MBNA CPP

[Nostromo]

Hi everyone I was wondering if someone could give me some advice about the recent CPP mis-selling. I have had CPP on a MBNA card and a Barclaycard. I've contacted the CPP people who have told me I have to go to the credit cards to complain. One of them is from 2002. Could I still claim as it states that it is diificult to claim prior to 2005. I carried on with one CPP until 2010.


Thank you in advance.

[FlamingParrot]

Re: MBNA CPP

Uhmmm, that's interesting, I had no idea you could claim CPP! I was made to sign up for it by the A&L probably in 2000/01. I had it quite a few years. In 2005 they sold me some anti-ID theft insurance. I'll also be interested to hear what our reclaims specialists have to say. Any idea why it would be hard to claim before 2005?

[Nostromo]

Re: MBNA CPP

One of my friends told me about it and I found this link on the net. The 2005 date is when the FSA started regulating insurance sales. The thing is when you renew your CPP every year, after the 2005 date you are still paying for something you don't need. I'm still finding my way about this so I want to get everything right in my head before I approach the credit card companies.

http://www.guardian.co.uk/money/2012...ing-revelation

Apparently, if CPP sold it to you direct you go to them but a lot of Credit Card companies sold it to the customer and CPP took a cut I think. CPP told me mine was through the CC company.

[Bill-K]

Re: MBNA CPP

Hi and welcome to you, Nostromo. Last year, the FSA stated that it considered ALL CPP to have been mis-sold, as it was unnecessary insurance - usually covered by cardholders' other insurance policies:

http://www.fsa.gov.uk/consumerinformation/firmnews/2012/cpp

http://www.fsa.gov.uk/consumerinformation/firmnews/2012/cpp-fined

It can be difficult reclaiming PPI & CPP before 2005, as the FSA were not regulating the sales before then, so I suspect that lenders will say that the 'blanket' FSA pronouncement only covers CPP purchased after the FSA took over the regulation of CPP & PPI sales. My argument against this would be that, if the lender is currently subject to FSA regulation (as most are), then they must refund ALL CPP. The fact that the FSA didn't regulate the sales before a certain date makes no difference to the fact that ALL CPP was mis-sold, and as such it must be refunded under current FSA rules. That's my take on it, anyway.

BTW, did you have any PPI, as CPP can be reclaimed alongside PPI.

[Nostromo]

Re: MBNA CPP

Hi thank you for this. I do agree with you and I will press on with it. I don't have any PPI on these two credit cards but I have put in another claim against Marbles. At the moment it is with the FOS. It's been a year now. I get updates now and again but they have been inundated with complaints so I expect it's a long wait.

[FlamingParrot]

Re: MBNA CPP

It can be difficult reclaiming PPI & CPP before 2005, as the FSA were not regulating the sales before then, so I suspect that lenders will say that the 'blanket' FSA pronouncement only covers CPP purchased after the FSA took over the regulation of CPP & PPI sales. My argument against this would be that, if the lender is currently subject to FSA regulation (as most are), then they must refund ALL CPP. The fact that the FSA didn't regulate the sales before a certain date makes no difference to the fact that ALL CPP was mis-sold, and as such it must be refunded under current FSA rules. That's my take on it, anyway.

BTW, did you have any PPI, as CPP can be reclaimed alongside PPI.

Thanks for that, good to hear! :clap2: Who would you address if the CPP was sold by the A&L? Santander?

[Bill-K]

Re: MBNA CPP

Just my unlearnéd opinion, though, FP, I'm afraid. Yes - A&L claims would be through Santander now.