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MBNA - mis-sale at cancellation
saras_2
Posts: 44 Forumite
Hello
I'm hoping someone can help me with advice. I have had an MBNA card for many years with their Payment Protection cover - when I phoned to cancel a couple of years ago, the agent said "well as you are such a good customer we can halve your interest rate for the life of the balance if you keep the cover" - as I had a high balance it was too good to refuse. Now MBNA have written to me to say they are doubling my rate.
The only reason that I kept PPI on my account was because I had the deal on my rate - I have of course rejected the rate increase but I now feel like the PPI was "mis-sold" to me when i tried to cancel because they incentivised me to keep the cover without even taking steps to see if it was still suitable.
I don't think the cover was originally mis-sold but I'm wondering if I have a valid claim for premiums paid since I tired to cancel - what do you think?
I'm hoping someone can help me with advice. I have had an MBNA card for many years with their Payment Protection cover - when I phoned to cancel a couple of years ago, the agent said "well as you are such a good customer we can halve your interest rate for the life of the balance if you keep the cover" - as I had a high balance it was too good to refuse. Now MBNA have written to me to say they are doubling my rate.
The only reason that I kept PPI on my account was because I had the deal on my rate - I have of course rejected the rate increase but I now feel like the PPI was "mis-sold" to me when i tried to cancel because they incentivised me to keep the cover without even taking steps to see if it was still suitable.
I don't think the cover was originally mis-sold but I'm wondering if I have a valid claim for premiums paid since I tired to cancel - what do you think?
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Comments
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Hi and welcome
Hopefully someone will have the answer on this one for you and be along soon, so bumping up the same time.The one and only "Dizzy Di"
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