YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR MBNA CREDIT CARD ACCOUNT
Were you sold PPI by MBNA?
If you are one of the many people to have taken out a loan, credit card with MBNA over the last decade, then you may have been sold PPI as well. It is possible that you may not have been made aware of it, due to the nature of the mis-selling scandal.
MBNA offer their own credit cards, and are responsible for store and credit cards of other companies, including Premier League football teams, airlines and others.
What was the Purpose Of PPI?
If sold correctly, then PPI can be a very helpful product, ensuring that payments can be maintained in the event of sickness, injury or unemployment.
However, PPI was often mis-sold to people who didn’t want it, didn’t need it or couldn’t have used it because an exclusion clause built into the policy would have prevented them making a claim.
How PPI was mis-sold?
Lots of people took out PPI cover with their credit cards believing that it boosted their likelihood of being accepted, or that the policy was a necessity. There are a number of other ways in which PPI may have been mis-sold:
- Quite simply, did you know you had PPI included with the credit card? If you have it and the sales staff never made you aware of this, it may have been mis-sold to you.
- If your employer provides full sick pay, there was no need for you to have PPI as you would not struggle meeting your card payments.
- If you already had insurance in place then there was no need for you to have a new policy.
- If you felt compelled to have PPI to boost your chances of being accepted for the credit card, you may have been mis-sold, because it is an optional extra that should have no bearing on your chances of obtaining a credit card.
- If you were unemployed, retired or a student, and you were advised to take out PPI, you may have been mis-sold the cover because it might not have been possible for you to ever claim on it.
- Was everything involved with the payment protection insurance explained properly to you? If you did not receive a full cost breakdown, or the seller failed to explain the exclusions to you, you may have been mis-sold.
What Do I Do To Start My PPI credit card claim with MBNA?
Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim. If you no longer have the paperwork, don’t worry, at PPIClaims.com we can find out if you bought PPI on any previous products or accounts.
If you notice that your account had PPI attached to it, think back to when it was sold to you. Can you remember:
- When or why you agreed to it?
- If you were informed that it would be added?
If you can’t remember please don’t worry, we can check if you had PPI with MBNA for free.
MBNA PPI Claims FAQ's
Read our frequently asked PPI Claims related questions and answers. In the majority of cases the first step to making a PPI claim is to get a PPI check done with the lender. We offer this as free standalone no obligation service, find out How to start your FREE PPI Check** with us today.
How Do I Start my MBNA PPI Claim?
We’d like to discuss the details of your case with you, so your complaint can be lodged with MBNA on your behalf as quickly as possible.
- Start your Free PPI check process by using our online form. Completing the required information will help to establish if you have held a policy with MBNA; or
- Complete our online claim form to start your claim.
What If my PPI Claim Has Already Been Rejected by MBNA?
If you have raised a previous PPI complaint with MBNA which was not upheld, you are now be entitled to raise a further complaint relating only to the commission charged under the Plevin ruling on your PPI policy, please complete our online PPI High Commission refund form.
How Long Do I Have Left To Claim Back PPI From MBNA?
A deadline of 29 August 2019 has been set by the FCA for all mis-sold PPI claims to be submitted by.
There is still time to make a claim, so make sure you submit your claim in plenty of time. Once the deadline has passed you will no longer be able to make a claim.
Plevin High Commission Ruling
Banks and other providers are paid a commission by an insurer when a PPI policy is sold. The more policies that are sold means a hefty sum of commission is paid out.
However, high-levels of commission is when you’ve paid more than half of what you’ve paid for the PPI policy.
The FCA introduced new rules in March 2017 after a Supreme Court ruling in the case of Plevin v Paragon Personal Finance 2014, which outlines how PPI commission complaints are to be dealt with.
Next of Kin Mis-sold PPI Claims
An area of mis-sold PPI that is often overlooked because many people do not know about it is claiming on behalf of a deceased spouse or other family member who has passed away. For example, if you knew your spouse was paying for PPI before they passed away and you have concerns if it was mis-sold, you should find out as you may be entitled to claim it back.
Each month a sum of money was paid for a PPI policy that covered the policyholder should they repayments become unaffordable because of illness, accident, redundancy or death.
The PPI policy would have been sold by a bank, building society or other financial provider such as an insurance company or broker.
There have been many cases of banks, lenders and other providers selling PPI to customers who would never be able to claim on it.
The are several situations that could apply to your spouse or family member that would make them ineligible for PPI. These include:
- Having a pre-existing medical condition or if someone was;
- Being self-employed or retired at the time of taking out the cover;
- Public sector workers, civil service workers and those in other similar employment may have protection through their employment contracts, so did not require PPI;
- Some customers were not aware that they had PPI as it was added on with their consent or knowledge;
- Customers being led to believe the PPI cover was compulsory when it was optional, indicating that they didn't understand what the cover was for.
If you, as an executor, personal representative, or next of kin know or suspect that any of the above situations applied to your late spouse or family member, look further into it as there is a strong possibility that the PPI was mis-sold.
Here's what you need to do:
- Establish if your spouse or family member was paying for PPI on a credit card, loan or mortgage.
- Try and work out if the PPI was mis-sold based on the situations described above.
- Decide how you want to pursue the claim: yourself or by using PPIClaims.co.uk. By using PPIClaims.co.uk we do all the hard work, so you don't have to.
If you think there may be PPI on any loans or credit agreements that were take out by a deceased spouse or family member it is worth getting a FREE PPI check done to know for sure.