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AbbeyLoan Reclaim Mandatory PPI?
kitkarsons
Posts: 2 Newbie
Hi there.
In 1998 I took out an AbbeyLoan for £5000 over 4-years. During the application process which happened via a free telephone in the branch foyer, I was simply told that the loan
was contingent on my accepting Abbey's own PPI product. The person I spoke to wouldn't answer questions about eligibility, etc, all they would say was that you have to 'agree to the protection insurance and apply for the loan amount and period, then see if it's accepted'. At the time, my terms of employment were very generous and the loan application was accepted, however, I consider that I neither needed, nor wanted the mandatory
insurance policy. The loan was repaid in full and on schedule.
In 2002, took out a second AbbeyLoan of £3000 which also included a mandatory PPI policy. Again, the loan was fully repaid according to the agreement terms.
Do you think I have grounds for a claim in either case? I haven't bothered before as there was no pressing need. Unfortunately, this is no longer the case as I am now trying to keep a roof over my head. Here's hoping.
All the best,
Richard.
In 1998 I took out an AbbeyLoan for £5000 over 4-years. During the application process which happened via a free telephone in the branch foyer, I was simply told that the loan
was contingent on my accepting Abbey's own PPI product. The person I spoke to wouldn't answer questions about eligibility, etc, all they would say was that you have to 'agree to the protection insurance and apply for the loan amount and period, then see if it's accepted'. At the time, my terms of employment were very generous and the loan application was accepted, however, I consider that I neither needed, nor wanted the mandatory
insurance policy. The loan was repaid in full and on schedule.
In 2002, took out a second AbbeyLoan of £3000 which also included a mandatory PPI policy. Again, the loan was fully repaid according to the agreement terms.
Do you think I have grounds for a claim in either case? I haven't bothered before as there was no pressing need. Unfortunately, this is no longer the case as I am now trying to keep a roof over my head. Here's hoping.
All the best,
Richard.
0
Comments
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Do you think I have grounds for a claim in either case?
You should complain. However, you do need to be aware that your complaint is weak. An unprovable verbal conversation nearly 20 years ago is not good enough. However, there could be other reasons that could result in success.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I should have tacked-on this related question to save you time, but I'm often stupid like that!
I note your comments about the merits of my case but will follow your advice and claim anyway.
Would I be correct in thinking that Santander are obliged to handle this claim (on behalf of Abbey National) and that I can use their own claim form to start the process?
Is this what you would recommend, or should I draft a letter of my own stating my case as I have here?
Many thanks.0 -
Santader UK is one and the same as Abbey National - it change its name some time after the Spanish parent took it over.0
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