Are you eligible for mis-sold PPI compensation from Santander Bank?
There are many reasons why you may be eligible to claim mis-sold PPI from Santander. PPI was widely mis sold to customers either at the point of sale or at some point thereafter. All the benefits would have been explained but eligibility or appropriateness would often not have been determined. Here is a list of the most common situations when PPI could have been mis sold:
- You may have been told that the loan/credit card would only be approved if you took out PPI alongside the loan or credit card.
- You may have refused to take out PPI but it was added to the loan or credit card anyway.
- You may not have even been informed that PPI had been added to the credit card or loan.
- You were not informed that the salesperson would receive commission for selling the PPI.
- The terms and conditions, particularly exclusions, were not explained to you.
- You were not ineligible for the cover because you: was unemployed, in part time employment, a full time student, suffering from a pre-existing medical condition, or was of a retirement age.
- You were not offered the option of a monthly premium policy.
- You were told that PPI was compulsory.
- You were not asked about your medical history when sold PPI.
- You were not asked about any existing cover that you may have already had in place.
- You were a public sector worker who was entitled to full sick pay from your employer e.g. a police officer or a nurse etc.
- You had a joint account but the PPI only covered one of you.
- You were sent a credit card in the post and told to call up to “activate” the card and PPI was offered and sold to you when you called to activate the card.
Santander PLC is a bank in the UK and is owned by the Santander Group, which in turn is owned by Banco Santander, S.A., a Spanish banking group that originated in Santander, in Spain. Banco Santander, S.A. was previously known as Banco Santander Central Hispano before changing its legal name to Banco Santander, S.A in 2007.
In 2004 Abbey National PLC (commonly known as “Abbey”) was acquired by Banco Santander, S.A. and it was at this point that Banco Santander, S.A. entered the UK banking sector and market. When Abbey National was acquired, as part of the acquisition a successful internet bank called Cahoot that Abbey National had launched in the year 2000 was acquired. Cahoot is still a division of Santander.
- In 2008 Alliance & Leicester PLC was acquired by Banco Santander and in 2009 Alliance & Leicester was transferred to Santander UK PLC.
- In 2008 Bradford & Bingley savings branches and business were acquired by Santander UK PLC.
- In 2008 GE Capital Bank store cards business and managed credit card business were acquired by Santander.
- In 2010 Alliance & Leicester, Abbey National, and Bradford & Bingley were all rebranded as Santander UK.
Cahoot which is part of Santander (as part of the Santander acquisition of Abbey National in 2004)UK no longer offer any products to new customers and no longer offer current accounts, credit cards, or loans to customers as they previously had done before they began to withdraw them between 2006 and 2010.
Some companies that are associated with Santander include:
Abbey National, Abbey, Abbey National General Insurance Services, Ltd; Abbey National Leasing Companies; Abbey National Life plc; Abbey National Treasury Services; Cater Allen International Ltd; First National Bank plc; Scottish Mutual plc.
How to Make a Successful Santander PPI Claim?
The following information tells you what you need to do to register your claim.
- Contact us by either filling out our PPI enquiry form on this page or by telephone.
We will need to discuss the details of your PPI enquiry with you briefly to establish if you may be eligible for a Santander Bank PPI refund and answer any questions that you may have.
- Once we have spoken with you if we feel you may be eligible for our service we can then post you out a Letter of Authority which enables us to run a Free PPI check or start a mis-sold PPI claim on your behalf.
- Before we can begin to run a Free PPI check or start a mis-sold PPI claim on your behalf we will need you to post back to us your signed Letter of Authority in the freepost envelope that we provide to all clients
- Once we receive your signed Letter of Authority we can then proceed to check with your chosen lenders to see if any PPI was sold on any of your finances and contact you with the results. The lenders have a maximum of 40 days (8 weeks) to reply to us but in general they normally respond much quicker and a wait of around 2 to 3 weeks is common. We would ask you to stay patient and await the results as the lender will be having a thorough check of their systems to locate any PPI before reporting back to us.
- We will conduct a full investigation and review of how PPI was sold to you using all the information available. It is at this stage that we will proceed with any mis-sold PPI claims where we think that you may be eligible to receive mis-sold PPI compensation.
On receipt of a mis-sold PPI claim, a Santander representative will normally contact us within eight weeks with a reason why a decision has been delayed or to explain their final decision in detail and if appropriate, make an offer of compensation.
If you are due a refund it will be sent out to you within 28 days of the decision.
If Santander decides that they are not upholding your complaint they will normally issue us with a final response decision letter outlining why they are not upholding your complaint.
We can ask the Financial Ombudsman Service (FOS) to review your claim and you/we will have six months to decide whether do this from the date on the final response from Santander Bank. Rest assured that in the unfortunate event that your PPI claim is not upheld by Santander, we will happily refer your claim to the Financial Ombudsman Service (FOS) and deal with them on your behalf.
Claims Management Companies (CMCs)
Many Claims Management Companies (CMCs) will typically charge an upfront fee or take a proportion of any compensation that may be due to you. In order to handle your complaint Claims Management Companies (CMCs) may charge you a fee, up to 39% + VAT.
Please note: we do not charge any upfront fees or costs whatsoever as our service is carried out on a No-win No-fee service and we charge a very reasonable 25% + VAT at the conclusion of your claim, only if your mis-sold PPI claim is successful.
Santander PPI Faqs:
Abbey National (which is owned by Santander) has previously been fined £800,000 by the Financial Services Authority (FCA) back in 2005 for the way that they had handled mis-sold endowment complaints. It is estimated that Abbey National wrongly refused potentially 50,000 mis-sold endowment complaints who’s cases had to be re-examined.
Alliance & Leicester (which is owned by Santander) were given a fine of 7,000,000 (seven million) in 2008 by the Financial Services Authority (FCA) for serious failings in the selling of PPI. The FCA stated that the bank had sold PPI without properly considering clients needs.
The fine that Alliance & Leicester received was a record penalty in terms of fines for PPI mis-selling.