Major update for millions of Brits in line for £70 Mastercard compensation payouts – see how you could claim

MILLIONS of Brits in line for £70 payouts from Mastercard have been given a major update on the £100million compensation. Around 47million people could receive compensation following a landmark legal victory last year – and you could be entitled to cash even if you’ve never used Mastercard. The lawyer behind the claim has today revealed when consumers can expect to receive their payouts. Walter Merricks, a former financial ombudsman, first launched the legal claim back in 2016. Sign up for the Money newsletter Thank you! He alleged that millions of shoppers in Britain were ripped off after wrongly being charged fees on transactions made over a 15-year period between 1992 and 2008. Consumers are still waiting to be able to claim compensation, set to be between £45 and £70 each, and have faced recent delays due to legal challenges. However, Merricks announced in an update this week that the legal claims have now been dropped, and consumers will finally be able to start the process of receiving their cash by the end of this year. He said in a statement that the update “finally opens the way for me to prepare for distribution of at least £100m to consumers”. “Most people who are now over 34 and who shopped in supermarkets between May 1992 and June 2008 will be eligible to claim, regardless of whether they ever had a Mastercard card,” he added. He said the claims process is set to launch “in the coming months” , and people who believe they may be entitled to cash will have six months to register their claim. Most read in Money Payments will then be made after the six-month period ends, which will be in the first half of 2027. The £100million will be divided equally between people who claim and consumers should get no less than £45 – but the exact amount will be revealed early next year. People will be able to receive the payment into their bank account, or by receiving a gift voucher that will be emailed to them. Merricks added that he is “also exploring giving consumers the option to donate the money they are set to receive to one of a small number of national charities”. Alex Neill, co-founder of Consumer Voice said: “This is great news for millions of hard-pressed consumers. “Shoppers will soon be able to claim at least £45 in cash they’re owed. When the process opens, make sure you don’t miss out.” Comment now