MILLIONS of Brits who are eligible for compensation from Mastercard could be forced to wait months for the payment.
The credit card company has agreed to a £200million settlement which could mean you are owed money for purchases made years ago.
Millions of people could be forced to wait months for compensation from MastercardAP:Associated PressAround 47million customers could receive compensation of up to £70 each after a landmark legal victory in May.
But it could be months until the money is paid out.
This is because Innsworth is now trying to challenge how the funds will be shared, according to MoneySavingExpert.
Innsworth is a business that helps to fund legal claims, in exchange for a share of the winnings.
But in this instance, Innsworth said the Tribunal that approved the settlement “made a series of errors in its judgement” when deciding how much of the money should be given to Innsworth.
The company has now filed a legal claim called a judicial review to try and get a higher amount.
As a result of the new case, the launch of the online claims portal will be delayed, so payouts will also be pushed back.
Meanwhile, if Innsworth wins its case and gets more of the £200million, it could reduce the amount of money customers get.
When was the legal challenge launched?
Walter Merricks, a former financial ombudsman, launched the legal claim in 2016.
He alleged that 46million British shoppers were ripped off after fees were wrongly levied on transactions made over a 15-year period between 1992 and 2008.
Retailers were charged fees by Mastercard to process card payments, and allegedly passed those costs on to customers through inflated prices.
Although Mastercard provided the technology for card payments, the case argued its fees led to the overcharging of customers.
The selltement was approved in May and marked a big victory for consumer rights.
But it fell short of the settlement of up to £17billion that Merricks originally wanted.
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