If you're looking to make a PPI claim against Alliance & Leicester the following page tells you all you need to know. Aside from explaining all the info you need in order to pursue your claim, we also explain exactly how to go about making your Alliance & Leicester PPI claim. Of course, we'd love you to use us to help you with the process, but unless you have all facts first, how you can you decide the best way to proceed?
Alliance & Leicester (A&L) was taken over by Santander in May 2010 and was re-branded under the Santander name. A&L was founded as a building society but became a bank in 1997. A&L sold PPI on mortgages, credit cards and personal loans.
In October 2008, the Financial Services Authority (FSA) fined A&L £7 million, its largest fine ever for PPI mis-selling. Failings identified by the FSA included: inadequate cost disclosure, insufficient assessment of whether the customer needed PPI, not making it clear PPI was optional and high-pressure selling.
All policies that were the subject of the FSA action were single premium policies, with the premium added to the loan amount. Single premium insurance may have had a term of three to five years, yet in many cases the loan ran for longer. However, the insurance premium, plus interest, was repaid over the full term. Those seeking to cancel single premium PPI early would still need to continue paying interest on the premium.
Was it made clear that your PPI involved payment of a single premium plus interest? And was your PPI written over a different term to that of the loan? Issues such as these have given rise to many successful PPI claims.
Santander set aside £731 million to cover PPI compensation in August 2011, but this amount is for all of its subsidiaries and not just A&L.
Complaints regarding PPI sold by A&L can be made:
The 0845 600 6014 number can also be used to check whether you have ever had PPI with A&L or Santander.
Like all financial institutions, Santander is expected to complete its investigations into complaints within eight weeks in normal circumstances. Any compensation offered should be sufficient to put you back in the position you would have been in had you not purchased PPI. Usual procedure is to offer a refund of the PPI premium plus interest paid on it, with interest calculated at 8%. Credit card PPI claims often involve payment of larger amounts, as your ability to make repayments on the card balance will have been affected by the need to also pay for PPI. An additional amount should be offered to cover the amount the card balance would have reduced by had you not been paying PPI.
You may be offered adequate compensation by the bank within eight weeks, but if the complaint is rejected, or you are dissatisfied with the amount offered, you can refer the matter to the Financial Ombudsman Service (FOS) - www.financial-ombudsman.org.uk. The FOS resolves most complaints within a few months, but in exceptional cases can take over a year.
The FOS does not produce separate data for complaints relating to PPI with A&L, however it ruled in favour of the customer in 63% of the Santander PPI cases it closed in the six months to June 30 2012 ñ slightly below the industry average of 71%.
One thing to bear in mind before making your claim either through us or direct with A&L is whether you were sold PPI by A&L or an intermediary. If it's the latter, then you'll need to make the claim against them, rather than A&L.
Now you know all about Alliance & Leicester PPI claims, let us take all the stress and hassle out of your hands. Simply fill in the form on the right and we'll crack on and get your claim processed straight away.
All information presented in this article is accurate as of December 2012
"I would never have had the knowledge or confidence to claim for PPI from start to finish....They helped me a lot which, in my case, led to a settlement payment of over £80,000. I would urge anyone else in the same situation to get in touch and get the ball rolling.."
Read more testimonials Pamela from Hertfordshire