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MBNA CC Protection query

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  • 11-01-2010 3:46pm
    #1
    drunk_monk
    Registered Users Posts: 719 ✭✭✭


    Hi all, I took out a MBNA CC about 4 years ago and then a few days later received a call selling me the payment protection which I took out. I recently put in a claim with them as I'm now unemployed. This claim was rejected as I was self employed and therefore under their T&C's do not quilify. I said to them that I was self employed when they sold me the protection plan but it didn't seem to matter to them.
    Are they allowed to sell self employed people payment protection knowing full well they will not have to pay out anything to them? Also can I claim the money back that I've been paying these last 4 years?

    Thank in advance
    DM


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    I think (and I'm open to correction on this) that if you're self employed, payment protection will not cover redundancy. It'll only work if you can't work due to illness or injury (or death). Do you have any documentation relating to the payment protection?


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    #3
    100gSoma
    Registered Users Posts: 1,285 ✭✭✭100gSoma


    Toots* wrote: »
    I think (and I'm open to correction on this) that if you're self employed, payment protection will not cover redundancy. It'll only work if you can't work due to illness or injury (or death). Do you have any documentation relating to the payment protection?

    I think your right. I was made redundant years back and the payment protection would not cover my minimum payment. Had to pay it out of my dole money. And also, I had a payment protection on a loan and they would not pay that either as I had the loan less than 12months from when I was made redundant. I was bitter on both occasions and don't use payment protection now. It costs too much for the payoff you might get in my opinion. (CC and small loans)


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