Abbey National PPI Claims
Why You Can Make A PPI Claim Against Abbey National
- Did Abbey National explain the full cost of the PPI when you took out the loan?
- Did you specifically ask Abbey National for PPI?
- Did Abbey National make clear that PPI was optional?
- Did Abbey National ask you about your medical history?
- Did Abbey National ask you about any existing payment cover?
- Did you know that Abbey National added a PPI policy to your loan?
- Do you think Abbey National treated you fairly?
- Did Abbey National ask if you have any existing medical conditions?
- Did Abbey National ask if you were entitled to sick pay from your employer?
In January 2010 the familiar British banking brand Abbey National disappeared from our high streets following a takeover by Spanish lender Santander. Santander was rumoured to have spent £8 billion on the bank back in 2004 and the decision to abandon the lender’s name and familiar red logo was thought to be part of a unification of Santander’s global operations. It was reported the move would save Santander £180 million annually and it has seen former Abbey National branches take on the Santander name. The acquisition of Abbey, as well as other well-known brands including Alliance and Leicester and Bradford and Bingley, means that Santander is now the country’s fifth largest bank with 1,300 branches across the UK. The move has been welcomed by commentators who are unhappy with the dominance of the UK’s four top banks Barclays, HSBC, Lloyds and RBS/ Natwest. As well as abandoning the familiar British brand of Abbey National, Santander has also attempted to distance itself from other UK lenders in its handling of the payment protection insurance crisis.
In 2006 investigations by The Office of Fair Trading (OFT) and The Financial Services Authority (FSA) found serious issues with the way in which payment protection insurance was being sold by banks and other lenders. Payment Protection (often known as PPI) is a type insurance cover sold alongside mortgages, loans and credit cards. It is supposed to cover repayments in the event a policyholder cannot work due to accident, sickness or redundancy. The cover is not suitable for everyone, though, and has been frequently mis-sold. As a result of the OFT and FSA investigations several lenders were fined. The largest fine was handed to Alliance and Leicester and totalled £7 million. The press interest generated by the scandal raised the public’s awareness of the PPI issue and, as a result, the number of people applying for a PPI refund grew dramatically.
In 2010 The FSA announced new guidelines with regard to the sale of payment protection policies. The guidelines were designed to more closely regulate banks and protect customers from the threat of future mis-sales. The British Banking Association was unhappy with the new regulations; however, and requested a high court review. Whilst the review was pending most major UK lenders placed Payment protection complaints on hold. Santander; however, choose to continue to investigate as usual. This meant that, while many unhappy customers had to wait for four months or more for a response from their lenders, customers of Abbey National, and other Santander owned lenders, has their payment protection complaints investigated promptly.
If you think you may have been mis-sold a PPI policy with a loan, mortgages or credit card take a look at our PPI checklist below.
- Was the PPI policy added to your loan without your knowledge?
- Were you told taking out PPI would improve your chance of being given a loan?
- Were you sold the policy without the terms or conditions being fully explained?
- Were you sold the policy without the full cost of the policy being explained?
- Were you sold the policy even though you had payment protection cover in place elsewhere?
- Were you sold the policy even though your circumstances made you unsuitable? E.g. you were unemployed, self-employed, retired, in full-time education or you were suffering from a pre-existing medical condition.
- Were you sold a policy even though you were entitled to full-sick pay from your employer or were you a serving member of the armed forces or a civil servant?
- Were you sold a single-premium policy without being told it may not cover the life of your loan?
- Were you pressured into taking out the cover?
- Were you told you had to have the cover?
If you believe you have been mis-sold a Payment protection policy by Abbey National or any other lender you have the right to make a claim. So far, more than 1.5 million unhappy customers have complained about the sale of their PPI policy and it is estimated many thousands more may be entitled to receive thousands of pounds in compensation. We have a highly experienced claims team adapt and dealing with every aspects of the claims process. Best of all we work on a No Win No Fee* basis. To start your claim or just to find out more call us today on 0207 471 2000.
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