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PREVIOUSLY HAD PPI?

Claim MBNA Bank Plevin PPI compensation

If you have ever had a loan, credit card or mortgage from MBNA you may be able to claim Plevin PPI compensation, even if you’ve had a PPI claim rejected in the past.

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What is MBNA payment protection insurance?

MBNA or Maryland Bank National Association has been providing customers with credit cards for almost 30 years since 1993. The brand is a popular supplier of credit cards across the UK and became a part of the Lloyds Banking Group back in 2017 with their products and services regulated by the FCA.

For some MBNA clients, there remains an opportunity to claim PPI compensation and a refund from the bank.

In fact, if between 1985 and 2010 you were a customer of the bank and had a credit card you may have bought PPI to protect your purchase and be eligible for outstanding compensation.

Payment protection insurance or PPI was an extra sold in addition to a financial agreement, product, or service for added ‘financial security.

When a client committed to a financial product agreement the chance to purchase PPI was often actively promoted as an extra on such policies as it was heavily financially incentivized for the brokers, sales reps, and banks selling the product.

Despite this, after purchasing the additional protection, many clients were entirely unaware that regular PPI payments were to be made on top of any interest or other associated agreement fees.

What is an MBNA Plevin PPI claim?

In 2019, the PPI claims deadline came to an end and the former mass of TV, radio, and online marketing on behalf of reclaim ‘experts’ disappeared as a result.

Customers who had outstanding PPI claims were no longer able to pursue or receive refunds as the generic mis-selling deadline had lapsed in August that year.

Many customers who opted to add PPI to their agreements were oblivious to the hidden commission fees that could be pocketed by the brokers, banks, and introducers associated with their sales.

However, in 2014, a landscape-changing court case held at the Supreme Court led to a transformation in future PPI claims.

The notable yet unique Plevin name comes from Mrs. Susan Plevin, a lady who objected to not being able to claim against her own PPI purchase. The ruling in her favour stated that “an undisclosed commission on PPI could result in an unfair relationship between the lender and consumer under the Consumer Credit Act 197”

As a result of the new criteria which focused specifically on significant hidden fees, more Plevin cases came through from across the UK. In such instances, the Plevin case has allowed customers to claim entirely based on the secrecy of the fees brokers, banks, and lenders made on behalf of a client.

To be eligible for a successful Plevin claim, customers must be able to show that substantial amounts of hidden commissions were earnt as a result of the agreement.

Rejected MBNA PPI Claims

There are potentially thousands of customers who have previously submitted a PPI claim based on the initial mis-selling criteria. With this in mind, such clients should check whether or not their agreement falls under the revised Plevin standards.

If you have already submitted a payment protection insurance claim under the old mis-selling criteria, you may still have a Plevin case you could win.

It is worth noting that the main distinction between the two compensation processes is that the Plevin cases simply need to have involved an undisclosed commission. In the past, PPI refund customers needed to prove mis-selling of the product itself which was potentially more difficult to do.

How to claim Plevin PPI from MBNA

If you are currently still unsure as to whether or not you may have a Plevin PPI case, it is helpful to review whether or not your agreement fell under any of the following circumstances.

You may also be eligible for money back if any of the following apply:

  • You have already filed a claim and it has been rejected (you may have a new one in light of the Plevin case)
  • If you bought your PPI after the 6th of April 2007 this could also be an option.
  • If you bought your PPI before the 6th of April 2007 and it is still ‘open’ after the 6th of April 2008 you should explore the possibility of both a refund and compensation.

It is currently believed that over a million people from across the UK may fall under the criteria of the Plevin ruling and could be due refunds and compensation.

MBNA partially refunded PPI compensation

Banks across the country have been refunding payment protection insurance compensation for years and under the initial FCA, guidance were instructed to repay only the difference over 50%.

With this in mind, many claims have seen banks refund an average of only 17% of a customer’s premiums and any additional fees.

If you are someone who received just a partial refund when initially submitting your PPI claim, the Plevin ruling could mean you now have grounds for a further case.

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