MBNA have been set out as the worst banking institution for dealing with PPI claims. MBNA rated worst by the Financial Ombudsman are not dealing with PPI claims at all and it has come to a point where consumers are sick of it all together. Not only have MBNA massively mis sold Payment Protection Insurance, they also are now not dealing with claims and rejecting claims on invalid basis.
MBNA after the recent Judicial Review decided to deal with the PPI claims surge by hiring more staff to deal with the claims that were coming in daily in their thousands. With billions already paid out and another £20 Billion believed to have been set aside to deal with MBNA PPI Claims, it is no wonder that people are claiming on their mis sold policies.
The financial institution mis sold insurance policies over a ten year period to it’s customers and hid the extra costs from them, resulting in customers paying out on expensive insurance policies that they could not claim on if they needed it.
84% of claims rejected by MBNA were upheld by the governing complains institution the Financial Ombdusman, which clearly indicates that nearly 9 out of 10 complaints rejected by MBNA, were done so on void basis.
It will be interesting to see if the shares and stocks of MBNA go up or down following the recent press release regarding the fobbing off of customers, which adds to the lack of trust in the organisation itself.
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