MBNA is one of many providers in the UK who has been subject to complaints about the mis-selling of Payment Protection Insurance (PPI).

Were You Mis-Sold PPI by MBNA?

If you’ve taken out a MBNA credit card, you may have been sold PPI with it. Worryingly, you may not even know you were paying for PPI!

Your policy may have been mis-sold if:

  • MBNA did not tell you that PPI is optional.
  • MBNA told you that your credit card cost would be lower if you took out PPI
  • MBNA sold you a PPI policy on which you would never have been eligible to make a claim
  • You felt pressured by MBNA to take out the policy
  • You did not ask MBNA for PPI yet still ended up with a policy
  • MBNA failed to ask you about any other existing PPI policies you may have already had.

This list is not exhaustive.

What Next?

In order to pursue a PPI claim from MBNA, you have two options.

1. Contact MBNA Directly and Begin Your Claim

It is straightforward. There are even letter templates online you can use to write to MBNA. But all you really need is a letter including:

  • Information about your PPI policy – as much information as you have (reference number, dates, amounts and any circumstances surrounding your purchase of the policy)
  • The grounds on which you believe your policy was mis-sold
  • Your request for MBNA to refund your PPI plus 8% interest

MBNA should deal with your claim within 8 weeks. If you are not happy with the response you get from them, you should write back and inform them of your intention to pursue and appeal with the Financial Ombudsman and if that does not result in a response you are satisfied with, you can indeed go to the Ombudsman.

By claiming yourself, you obviously keep 100% of any money you receive as the result of an MBNA payout.

2. Appoint a Claims Management Company to Deal with MBNA for you

If you really do not want to deal with MBNA directly, you do have the option of appointing a PPI claims management company. Bear in mind:

  • This could result in a fee of up to 30% (plus VAT) of whatever your payout is
  • You should ensure any claims management company you appoint is licensed by the Ministry of Justice
  • Check the reputation of these companies before signing anything