Ulsterbank PPI sales practices letter

Skill Magill

Got this in the post yesterday and am at a loss as to what it means,ie are they going to give me back personal loan protection monies I paid on a loan I got 5 years ago?
"Payment Protection Insurance Overview
We are writing to let you know that Ulster Bank has commenced a review of payment protection sales practices. This review has been requested by the Central Bank and covers policies sold by the Ulsterbank and First Active from 1st August 2007 to date.
The review is being overseen by an independent third party and progress will be closely monitored by the Central Bank.
Our anticipated completion date for the majority of the review is 28th june 2013.
Then it gives my PPI Insurance policy details and goes on to say I don't have to take any action at this stage.
"Any complaints submitted by you, or on your behalf,in respect of your ppi insurance policy will be dealt with as part of this review.If you have already submitted a complaint prior to 8thOctober2012 we will continue to deal with this as part of our standard complaints process"

Any input at all would be greatly appreciated as to what this means

Skill Magill

?

BuffyBot

Please don't bump threads, especially after no more than a few hours.

It seems pretty self explanatory: they've launched a review of customers who were sold PPI. If any of those customers have already complained and an investigation is ongoing, the normal complaints procedure is being followed. New complaints will be handled by the team doing this review for them. It doesn't say you're automatically getting any money back, or any at all.

Skill Magill

@BuffyBot They do seem to be hinting that I am entitled to the ppi I paid 5 years ago. I presume that if I wanted to get this back
I'd have to lodge a complaint with them, that its not automatic.
I thought also that the Ulsterbank are spewing out these letters to everyone that paid ppi in the last 5 years, and I was wondering
what other people are doing about it?

phormium

Those letter are going to everyone who had taken it out, doesn't mean you are entitled to refund. I got the letter and most definitely am not entitled to a refund. You will only get a refund if it was sold incorrectly to you for whatever reason.

GoodisonPark

How would I know if it was incorrectly sold?

phormium

Would you have qualified to claim on it, if you would then it was correctly sold.

You would need to check your policy, if for example it covered redundancy only and you were self employed then it would not have covered you, if you were not working the number of hours specified on the policy or if you did not meet some aspect of the policy requirements and your bank knew this then it should not have been sold.

If however you were working and met the requirements then you would have been able to claim if you needed it, if that is the case then you are not due a refund.

GoodisonPark

If a bank official advised that the loan was more likely to be approved if PPI was included , would that be considered a mis-sale?

phormium

That I don't know and how would you prove that at this stage, it's unlikely to be written anywhere.

Realistically loans were more likely to be approved if ppi was taken out as the banks felt it gave them more security.

GoodisonPark

phormium wrote: »

That I don't know and how would you prove that at this stage, it's unlikely to be written anywhere.

Realistically loans were more likely to be approved if ppi was taken out as the banks felt it gave them more security.

Thanks for the reply.
I took a loan out in 2008 with UB , have it fully paid-up now , however I did feel that there was a push on to sell me PPI as well , I actually did'nt want it but felt that I would'nt get the loan if I refused it , so thats where Im at. I did get the standard letter this week so now considering lodging a complaint.