Reclaim PPI Against Santander Store Cards
There are a number of famous high street names that have come under the umbrella of Santander Cards at some point in the past, and just about all of those names offered store cards with PPI policies attached. During the lending boom that got under way in the late 1980s, the general public were offered easy credit on so many things, including some extremely tempting buy now, pay later store cards.
It’s easy to see why these cards were so popular at the time. The consumer could have the very latest fashions, the best technology and the finest furniture at the mere swipe of a card, and then those goods could be paid for over a period of months or even years. The days when the majority of customers saved up for the things they wanted were fading fast.
The credit providers loved it if you took a long time to pay for something, because the interest would accrue on a monthly basis bringing in yet more money over a period of time. If you weren’t able to pay off the full balance every month, and most people weren’t, that lovely new suit that was priced at £200 could often end up costing you twice as much.
And with a PPI policy tacked on to the store card account, yet more profit came rolling in. Many stores used extremely aggressive sales pitches at the till to persuade you to sign up to a card, but even if you said no there were often follow-up calls and letters to get you to sign on the dotted line. Add in a little sweetener such as a discount on your first purchase and it soon became very difficult to refuse.
With the hindsight we have now, it’s easy to see just how wrong it was to pressurise consumers into buying a PPI product. These policies were hugely expensive compared to more traditional insurance, and in many cases they were of very little use to the individual anyway. Sales staff were heavily rewarded for selling the PPI, whether it was relevant to your needs or not.
Easy terms, easy credit, easy profits!
High street stores that came under Santander Cards include some of the most trusted names in British retailing, including:
• Dorothy Perkins
• House of Fraser
• Laura Ashley
• Miss Selfridge
…and many more. And it wasn’t just the fashion stores that were involved, either. Stores such as Mothercare, BHS and Edge all offered store cards that often came with unwanted PPI tacked on. As was the case with mortgages, credit cards, bank loans and catalogue accounts, the consumer had a need to feel secure and protected, so they were easy to sell to.
If you look back now on that period and think your store card PPI perhaps didn’t cost you very much, it’s worth remembering that in most instances pound for pound it cost more on a store card than it did on a credit card. Many of our clients were genuinely surprised when they found out how much compensation they were likely to receive if a claim was made on their behalf.
Here at Beat the Banks, we place just as much importance on store card PPI as we do on bank loan PPI or any other such product. Unlike many other claims management companies, Beat the Banks look for the whole history of your store card accounts before submitting a claim, purely because we’re there for the whole picture and not just for the quick win.
We are proud to have an experienced and knowledgeable team of specialists here, with many of them having worked in the banking and finance sectors for many years. If you have had a store card in the past and you think there may have been a PPI policy that came with it, we would love to hear from you soon. The PPI deadline day is fast approaching, so time is of the essence at this stage.
One call to 0800 193 1234 is all it takes to start the process, or you can use the simple online contact form. You could be due compensation, and it will only take a few minutes of your time to find out more.
We hope to hear from you soon.