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PPI Insurance Claims, we will all end up paying, again.

  • 08-10-2012 9:03pm
    #1
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,694 ✭✭✭✭


    I know a few NI people who got money from the UK banks on this, now it appears that the Irish ones are going to get hit for a pile of money too.

    I think its fair enough if pay out happen on policies that could never be claimed on, but I know a few people claimed they didn't know what they were signing (they did really) and got money back that way. Same will happen here too.

    Only thing is, our banks are bust, so if the public get tens of millions back, then it will be us that will end up paying,again. Depending on how much they are stung, they will have to get it backm be it from higher interest rates, lower savings rates, increased mortgage rates etc.


Comments

  • #2
    Frank_Leach
    Registered Users, Registered Users 2 Posts: 163 ✭✭Frank_Leach


    NIMAN wrote: »
    I know a few NI people who got money from the UK banks on this, now it appears that the Irish ones are going to get hit for a pile of money too.

    I think its fair enough if pay out happen on policies that could never be claimed on, but I know a few people claimed they didn't know what they were signing (they did really) and got money back that way. Same will happen here too.

    Only thing is, our banks are bust, so if the public get tens of millions back, then it will be us that will end up paying,again. Depending on how much they are stung, they will have to get it backm be it from higher interest rates, lower savings rates, increased mortgage rates etc.

    Can't believe there isn't hundreds of posts on this topic..Independent headline made me a customer yesterday "Thousands set to get €3000 back from the major banks"..
    My only question is...where do I apply? Every loan I got, mostly under €4000,had this thing pushed onto it. True OP ....we the taxpayers own the major.banks now and as you rightly say, its we who will pick up the tab. But that wont stop me.making enquiries and seeing if I am due a cheque. Who could blame me?


  • #3
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,694 ✭✭✭✭NIMAN


    It may have been pushed on you, but did you ask was it optional and if you could take the loan without it?


  • #4
    soups05
    Registered Users, Registered Users 2 Posts: 1,086 ✭✭✭soups05


    i purchased my house in 2000,then moved in 2005 and both times i was told by the bank that i had to take out PPI as a legal requirement and could only take it out with thier policy. it was only in 2010 that a rep from my car ins crowd told me i could buy it from them.I was being charged 200 per month for a policy i got from my other ins for 140 for the whole year.
    of course now i find out i did not need it at all. took redundancy from my job in 2009 and the small print meant i could not claim on the policy as it was voluntary redundancy.even when i cancelled it in writing it took 5 months for them to stop deducting the money from my account and then i got a refund of 12 euro. i was so discusted i never even cashed the cheque.
    these customers can only claim if the polciy was taken out in the last 6 years. i hope they all get thier money back and i hope that heads roll in the bank for this.(can't see that happening though)too many people were and still are being screwed by the banks and not enough is done to help them.


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