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MBNA PPI bill rises

You may recall earlier this year I brought you news of various major banks all increasing their PPI bills to cover the cost of compensation.

Yesterday saw the turn of MBNA, the second largest credit card provider in the UK behind Barclaycard.

Increase from 2013

MBNA set aside just over £250 MILLION in 2013 and their figures for 2014 show that far from the problem going away, it is actually much bigger than they anticipated, which is a common theme across the finance sector.

2014 figures, released yesterday, show that the MBNA PPI bill increased by over £320 MILLION.

Why do banks underestimate the cost of PPI compensation

There are two main reasons why banks underestimate their own PPI bills, or top up their compensation pots bit by bit.

One reason is that if they told the city what the true estimated cost of compensating customers would be, it would seriously affect share prices as investors would get nervous about the competence of the company.

The other reason is that finance providers simply keep hoping that the end is nigh!

Banks and lenders are pinning their hopes on the estimated 7 million people who haven’t yet made a claim not coming forward, and those that do claim accept a rejection of the claim.

PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.

Not sure whether you’ve been sold PPI?

Our fast and comprehensive checking systems that have been set up with almost all banks allows us to find out whether you’ve been one of the millions who have had PPI.

Not sure whether you qualify? Check here to see whether you may.

Our average successful customer award is £3,332**!

Want to know how much you may be owed? Why not try our PPI calculator.

Making a MBNA PPI Claim

If you have had a loan or credit card with MBNA within the last 25 years there’s every chance you’ll have been paying for PPI.

We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.

So….how do you start your claim?

#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your MBNA PPI claim.

#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.

Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.

So….why wait, let’s get started!



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