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Abbey National Loan Protection

If you have a loan or mortgage through Abbey National then it is very likely you may also have some form of loan protection insurance. Loan protection insurance is a type of payment protection cover. Payment protection insures a borrower against loss of income due to involuntary unemployment. It works by stepping in to take over repayments and, therefore, prevent the policyholder from falling into financial hardship. Many people, taking on a significant loan, consider payment protection to be a necessary and valuable cover, but the insurance has proved somewhat controversial and is not necessary or practical for everyone.

There are several key issues surrounding loan protection insurance including the high costs and the fact the cover has been mis-sold. The Q&A section below may help you determine if your policy was mis-sold.

When you purchased your Abbey National Loan Insurance were you told you had to have the cover?
Loan insurance is not and never has been compulsory. If you were told you had to have the cover you were given the wrong information.

Were you told taking out the cover would improve your chances of being given a loan?
This information is also incorrect. The decision whether or not to give you the loan would be based on your financial position and credit rating. It would not be affected by your decision to take out loan insurance cover.

Were you sold a policy that was unsuitable for you?
Not everyone needs loan insurance and some customers were sold unsuitable policies. If, for example, you were in full time education when you took up your loan you would have no need for loss of employment cover. Likewise, if you already had cover in place elsewhere.

To find out more about the issue fo mis-selling or to start your claim for mis-sold Abbey National Loan protection call our team today on 0207 471 2000.

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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 B16, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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