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Credit card debt cancelled over PPI

Mon, 05 Oct 2009

A woman has had the money she owed on a credit card cancelled after it was found in court that she had been unfairly forced into payment protection insurance (PPI).

It is believed that the ruling, which saw Lynne Thorius renege on £8,000 of credit card debt with MBNA, could see UK consumers win legal claims against banks signing deals with PPI .

The court found that MBNA had strongly recommended PPI to Ms Thorius as protection against any debts that she may not be able to repay in the event of illness or redundancy, but failed to make her aware of the commission it would receive for the agreement.

Carl Wright of claims management firm Cartel Client Review, which followed up Ms Thorius' case, said the court decision was a landmark judgement.

"Now Lynne has won, the floodgates could open for millions of other people. It will change the way banks lend money and issue credit cards," he added.

University of East Anglia's Economic and Social Research Council recently found that those taking out a cheap personal loan in the current climate may also be losing out because of high PPI costs.

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