PPI On BOI Credit Card

inode

I have been paying payment protection insurance of €9.74 on my bank of Ireland mastercard for the last few years. It really is a waste of money and i have never used it.

I have read online that some people can claim back the money they have paid.

Does anyone know if i would be eligible with BOI?

chris85

inode wrote: »

I have been paying payment protection insurance of €9.74 on my bank of Ireland mastercard for the last few years. It really is a waste of money and i have never used it.

I have read online that some people can claim back the money they have paid.

Does anyone know if i would be eligible with BOI?

You cant claim it back. Its insurance you pay each month. WHat you are saying is like having car insurance and because you didnt use it you are seeking the money back.

If people only paid the money if they claimed then the insurer would be not making money.

If you arent going to use it then cancel it from now on.

Jet Black

Afaik you have to be mis-sold the product, you have to prove it somehow. I'm not sure how it works but its the only way I can think of.

If you understood what you signed up for you would not be entitled to it back.

If you feel you wont need it you could easily cancel it by calling or writing a letter to whoever provides the service.

Toots

You can claim it back on a loan, because the PPI is added to the loan amount upfront, ie if you're borrowing €1000, and your PPI for the loan is going to cost you €50, your repayments are calculated on €1050. So, say your loan is for 1 year, but after 3 months you decide you no longer want your PPI, you can cancel it and you'll receive a refund of your PPI, less whatever the cost of your insurance for the 3 months would be. It's kinda like if you pay your car insurance upfront, and cancel mid year.

The way it works on a credit card is like if you pay your car insurance by direct debit. If you cancel mid policy, you're not entitled to a refund, because you 'pay as you go', so to speak.

inode

oh right. worth a try anyway. Must cancel it.

Cheers for the info all

stevesull

Hi Inode,

I have had a similar problem. I was told that I have to take PPI on a loan I was securing with BOI 3 years ago. I have instructed an Irish recovery company called Finance Claims who have said that I have a mis-selling case.

Hope this helps

weemee40

Hi

I had car finance with permenant tsb finance in sept 05 for the amount of 8500eur. This was to be spread over a term of 5 years. I paid of this finance within 2 years and cleared the full amount. I called them today to find out if there was PPI (personal protection insurance) included in the premiums and if so, i would like to claim them back as 1. I paid the premium off early and did not recieve a refund, and 2. The paperwork was completed by the garage salesman and all we had to do was sign, it was never explained to me that i could have arranged my own ppi. The lady on the phone was very abrupt and said "they they dont give refunds, no matter what the tv adverts say" When I explained that its ALL financial institutions where a loan etc was taken, the I can claim. she says that she doesnt think so.
Does anyone know if the rules concerning ppi equate to all financial institution?? its all very confusing????

optimus1

The Financial Regulator needs to make a ruling here on PPI, like the ruling by the FSA in the UK.

red bull

ppi was sold on mbna credit cards without checking whether you coud be eligible to claim or not. If you are self employed you are not eligible to claim and are due a refund get the Eddie Hobbs letter online

BuffyBot

..or we could not drag up ancient threads, as per the Forum Charter..