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Purchase Protection Insurance
creagb
Posts: 3 Newbie
in Credit cards
Just received a letter from MBNA (running Abbey's card) telling me about changes to the 'terms and conditions'. On closer examination of the small print it turns out they are withdrawing Purchase Protection Insurance. I always thought credit card companies were obliged by law to provide this through the Consumer Credit Act 1974. Who else knows of this happening now and how legal is it?
0
Comments
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The protection that credit card holders get from the Consumer Credit Act if there is a problem with the goods/supplier will remain.
What MBNA are removing is the 'free purchase cover for loss, theft or damage or extended warranty' type insurance that some credit companies offer.
Regards
Sunil0
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