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Check for PPI on your MBNA:

  • MBNA Credit Card PPICredit Cards
  • MBNA PPI Claims
Our Simple Process
  • PPI Claim Step 1
    STEP 1Complete Our Simple 2 Step Claim Form
  • PPI Claim Step 2
    STEP 2Receive Free Pre-filled Forms In The Post
  • PPI Claim Step 3
    STEP 3Sign The Letter Of Authority & Return To Us
  • PPI Claim Step 4
    STEP 4If you've paid PPI, we can process your claim & retrieve your refund*
*There is no pressure, if you decide to handle the claim yourself that's absolutely fine.
 

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      Sign & date the Letter of Authority and return the pack ASAP

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      Once we receive your pack, we will process your claim to identify if you have a PPI refund due.

      MBNA PPI Claims

      Over the last few years it seems that it’s been in the public eye constantly with adverts and news of all kinds coming at us with the aim of helping customers take back what is owed to them –  of course we’re talking Payment Protection Insurance.

      The mis-selling of Payment Protection Insurance is the biggest scandal to ever affect the UK financial sector and we’re here to fully assess the attributes that could mean someone could claim back thousands.

      5 biggest banks in the UK have set aside a further £32.6 billion to deal with the total compensation bill.
      What is ‘Payment Protection Insurance’?

      To understand why PPI is such a controversial product, it’s best to track back to the very basics. Payment Protection Insurance covered financial repayments on finance products like loans mortgages and credit cards if the policy holder was unable to meet their monthly repayment obligations.

      There are numerous reasons a person wouldn’t be able to meet what they are required to and this could be because of:

      Who Are MBNA?

      MBNA are a trusted, very lending focused creditor. Many customers chose to take out credit cards and loans with this bank, even over banks that they had longstanding, existing personal accounts with, due to the fact that MBNA were the world’s largest credit card issuer, a very trusted lender who offered attractive deals and low interest rates.

      1982 – Maryland Bank, N.A. is founded

      1989 – Now dubbed MBNA America Bank

      1991 – MBNA Corp separates from Maryland National and becomes an independent company

      1993 – Maryland National was obtained by NationsBank

      1995 – MBNA moves its headquarters to Rodney Square in Wilmington, Delaware. This move was credited as an investment into Wilmington’s real estate market.

      2005 – MBNA is acquired by Bank of America for an undisclosed amount

      2006 – MBNA is renamed to FIA Card Services, however the name MBNA is still retained in Canada and Europe

      2016 – Rivalling Apple pay; Samsung pay is offered to MBNA customers in the UK

      How Did PPI Become a Problem?

      MBNA have had their fair share of financial scandals worldwide which have included controversial interest rates and charges for 0% credit card borrowers,however the most infamous in the UK is most definitely the mis-selling of PPI policies.

      The issue over PPI policies was first raised in 1998, by Which? magazine – who questioned the credibility of the product due to its expense when there were so many exclusions in the terms and conditions.

      Despite this concern being publicly disputed in 1998, PPI policies were still being widely mis-sold across the country. It was not until the end of 2005 that the FSA released the first report on PPI and the poor peddling practises that lenders were using to make their sales, at the customer’s expense. The FSA had discovered these underhand techniques by using mystery shoppers applying for finance.

      By Autumn 2006, smaller finance companies were being punished with fines and enforcement procedures by the FSA for mis-selling. By 2007, major companies who may have thought they were untouchable were also being hit with fines and reprimanded for their sales policies, including MBNA.

      It was estimated in 2008 that over 2 million people in the UK had been paying for PPI policies that they would not have been able to claim on. They were sold the insurance on the basis that it was the only way they could be approved for their credit card.

      The Financial Ombudsman Service (FOS) finally got involved in the scandal in summer 2008, and ordered the FSA to review how firms were handling their PPI complaints.

      Competition Commission (a non-departmental public body who investigated industry issues related to competition law) recommended, and eventually ruled in 2010 that PPI should not be sold at the point of sale for credit cards, loans, and other finances. This came alongside much objection from the banks, who protested that the new measures imposed on their standards.

      The case was taken to the high court in January 2011, with the judge making a final decision against the banks. Some of the banks tried to unsuccessfully appeal this decision, with others accepting it and putting aside a large amount of capital to compensate the victims of mis-selling and hoping to draw a line under the saga.

      PPI ClaimsPPI Claims Deadline

      Mis-sold PPI Compensation claims MUST be made by June 2019 under proposals announced by the Financial Conduct Authority (FCA). It is important to understand that in some cases, you may have less time than this

      How Did MBNA Mis-Sell PPI?

      MBNA were one of the lenders who set aside a large amount of money to compensate their customers who had been mis-sold the insurance.

