The collapse of a number of no-frills airlines and travel operators in recent months left many customers both frustrated and out of pocket, with hundreds of passengers stranded at their destinations or having to completely rearrange their holiday plans. On top of these hassles, it has been revealed that people are also unaware that they have the opportunity to get compensation for the spoiled vacation plans.

Customers are able to claim money back, using a lesser known facility on their debit and credit cards, Visa Chargeback. Chargeback works by the customers bank contacting the travel operator's banking company and seeking the refund from them rather than the company itself.

This facility is only valid for 120 days though, so it is essential that customers act quickly to secure their refund.

“Banks factor this extra protection in when they choose which type of card they want to issue, Visa is a better proposition for their customers, especially in the current economic climate.” Said a Visa spokesperson.

While this is good news for disappointed travellers, in future it is essential that all customers purchase travel insurance before their trips to take the sting out of any possible holiday mishaps.