Credit Card Rebate Setanta Insurance

Ants Murray

Anybody go down this route yet in relation to Setanta Insurance? Paid mine in full last Oct so wondering is there a way to get a refund since the regulators in this hell hole clearly have their heads in the sand AGAIN.

skelligs

Ants Murray wrote: »

since the regulators in this hell hole clearly have their heads in the sand AGAIN.

please explain how the regulators "clearly" have their heads in the sand?


It was regulated by the Maltese authorities. This is very clearly laid out in the policy documents. Under EU rules, a company in one jurisdiction can do business in another - its called the free market.

The company has gone bust. Sh1t happens, but you can't blame a regulator on everything.

wmpdd3

I think you may have a chance if you paid with credit card as opposed to visa debit. The protection for non receipt of service seem to be better for credit card.

Contact your bank, I think the date you paid will be the issue, they may argue you received a little bit of insurance but not all of it!

Mo60

skelligs wrote: »

please explain how the regulators "clearly" have their heads in the sand?


It was regulated by the Maltese authorities. This is very clearly laid out in the policy documents. Under EU rules, a company in one jurisdiction can do business in another - its called the free market.

The company has gone bust. Sh1t happens, but you can't blame a regulator on everything.

According to Setanta certificate of insurance they were also regulated by the Central Bank in Ireland.

dudara

Mo60 wrote: »

According to Setanta certificate of insurance they were also regulated by the Central Bank in Ireland.

They were regulated for conduct by the Central Bank of Ireland - but their "true" financial regulator was the Maltese authority. Semantics I know, but that's how they operated.

purplecow1977

Those who had insurance with Setanta, what is the route to take now? Find another insurer and get a new policy? Any rebate from Setanta? My Dad has still 6 months left with Setanta.

Harry.c

purplecow1977 wrote: »

Those who had insurance with Setanta, what is the route to take now? Find another insurer and get a new policy? Any rebate from Setanta? My Dad has still 6 months left with Setanta.

I too have 6 months left, don't know where to turn, contacted citizens info today, they didn't know either, pissed off big time as unemployed too,

broke1234

Im fully paid till Sept so at a loss as well!!doubt any money will be returned either!!just got a text from broker to say they have extended cover with liberty until Wed so I'm going to hold out and see what happens and not paying for a new policy till I have to

runawaybishop

wmpdd3 wrote: »

I think you may have a chance if you paid with credit card as opposed to visa debit. The protection for non receipt of service seem to be better for credit card.

Contact your bank, I think the date you paid will be the issue, they may argue you received a little bit of insurance but not all of it!

A very slim chance, you'll be at the end of a long list of people owed cash and its highly unlikly there will be cash to return.

Just a Plinker

I got stung also at least I only lost 3 and a half months, But it has still put me under pressure to pay for a new policy as I just spent in the region of 1200 euro to get trough the DOE with tyres service etc, I was always under the impression that you would be covered in the event of an insurance company going under, I feel sorry for those that just renewed their policy recently,

Harry.c

broke1234 wrote: »

Im fully paid till Sept so at a loss as well!!doubt any money will be returned either!!just got a text from broker to say they have extended cover with liberty until Wed so I'm going to hold out and see what happens and not paying for a new policy till I have to

I got the same text, Shouldn't have to pay out for a new policy,

Guy:Incognito

Harry.c wrote: »

I got the same text, Shouldn't have to pay out for a new policy,

Why not? these are private companies. Who should pay for your new policy?

Harry.c

Guy:Incognito wrote: »

Why not? these are private companies. Who should pay for your new policy?

Your missing the point here, im not expecting anyone to pay for my stuff,
point is I have paid my policy for a year and have 6 months left, I have paid already, this private company should have been properly regulated,
maybe I didn't put my post out properly but I souldnt have to buy a new one as I already paid,,

ytpe2r5bxkn0c1

Harry.c wrote: »

Your missing the point here, im not expecting anyone to pay for my stuff,
point is I have paid my policy for a year and have 6 months left, I have paid already, this private company should have been properly regulated,
maybe I didn't put my post out properly but I souldnt have to buy a new one as I already paid,,

They were regulated in Malta. They went bust. Unfortunately you have to pay for another policy. It's no different to someone paying for furniture and the company goes bust before delivery. You chose a company regulated outside Ireland that may have seemed cheaper at the time but now I regret will prove much more expensive.

Harry.c

Skyler Warm Drunk wrote: »

They were regulated in Malta. They went bust. Unfortunately you have to pay for another policy. It's no different to someone paying for furniture and the company goes bust before delivery. You chose a company regulated outside Ireland that may have seemed cheaper at the time but now I regret will prove much more expensive.

policy taken through a broker, I wasn't aware there were based in malta, like 75000 others didn't, how was anyone to know they would go bust?
Take your point but just hard when unemployed etc etc,,

Guy:Incognito

Harry.c wrote: »

how was anyone to know they would go bust?
,,

How is anyone to know any company will go bust ? That's just the way it goes sometimes. Companies have been going bust every day over the last few years.

