185 repayment on average - but some are entitled to hundreds pounds more.

The total amount paid by CPP and banks could total £1.3 billion.

Claims can go back to January 2005 under a special redress scheme.

In November 2013, letters were sent to those entitled with an agreed deadline of Saturday 30th August.

I have just got the latest figures - which show so far only 1.8 million customers a have successfully claimed - so potentially more than five million could miss out.

There is no beating around the bush with the wording used by the redress scheme "if your compensation claim form is not received by 30 August 2014 you will lose your right to claim compensation".

The issue now for those deserving and entitled to payback is a looming deadline.