MILLIONS of Brits who are eligible for compensation from Mastercard could be forced to wait months for the payment.\n\nThe credit card company has agreed to a £200million settlement which could mean you are owed money for purchases made years ago.\n\nAround 47million customers could receive compensation of up to £70 each after a landmark legal victory in May.\n\nBut it could be months until the money is paid out.\n\nThis is because Innsworth is now trying to challenge how the funds will be shared, according to MoneySavingExpert.\n\nInnsworth is a business that helps to fund legal claims, in exchange for a share of the winnings.\n\nBut 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 it should be given.\n\nThe company has now filed a legal claim called a judicial review to try and get a larger amount.\n\nAs a result of the new case, the launch of the online claims portal will be delayed, so payouts will also be pushed back.\n\nMeanwhile, if Innsworth wins its case and gets more of the £200million, it could reduce the amount of money customers get.\n\nWalter Merricks, a former financial ombudsman, launched the legal claim in 2016.\n\nHe 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.\n\nRetailers were charged fees by Mastercard to process card payments, and allegedly passed those costs on to customers through inflated prices.\n\nAlthough Mastercard provided the technology for card payments, the case argued its fees led to the overcharging of customers.\n\nThe settlement was approved in May and marked a big victory for consumer rights.\n\nBut it fell short of the settlement of up to £17billion that Merricks originally wanted.\n\nYou do not need to have ever used a Mastercard to qualify for the compensation.\n\nThis is because the claim argues that all shoppers were affected by the inflated prices, regardless of how they paid.\n\nTo qualify for the compensation, you need to match the following criteria:\nYou lived in the UK (England, Wales or Northern Ireland) for at least three consecutive months between June 20, 1997, and June 21, 2008. For those who lived in Scotland, the period extends from May 22, 1992, to June 21, 2008.\nYou were aged 16 or over during the relevant period.\nYou purchased goods or services in the UK during this time for non-business purposes. You won't need to provide proof of purchase.\nYou were still living in the UK on September 6, 2016 (when the claim was filed).\n\nAn online claims portal is expected to launch in the coming months on the Mastercard Consumer Claim website, which is managed by legal services firm Epiq.\n\nThose who think they have been affected will have several months to make their claim online.\n\nThe process should be straightforward and will require you to confirm your eligibility and give basic personal information such as your date of birth, address and bank details.\n\nNo supporting documentation will be required.\n\nIf you are deemed eligible then Mastercard is expected to issue payments within 28 days.\n\nIndividuals will have until the end of 2025 to submit their claims.

Mastercard compensation payments DELAYED for millions of customers...

Mastercard has agreed to a £200 million settlement for millions of UK customers affected by alleged overcharging through card payment fees. However, payouts are delayed due to a legal challenge by Innsworth, a claims-funding firm, which is contesting the distribution of funds. The settlement, approved in May, could result in compensation of up to £70 per eligible customer, but the process is delayed as Innsworth seeks a larger share of the funds. A claims portal managed by Epiq is expected to launch, allowing customers to apply for compensation based on specific eligibility criteria.