      Some people had been mis-sold PPI by their banks going back to the 1970’s, and the policy was mis-sold in many different ways. Policies were so widely mis-sold as advisers were often offered commission on the amount of PPI policies that they sold, and the lenders made a lot of money from customers who were not actually able to claim on this insurance

      Adding On – In some cases, the PPI was added on without the customer’s knowledge and they were completely unaware that they had done so, and were paying for the policy due to the hidden fee in their monthly charge. This happened with a lot of store cards, who’s forms sometimes actually were given to the customer with the PPI option pre-ticked.

      The ‘Heavy Sale’ – One sales technique some advisers employed, was using scare tactics to pressure some customers into agreeing to paying extra for the insurance.  For example, sales advisers could remind customers of and go over the scenarios in which they would need PPI, such as “what if you break your arm? You are a self-employed hairdresser and you will not be able to work or keep up with your payments”.

      Selling to Customers Who Would Not Be Covered – Following on from the previous point, some sales advisers, prompted by the bank, were using morally bankrupt sales techniques in order to sell the PPI. The policies were sold to people who would not have actually been covered and able to claim on the policy should they have tried due to their employment status, such as people who were self-employed, retired or unemployed. The terms and conditions of PPI were not fully outlined at the time of sale, for example it was sold as a policy that could cover you for any time taken off work for healthcare reasons, however it did not cover all mental health and stress related illnesses and certain back injuries for example. It was sold as something that could cover you for all eventualities and it did not.

      PPI Was Not a Choice – It was not clarified to the customer that PPI was an optional choice to be made at their own discretion. Many MBNA customers only agreed to the policy because they were told by the lender that the only way they would get their loan or credit card approved was if they had the policy added on, or it was sold as something that would promote your chances of being accepted for their chosen finance. PPI was sold as a mandatory feature when taking out finance and customers were not made aware that this was an option, they were explicitly told that it was compulsory.

      After 2010, PPI was sold to customers very differently and banks were meticulous with how they explained the terms and conditions of the policy to avoid heavy disciplinary action.

      What happened when the PPI scandal went public?

      When the mis-selling of PPI policies hit the news and became a national banking scandal, MBNA customers were sent letters informing them that they may have been mis-sold their policy and could be entitled to compensation from the bank, who were responsible for the over-charging.

      People could then contact MBNA directly and send details of their circumstances at the time of sale, and any evidence (paperwork) to back up the information they provided.

      MBNA provided customers with the PPI forms to fill in to ensure that making a claim was as straightforward as possible for the customer, and so that the bank had all of the relevant information needed to assess if the customer was eligible to make a claim rather than having to ask the customer for more information or evidence further down the line, which would slow the process down.

      The information provided by the customer would be used to form the entire basis of the complaint, so it was essential that the customer provided the correct details. The bank then had 10 days to get back to the customer to confirm that their information had been received and they were allowed up to 12 weeks to finalise a claim and make the repayments to the customer.

      PPI Map Statistics
      UK mis-sold PPI scandal statistics £10 Billion

      In payouts alone in the UK.

      By 2008, 20 million PPI policies existed in the UK that’s nearly 1 in 3 of the 2008 UK population

      MBNA PPI Percentages
      ‘I’ve Been Mis-Sold! How Can I Make a Claim Against MBNA?’

      The difference between a successful and unsuccessful claim is in the details. You will need to provide as much information as possible so MBNA can properly assess the claim. According to MBNA the following information is a necessity when processing the claim:

      If you believe your MBNA PPI claim was wrongly rejected, then don’t give up. You can contact the Financial Ombudsman who will independently assess your claim and decide if your case is worth continuing.

      If you don’t have all the information available, then don’t fret; there are other options available to you.

      Starting a Claim with PPI Refund

      Recent research suggests that over 50% claims made independently are rejected because of a lack of information and the permission to access certain account information.

      PPI Refund has been around for a long time now and we have accrued a wealth of experience that enables us to be successful with even the most difficult of claims. We’ve learnt a substantial amount about the industry over the years and this means that being able to draw similarities to other cases can sometimes be the key to getting back what is owed to you in good time.

      Now, all that’s necessary is your name and the address you were residing at when the policy was taken out. This information will be put forward by us and allow the banks to run searches across their databases and find any PPI that could have been sold to you.

      This type of agreement is relatively new and is only available to the most experienced companies such as PPI Refund. Previously an account number must be provided in order to start the claim, otherwise the bank would dismiss it.

      Why is it Important to Get a Move On?

      The Financial Conduct Authority has put forward its intentions to introduce a PPI ‘claim by’ deadline for 2019.

      The financial regulator wants the ruling to be confirmed by the middle of 2017 along with a public awareness campaign.

      The big five banks have paid out £24bn in compensation so far and have set aside a further £32.6bn to deal with the estimated claims that will come forward during that time. So it’s essential that if you feel you were mis-sold PPI at any time then you begin a free check with us today before it’s too late!

      Time Left PPI What's Next?

      It’s quite easy to procrastinate and put things off until tomorrow but more often than not, tomorrow never comes.

      So, if you believe that you have been mis-sold PPI, it’s important to act now before it’s too late.

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