If you are a policyholder of Acasta European Insurance, you would want to know the latest developments on how you can get your refunds. The UK-based firm went into administration in May 2019, leaving several customers worried about their outstanding claims and refunds. In this article, we will discuss everything you need to know about Acasta European Insurance refunds.
As of August 2019, the Financial Services Compensation Scheme (FSCS) has started processing around 2,700 claims from policyholders. The FSCS is a government-backed scheme that offers compensation to customers who have made financial claims against a firm that has gone insolvent. For policyholders of Acasta European Insurance, the FSCS will provide an insurance payout of up to £50,000 per claim.
The FSCS has contacted policyholders to inform them of the situation and to provide the necessary forms for making a claim. The insurers’ policies remain valid, but customers can no longer make a claim against the original insurer. Instead, they need to submit their claims to the FSCS for processing.
Policyholders who have already made a claim with Acasta European Insurance are also eligible to make a claim with the FSCS. However, they need to submit a new claim form to the FSCS, as the original claim made with Acasta European Insurance will no longer be valid.
The FSCS aims to return all valid claims within six months. Nevertheless, this may vary depending on the complexity of the claim. It is important to note that the FSCS will only pay out on legitimate claims and will require policyholders to provide evidence of their claim. The amount of the payout will also depend on the type of claim made and the amount that was owed.
The FSCS is requesting policyholders to provide as much information as possible about their claim including details of any outstanding premiums, an estimate of the total claim, and any other relevant documents to support their claim. Policyholders are also advised to keep copies of all their documents and correspondence with Acasta European Insurance and the FSCS.
In addition to the FSCS, policyholders may also be able to recover their premiums through their credit card issuer. If customers have paid for their insurance premiums using a credit card, they may be eligible for a refund under Section 75 of the Consumer Credit Act. Section 75 provides financial protection to consumers for purchases made with their credit card that are between £100 and £30,000.
Policyholders need to contact their credit card issuer and submit a claim under Section 75 within six months of being notified of the insolvency. Credit card issuers are required to refund customers the full amount of the premium paid for the policy, which is the same as the amount paid to Acasta European Insurance.
It is important to note that customers who have made a claim under Section 75 will not be eligible for compensation from the FSCS. In such cases, the credit card issuer will be the one who bears the cost of the compensation.
Policyholders who have paid using a debit card or bank transfer may also be able to recover their premiums through a service called Chargeback. Chargeback enables customers to reverse a transaction and return the money back to their account.
Chargeback is available for transactions up to 120 days from the date of purchase, although some banks extend this period to up to 180 days. If customers have paid for their premiums within this period, they may be able to receive a refund. Policyholders are advised to contact their bank to initiate the Chargeback process, although customers should be prepared to provide evidence of their claim.
In conclusion, policyholders of Acasta European Insurance who are seeking refunds need to submit their claims to the FSCS or contact their credit card issuer or bank to recover their premiums. Policyholders should provide all necessary evidence to support their claims, keep copies of all documents, and be patient as the claims process can take a few months.
With the help of the FSCS, policyholders are given a chance to recover some of their money back, and with the knowledge of the available refund services, they can be sure that they are doing everything they can to get their refunds. It is important to note that the claims process generally takes time, therefore patience and persistence are important to ensure that the claims are resolved.
Acasta European Insurance refunds: How to get your money back?