SANTANDER AND PPI CLAIMS
In August 2011, Santander was on the front page after confirming that they had a reduction in pre-tax profit in half, due to compensation payment for mis-sold PPI. It cost the bank about £731 million to cover the PPI claims.
The Spain-based multinational financial services company bought out Abbey National in 2004, Bradford & Bingley in 2008, and Alliance & Leicester in 2010.
Am I eligible to claim PPI compensation from Santander, having a mis-sold PPI policy from Abbey?
Yes, you are. You can make a claim if you have proof of your PPI policy mis-selling by Santander.
Santander is responsible for any payment protection policies mis-sold by Abbey. Equally, you have to keep paying off your loan, taken before the company takeover.
There is a prejudicial view that you cannot make a claim for policies sold by Abbey beyond the expiration of a 6-year time limit on PPI claims. In reality, “6 years” is a period during which your bank has to keep your documentation. Therefore, if you have all the required paperwork, you can make a claim.
What can I rank as a mis-sold PPI policy?
The PPI mis-selling used to be a big issue in the financial services industry before. Below you can see some statements. If any of them apply to you, you can make a claim.
- You have not got informed that you are paying for PPI.
- You have got misinformed that PPI is obligatory.
- You have got persuaded that taking PPI would reduce the interests of your borrowing.
- You have already had an active policy, offering the same cover.
- Your policy conditions disable you to make a PPI claim.
What am I supposed to do now?
The banks have recently received instructions to start contacting consumers who may have got mis-sold PPI to provide with all necessary information on the situation, estimate their losses, and guide how to proceed to reclaim the money they lost.
The letter has to include clear instructions on how to make a claim directly to Santander. However, you have another option. Alternatively, you can deal with the services of a claims management company, though this option may demand additional payment.
Even if you have not received a letter from Santander on the issue of your PPI policy, you are still eligible to make a claim. If you consider yourself a victim of PPI mis-selling, do an action. Either contact Santander directly or employ the services of a claims management company to do it for you. Again, we want to emphasize that dealing with a claims management company may incur fees.