MBNA Lifestyle Protection PPI question

willworkforfood

Hi all - quick question, I've just rang for a claim on the ppi for my virgin credit card (just lost my job) - after reading through the ppi contract its my understanding that if I'm still claiming after 12 months the balance will be paid off? - heres the copy and paste from the contract - I am reading it wrong?

Each complete month, while the reason for your claim persists, the policy will pay 5% of the balance at the time your claim event occurred, the
minimum monthly
payment on your credit card statement or £30, whichever is the greatest.
- Once the twelfth monthly benefit has been paid, or when the total benefit paid reaches the value of the balance at the time your claim event occurred, the policy will pay any remaining element of that balance including the fees and interest associated with it, and the monthly payments will cease.
- If the reason for the claim persists for 12 months the policy will pay an additional sum up to the value of the premiums paid in the 2 year period prior to the date your claim event occurred.

markpersad

That looks right - I would add that anyone thinking about taking a credit card with MBNA or managed by MBNA - be aware that they are less helpful than British Banks when it comes to dealing with debts that cannot be paid - even un-employment. It definately pays to take out insurance - read the policy.

In terms of dealing with debt - I have found Payplan to be more than helpful with managing a Debt Management Plan.