Is my redress too low?

christiantony

Can somebody please advise me? MBNA have told me that I have had PPI on my credit card since 1998 and I assume it is still going as I have not been told it was cancelled at any time. I have received a letter today saying that they have upheld my complaint and are offering me a redress of £51 PPI and £405 total with interest. This credit card has been running at a 30%+ interest rate and from around 2006 to 2014 the total debt has run at least 5000 per month. Does a figure of £51 total PPI paid over 20 years at these figures seem realistic or should I go to the Ombudsman? As MBNA have said they will not enter into any correspondence I feel I have no choice

safestored4

Any PPI paid will have been itemised separately on every single credit card statement. What do these state?

Nasqueron

The sums and dates / info you have provided do not add up.


PPI was typically charged around 75-80p per £100 of debt. If you genuinely had £5000 of debt for 20 years and PPI was on all the time you would have paid an awful lot more than that. However, it is possible that the PPI policy only ran a short time (e.g. a free promotion) and then ended which would explain the low premiums paid - if your policy ran for 20 years it would be on every statement and you could see from there if it was or not. You can send an SAR to them if you think they are making it up

christiantony

Thanks for your replies. I have looked at a statement from a year ago and can see nothing mentioning PPI so maybe it was only on for a short time. Will MBNA tell me this if I ring and ask them or do I have to pay for a SAR?

antrobus

christiantony wrote: »

Thanks for your replies. I have looked at a statement from a year ago and can see nothing mentioning PPI so maybe it was only on for a short time. Will MBNA tell me this if I ring and ask them or do I have to pay for a SAR?

Thanks to GDPR, SARs are now free.

Nasqueron

christiantony wrote: »

Thanks for your replies. I have looked at a statement from a year ago and can see nothing mentioning PPI so maybe it was only on for a short time. Will MBNA tell me this if I ring and ask them or do I have to pay for a SAR?

You can ring and ask and find out when the PPI policy ended but certainly the bank will only repay the amount they know you paid and if they know the policy only ran for say a year or whatever then unless you have statements showing it was paid then I'd leave it and move on.