#1

Why isn't the same happening in Ireland. Is the Government afraid to probe the issue in case they may have to end up bailing out the banks again if the issue was brought to light.

Thousands of customers including myself have been ripped off by banks in nthis scam, many through verbal conversations over the phone after they have taken out credit card accounts and other loans etc.

http://www.belfasttelegraph.co.uk/business/business-news/12-million-to-receive-letters-on-ppi-scam-16127585.html

3 people have thanked this post
dudara Administrator
#2

Moved to Banking & Insurance & Pensions

dudara

Teaandcoffee Registered User
#3

I'm sure there was a guy based in the UK been interviewed by Derek Mooney last week. This guy took on cases of missold PPI and brought it in front of the UK Courts.

If the case was successful and it was proven you were missold the product you maybe awarded costs. If your claim is sucessful you pay this guy a nominated percentage.

I don't have the full details but I'm sure you would get this guys contact details from the Derek Mooney show website.

Also if I'm not mistaking most of the PPI (in my case anyway) was sold by UK companies via credit card companies / banks based here.

It will be interesting to see were this will all lead in terms of PPI companies based here in Ireland.

KillerShamrock Registered User
#4

How have you been ripped off? were you missold PPI! was it on your loan or credit card?
The regulations here are different from the UK and you would of had to have signed for it with most of if not all the main banks here, it was believe it or not a very toughly regulated section in the banks here where as in the UK they handed it out to anyone.

unclebill98 Registered User
#5

Ppi on loans and cc in ire was applied differently.

You would have either signed for it or ticked a box. In the uk it had been applied without this. Hard to prove that you had not known if the paperwork shows differently.

Of course this will not be across the board however the vast majority would have been like this.

I'm sure it will be tested if not tried already in Irish courts.

dotsman Registered User
#6

unclebill98 said:
Ppi on loans and cc in ire was applied differently.

You would have either signed for it or ticked a box. In the uk it had been applied without this. Hard to prove that you had not known if the paperwork shows differently.

Of course this will not be across the board however the vast majority would have been like this.

I'm sure it will be tested if not tried already in Irish courts.


Yeah, my understanding would be pretty similar to this. As far as I know, there was nowhere near the same misselling of PPI in Ireland as there was in the UK. Certainly, for the last number of years, it has been very strictly controlled with regards a customer signing up for it (very clear contracts/warnings/signatures separate to any credit agreement).

LostinKildare Registered User
#7

Did you see this in the Irish Examiner on Tuesday?

The Central Bank has been conducting an investigation into the mis-selling of PPI to "the self-employed, those close to retirement, and those on contract — the bulk of whom were ineligible to be insured under such policies" and have found that the problem was widespread here in Ireland, as in the UK

Excerpt:

The Central Bank’s report on its investigations to date state: "We have completed our initial review of seven lenders and are now commencing further more detailed assessments as the initial review raised a number of concerns.

"We intend to complete this assessment in the first half of 2012 to determine if regulatory action is necessary and will follow up with each firm directly. A summary of the main findings will also be published."

The Irish Examiner understands that the second phase of the investigation has uncovered a very serious problem for the banks, and that the Central Bank expects that millions of euro in compensation and refunded premiums will have to be paid to thousands consumers who were wrongly sold the products.

The Central Bank’s "themed inspection" is still under way but is already causing concern among officials that the problem was "very, very serious".

British banks have set aside over £5.5bn (€6.6bn) to compensate British customers who were wrongly sold payment protection insurance. In Britain, it was found that the vast majority of PPI policies were mis-sold.

Legal firm McHale Muldoon has disclosed it has successfully settled a number of cases with Irish financial institutions on behalf of clients who were mis-sold payment protection insurances in Ireland over the past decade.

The settlements were for between €2,500 and €3,000. The company said the same mis-selling tactics that were used in Britain were also used in Ireland.

Read more: http://www.irishexaminer.com/ireland/mis-sold-insurance-to-cost-banks-millions-188472.html#ixzz1qRvGL1G4



If the mis-selling can consist of selling to "the self-employed, those close to retirement, and those on contract" (because they were "ineligible" to be insured), then wow, this will be very big money: think of all those self-employed in the building trades that had PPI on their mortgages, and couldn't collect a penny on the PPI when they became unemployed in the last several years. (Including my husband )

Has anyone made a claim, or does anyone have more information on this?

sureshot Registered User
#8

Interested to see if anyone has any updates on this. We have PPI on a joint BOI credit card that we have since circa 2000 or 2001. I don't know if I specifically signed for the PPI product at that time and don't believe it was given as an option at that time (believed at the time it was more of a compulsory element of the Credit Card product). Is there any way we can check this out or follow this up??

A number of years ago we received a refund of PPI on a small Personal Loan that we had at the time (PPI was automatically applied to even though we had not requested it).

Just curious to see if any progress is being made in Ireland in relation to PPI refunds and if anyone has had any success in getting a refund on PPI on a credit card.

phormium Registered User
#9

I sold PPI policies over the years to self employed people, they were covered but for different things than PAYE workers. The normal PAYE policy covered accident, illness and redundancy, in the case of self employed it covered accident, illness and hospitalisation - no redundancy obviously. This was all clearly explained to clients and they had to sign to accept it, some self employed people especially those working in construction type jobs where something like a broken arm could have seen them lose a load of work were perfectly happy to take this cover and it would and did pay out if any of the insured incidents occured. So it is not true to assume that self employed are not covered in general for anything under these policies.

cookie1977 Registered User
#10

AIB is to refund €3.1m in payment protection insurance premiums to 11,500 customers — an average of €270 each — after the bank uncovered a "breakdown in its verification systems".

http://www.irishexaminer.com/ireland/aib-to-refund-11500-clients-31m-192007.html

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