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MBNA PPI reclaim

Most credit card providers in the UK sell some form of card payment protection insurance. Payment protection insurance or PPI is designed to cover a customer’s credit card repayments if they are unable to work as a result of involuntary unemployment. The cover has become somewhat notorious in recent years; however, with many customers questioning the high cost and poor value for money often represented by the insurance. Following a high profile investigation by The Financial Services Authority many lenders have been accused of mis-selling the cover and there has been a sharp rise in the number of customers demanding payment protection refunds.

The cost of card payment protection insurance varies from lender to lender. The cover is applied on a monthly basis and is usually linked to the customer’s outstanding balance. The average cost is said to be around 79p per £100 outstanding on the balance. This means if you owe £12,000 on your credit card the monthly cost for PPI could be in the region of £94.80. If your balance remained constant for one year this would equate to around £1,137 in charges. This is clearly quite a significant cost to pay and before taking out the cover your lender should have taken the time to clearly explain how charges would be applied. If you did not receive this information it could be grounds for a claim for mis-selling and you may be eligible to make an MBNA PPI reclaim.

Another important issue with regards to credit card PPI is the payout rate associated with these kinds of policies. An investigation by The Competition Commission in 2008 found that just 11% of people who tried to use their credit card payment protection policy were successful in doing so. This means, effectively, you may be paying for a policy that you would have only a limited chance of being able to use if you found yourself involuntarily unemployed.

To find out more about making an MBNA PPI reclaim call 0207 471 2000 and speak to a member of our claims team.


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Belmont Thornton Ltd. is regulated by the Ministry of Justice in respect of regulated claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk number 18273

Belmont Thornton Ltd. is incorporated in England and Wales, Company number 6621233, whose head office and registered office is at Suite 2, Unit 25, The Coda Centre, Munster Road, London, SW6 6AW. VAT Registration number 945 3375 06.

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