Have you ever had PPI with MBNA?

You could be owed £1,000s in MBNA PPI compensation.

If you answer "No" to any of the below questions, there's a very good chance MBNA mis-sold you PPI:

MBNA should not have added PPI to your agreement without your permission.

MBNA should have given you the unpressurised option of having PPI.

PPI would not have been needed from MBNA if you had pre-existing PPI cover elsewhere.

MBNA should have explained the cost of PPI to you at the point of sale.

If over 50% of your PPI premiums were paid in commission to MBNA and this was not explained to you, the "Plevin" ruling means you were mis-sold.

Again, MBNA should have given you the option of having PPI or not.

Your right to cancel PPI within the cooling off period should have been explained to you by MBNA.

How do I start my MBNA PPI claim and what am I entitled to?

My Claim Solved have had great success in reclaiming PPI for customers against MBNA and so far we have reclaimed over £42m* for our clients in PPI mis-selling.

If you were mis-sold PPI by MBNA, and the claim is successful, you would be entitled to a full refund of PPI premiums you paid to MBNA, a full refund of interest charged and compensation interest at 8% per annum on the above sums.

Don't Delay! If you would like to start your PPI Claim against MBNA, complete the form at the top of this page.

* PPI refunds obtained through our claims service, amount is prior to our fees plus VAT and any income tax.

MBNA & Mis-Sold PPI

Many consumers were mis-sold PPI (Payment Protection Insurance) by MBNA, PPI was usually attached to a customer's policy by MBNA, in some cases without their knowledge. MBNA were known to deny a credit application if PPI was refused by the customer.

MBNA PPI wasn't all bad, it was intended to protect borrowers' from being unable to make repayments if they were unable to work due to illness or injury. The problem was how PPI was mis-sold by MBNA.

There are many examples of MBNA mis-selling PPI, some customers were not even made aware by MBNA that PPI was added to their policy, and if the customer was made aware that PPI had been added, they were not advised by MBNA that it was optional.

A new PPI mis-selling factor called "Plevin", which means if over 50% of the PPI premiums you paid were set out as commission to MBNA, and this was not clarified to you at the point of sale, then you would be due PPI compensation from MBNA.

The History of MBNA

Originating as a company named Baltimore Trust Company in the early 20th Century, the brand we now know as MBNA has become a household name when it comes to Credit Cards.

In 1924 they began the building of their headquarters at 10 Light Street, Baltimore, Maryland, United States, with the structure being completed in 1929. This was just before the 1929 Wall Street Crash, which created a downhill spiral of unemployment, economy and the great depression. Shortly after President Franklin D. Roosevelt took office, the bank was reorganised as Maryland National Bank.

Moving into the early 1980s, a dispute arose from the Maryland state banking officials, along with the General Assembly of Maryland, who were unhappy with the ever-increasing amount of interest allowed on credit cards. This caused a number of banks located in Maryland to move their credit card operations to the nearby state of Delaware, including Maryland National Bank. The state of Delaware did not impose interest rate caps, meaning they could greatly increase the charges they could impose upon their clients. MBNA itself was created in 1982 by MNC Financial, the parent company of Maryland National Bank.

In 2005, MBNA was acquired by Bank of America, with the deal being completed and closed on New Year's Day, 2006. This caused MBNA to be renamed Bank of America Card Services, while still keeping their headquarters in Delaware. At first, MBNA continued to issue cards under their own name but by the latter part of 2006, all of their Credit Cards were re-branded as Bank of America. At the time of the merge with Bank of America in 2005, they had more than 25,000 employees around the world, with MBNA managing more than $100b outstanding consumer credit loans.

Around the same time as being acquired by Bank of America, MBNA purchased Loans.co.uk, who was the leading finance broker of the UK at the time for a speculated £100m. They have decided to close this part of the business since.

An announcement was made in December 2016, that MBNA were to be acquired by the Lloyds Banking Group. The takeover was completed in June 2017, with Lloyds Banking Group paying an estimated £1.9b in order to purchase the company. It has been stated that there will be no changes at all to their products, and will still be offering competing credit cards to Lloyds Banking Group.

As an additional fun fact, many MBNA executives in the past were former FBI employees.

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  • Address: My Claim Solved Limited, Tormohun House, Barton Hill Road, Torquay, TQ2 8JH

  • Phone: 01803 322 822

  • Email: info@myclaimsolved.com