Unemployed, Underemployed, and Class S Stamps. – Joe

“Dear Steve,

Unemployed since nov 08. I was selfemployed until I had to close the buisness. My wife works 19 hrs per week at low wage. We lost our home last July as we were unable to keep up payments on it, but were lucky to sell it and clear the morgage with no money left over.

At present owe 15000 on 3 credit cards 2 with mbna which i have insurance on. I am trying to claim on the insurance but they are telling me that I have to have paid my class s stamps for the 6 months prior to unemployment. As my accounts are always done 12 months in arrears I cant supply them with this. Is this a get out clause for them. mY ACCOUNTS FOR 2008 ARE NOT DUE UNTIL OCT 09. Please help


Dear Joe,

I assume that since you mentioned class S stamps that you are actually located in Ireland. MBNA is huge in Ireland and they even have a large call center and processing operation there.

From your question I assume that your question is about credit insurance from MBNA and not an insurance benefit from the government. If you are talking about government benefits you would have needed to pay Class A stamps instead.

The Republic of Ireland has a very good Financial Services Ombudsman. I would suggest that you contact them directly and file a complaint about MBNA or file a consumer complaint online here with your National Consumer Agency.


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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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