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MBNA PPI complaints

Credit card payment protection cover has come in for heavy criticism in recent years. Investigations by the Citizens Advice Bureau, the Office of Fair Trading and the Financial Services Authority have revealed a catalogue of issues with the cover and the way in which it is sometimes sold.

The cost of credit card payment protection
The cost of credit card PPI can vary quite considerably, but, on average, is around 79p per £100 outstanding. It is applied on a monthly basis and is directly connected to the customer’s outstanding balance. For example, if a customer owes £6,000 on their credit card the PPI charge could be in the region of £47.40 per month. The more the customer owes the greater the charge for PPI.

Many people may find cheaper and more comprehensive cover available elsewhere and if the full cost of the cover was not explained to you, you may be entitled to make MBNA PPI complaints and potentially receive a refund.

The low payout rate
Another common issue highlighted with regard to credit card PPI is the low rate of payouts. A 2008 Competition Commission survey found that just 11% of customers who tried to use their credit card PPI policy received a payout. This statistic is shockingly low and is undoubtedly, at least in part, the result of the high number of exemptions attached to the policies and the fact they have often been mis-sold.

The high number of exemptions
Exemptions are the things that are not covered by a policy. They often vary from policy to policy, but common examples include: pregnancy, back pain and depression.

Mis-selling
The mis-sale of payment protection policies has proved to be a significant problem within the lending industry. Since 2005 more than 1.5 million complaints have been submitted to the Financial Services Authority.

Generally there are two types of mis-selling either the customer was told something incomplete or incorrect at the point of sale or the policy was sold to someone who was unsuitable for the cover.

To find out more about making MBNA PPI complaints call our team today on 0207 471 2000. Remember you may also have been mis-sold loan insurance on a personal loan or mortgage.


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