Should I cash my ppi cheque?

RonnyJambo

Hi.
Today I have received a cheque from MBNA from a ppi claim, the issue I have is, I am unsure if I have made this claim.
I have owned a MBNA credit card in the past, but this would have been 20 years ago, and if I have made a ppi claim, it certainly hasn't been within the last 2 years.
As much as I appreciate the unexpected cheque, it all seems a little too good to be true.
Could anybody tell me if there is any reason I shouldn't cash the cheque?
Thanks in advance.

Sandtree

Historically there was a low level of cheque fraud where they'd wait for you to deposit it and the claim it was an error and can you transfer the monies... some would even say to can keep part of the monies as compensation for your inconvenience. Naturally shortly after depositing the cheque it then bounces and so you are out of pocket.

These days cheques clear in a couple of days and once cleared the moneys cannot just bounce out again unless you are shown to be an active part of the fraud... at least thats my memory of the changes in the rules. Even so, if its not meant for you they are still entitled to ask for it back even if they cannot claw it back from your account so if you do deposit it don't go partying with the money straight away.

[Deleted User]

If you complained about PPI then yes it could have taken a while to settle. Did you by any chance use a link from say Facebook for a "free PPI check" for example which would mean a claims firm submitted the complaint??

You could cash the cheque but I'd ask MNBA first to see who complained - if you take the money and spend it and you accidentally used a claims firm, they will come after you for their bill

DrSqueeze

I'd suggest calling MBNA (which is now part of Lloyds Bank) and checking why they've sent it. Use a phone number from their website, not the letter which came with the cheque, just to be safe.

If you've never contacted them to complain about PPI, then it's possible they might have reviewed some older accounts themselves and decided your PPI was potentially missold. 

pbartlett

Rather than calling, make sure there is a paper trail - just write them a quick letter saying you are cashing the cheque but if there has been a mistake to let you know. Take a photo of the letter to keep as reference. Bank the cheque.