Reclaim Mis Sold PPI Against MBNA
One of the best-known names in the UK credit card business, MBNA have faced a great deal of bad press in the past, much of it in regard to the way they have handled PPI compensation claims. If you ever had a credit card from MBNA in the past, there is a very real chance that you had a PPI policy that came with it. We’d be happy to discuss matters with you on 0800 193 1234 in the very near future.
These days, MBNA come under the umbrella of the Lloyds Banking Group as a result of a 2017 acquisition, but it can trace its roots back to the early 20th century with the formation of the Maryland National Bank in the USA. In more recent times, it became one of the largest credit card providers in the United Kingdom, thanks to an increasing market share during the 1990s and into the 2000s.
We all know now of course that PPI policies were sold with great gusto by the financial sector in Britain, and MBNA were heavily involved in this. The mis-selling of PPI brought in substantial profits for many companies, but for the unsuspecting consumer it usually meant paying every month for a product that at best provided very little protection, and at worst offered no protection whatsoever.
Unfortunately, MBNA gained a reputation for not being overly consumer-friendly during this period. The company received a great deal of criticism for the way debt problems were addressed, because in many instances they increased interest rates on accounts where customers were already struggling to pay. They have also been accused of miscalculating PPI refunds in the past.