Moneybright could help you to pursue PPI claims against Santander (previously Abbey).
Santander hit the headlines in August 2011 after confirming their pre-tax profits had been sliced in half as a result of compensation payouts for mis-sold PPI. The bank set aside £731 million to cover PPI claims.
The Spain-based company bought Abbey National in 2004, Bradford & Bingley in 2008, and Alliance & Leicester in 2010.
Can I claim PPI compensation from Santander if I was mis-sold the policy by Abbey?
Yes you can.
Santander are liable for any payment protection policies that were mis-sold by Abbey, in the same way that you would have to continue making repayments on a loan taken out before the company was taken over.
There is a common misconception that there is a 6-year ‘time limit’ on PPI claims, which would render claims for policies sold by Abbey invalid. In actual fact, 6 years is simply the period for which your bank is obliged to retain your paperwork. As long as you still have the paperwork, you can still make a claim.
What qualifies as a missold PPI policy?
Until recently, PPI mis-selling was a major problem in the financial services industry. You can make a claim if one of the following applies:
- You were never made aware you were paying for PPI.
- You were incorrectly made to believe that PPI was mandatory.
- You were led to believe taking PPI would reduce the cost of borrowing the money.
- You had a policy in place already that offered the same cover.
- You would never have been eligible to make a PPI claim due to the conditions of your policy.
What should I do now?
Still not sure whether you were sold PPI, or whether it was sold legitimately? We can answer these questions for you, and, if you’re eligible for compensation, we can help you claim it.
Get in touch today.