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Abbey National Loan Insurance

If you have ever taken out a personal loan to buy a new car, refund home improvements or just to consolidate existing debts then it is very likely your lender will have offered you some kind of loan insurance. Loan insurance often known as payment protection cover is designed to prevent a borrower from falling behind with debt repayments as a result of involuntary unemployment. It works by stepping in to cover payments and, therefore, can provide valuable peace of mind for anyone taking on a substantial debt.

For many years payment protection cover, like Abbey National loan insurance, was a very popular product, but it has fallen out of favour in recent years. The shift in public opinion regarding loan insurance began in 2005 when a report by the Citizens Advice Bureau (CAB) highlighted the high cost and low value for money often represented by the cover. In addition, the CAB criticised the sales techniques used by some lenders and suggested the policies may have been widely mis-sold.

Following on from the CAB’s complaint, the Financial Services Authority (FSA) launched its own investigation into payment protection and loan insurance cover. Their investigations revealed there were significant failings within the lending industry. The issues uncovered ranged from policies being added without the customers consent to aggressive sales techniques to a failure to issue policy documentation. Some of the worst offending lenders were fined and the FSA issued general warnings to lenders that sales standards must improve.

Since the FSA’s investigations most lenders have revaluated their approach to selling loan insurance with some opting to stop selling it altogether. The publicity surrounding the FSA’s investigations have left many customers angry; however, regarding the way lenders approached some sales in the past and there has been a dramatic rise in the number of customers making PPI claims.

If you believe your Abbey National Loan insurance policy may have been mis-sold call our team today on 0207 471 2000 or complete our online quick claim form to receive your claim pack.

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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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