What is Missold PPI?Many people are not aware that they have been a victim of missold PPI and it can be quite a shock when they find out. If you have payment protection insurance payments showing alongside your mortgage, credit card or loan repayments and you are sure that you didnt want this insurance or it was not explained to you, we can help.
The FSA estimates that 20 millions policies have been missold in the UK and consumers are starting to make a stand against the lenders who have missold this insurance. These policies are often very hard to make an insurance claim against and could in fact be quite useless to a number of policy holders.
Make a Stand Against Alliance & Leicester, Abbey and Santander
Whilst Alliance & Leicester and Abbey have been fully incorporated into the Santander company, customers of the individual companies still have a right to make a claim if they were missold a policy prior to the acquisition.
In 2008, Alliance and Leicester was fined £7 million when the FSA (Financial Services Authority) discovered large scale discrepancies in the ways that PPI was being sold.
Alliance & Leicester failed to make it clear that PPI was in fact optional and instructed its staff to push this insurance on unsuspecting customers.
Santander also hit the headlines in August 2011 when the company announced their profits had been slashed as a result of paying PPI compensation to customers. In preparation for the claims coming their way Santander set aside over £700 million, further highlighting the scale of the mis-selling issues.
Claims Could Be Settled Within Weeks
Santander is liable for any payment protection policies that were sold by Alliance & Leicester, Abbey and of course those sold under their own name. Even if your policy is very old, if you have the paperwork we would still like to hear from you.
Dont Wait for Your Lender to Contact You Act Now
Whilst the FSA has instructed lenders to get in touch with their customers if they think they were missold PPI, this process is going to take a long time. Dont wait for your lender to send you a letter. Get in touch with our team today to start the claim process right away.