Lots of people have lost money by having vouchers from companies that go bust, they cant just walk in to another company in the same industry and expect the value of the voucher in goods.

Harry.c

Guy:Incognito wrote: »

How is anyone to know any company will go bust ? That's just the way it goes sometimes. Companies have been going bust every day over the last few years.

Lots of people have lost money by having vouchers from companies that go bust, they cant just walk in to another company in the same industry and expect the value of the voucher in goods.

not talking about vouchers here , that's a different thing,, when one gets a new policy one hopes if the company goes bang, the Insurance regulator would step in and help, otherwise what are they there for,

broke1234

I totally agree for people that had fully paid they should of been transferred to another insurance company for remaining mths left.end of the day my broker recommended setanta not me I went with them even though they were slightly dearer than another quote I had got because of my broker recommending them!!but end of day we won't be getting any money back so just have to find money now for a new policy!!!!

Guy:Incognito

Harry.c wrote: »

not talking about vouchers here , that's a different thing,, when one gets a new policy one hopes if the company goes bang, the Insurance regulator would step in and help, otherwise what are they there for,

Why is it different? You bought something and the company went bust before you got all of the use of it. If you bought a voucher and spent half before the company went bust youd have very little chance of getting it back and even less chance of a competitor giving you the value of it.

What happens if a company take on all the Setanta customers for free and between them they make €30m in claims? So now they are outlaying €30m for nothing. I wouldn't be happy if I had shares in that company.

As for the regulator, youll have to check if your free international minutes cover Malta.

ytpe2r5bxkn0c1

broke1234 wrote: »

I totally agree for people that had fully paid they should of been transferred to another insurance company for remaining mths left.end of the day my broker recommended setanta not me I went with them even though they were slightly dearer than another quote I had got because of my broker recommending them!!but end of day we won't be getting any money back so just have to find money now for a new policy!!!!

Are your serious? A free transfer of liability to another company! If you had bought all the furniture to fit out your home and the company goes bust with your 3000 deposit, or more, you can't go to another supplier to give you free furniture. This is the same.
You can't put blame on a broker for what was in the end your decision.
It's tough but please be realistic.

broke1234

Brokers shouldn't of recommended setanta when people weren't protected!!!!its hard enough to pay for 1 policy never mind two in a year

peteb2

People arent any more protected if the company is monitored by the Central Bank. Yes, they require higher solvency margins. But if a company goes bust, it goes bust and there are no funds to make refunds or premiums.

The insurance compensation fund only pays out claims that arent met, not premiums that are lost!

skelligs

broke1234 wrote: »

Brokers shouldn't of recommended setanta when people weren't protected!!!!its hard enough to pay for 1 policy never mind two in a year

OK, you feel hard done by, but that's life sometimes. You simply can't expect regulators or other companies to take up the slack when a company goes bust.

Why would a broker not recommend Setanta up to last January?. They had a great record. They paid out claims quickly, they gave better cover than others and their customer service was very good.

I was with them for 2 years til February (yes, I was lucky they stopped renewing policies) and I'm a stickler for reading policies and theirs was very good. So no reason for a broker not to recommend them.

GerardKeating

wmpdd3 wrote: »

I think you may have a chance if you paid with credit card as opposed to visa debit. The protection for non receipt of service seem to be better for credit card.

Contact your bank, I think the date you paid will be the issue, they may argue you received a little bit of insurance but not all of it!

Visa debit and Visa Credit Cards should give the same chargeback rights.

But it time limited, so those whom paid six months ago might be out of luck.

Also the fact that some cover was provided might give the issuers some wriggle room.

But certainly try and push it with your issuer.

runawaybishop

GerardKeating wrote: »

Visa debit and Visa Credit Cards should give the same chargeback rights.

But it time limited, so those whom paid six months ago might be out of luck.

Also the fact that some cover was provided might give the issuers some wriggle room.

But certainly try and push it with your issuer.

Where do you think the cash will be coming back from? The company is broke.

purplecow1977

Im not with Setanta, but is it true that we ALL contribute a small percentage of our policy towards uninsured drivers in the event of a claim?

Couldn't some of that be used towards Setanta on this once off?

I do agree its like a voucher for a company that goes bust though. Nothing really can be done-its just unfortunate.

runawaybishop

purplecow1977 wrote: »

Im not with Setanta, but is it true that we ALL contribute a small percentage of our policy towards uninsured drivers in the event of a claim?

Couldn't some of that be used towards Setanta on this once off?

I do agree its like a voucher for a company that goes bust though. Nothing really can be done-its just unfortunate.

Ya, it goes towards MIBI. Not sure why we should fork out for a foreign company going bust though, it'll increase everyone's insurance.

purplecow1977

But surely there is a pot of money collected from last yrs insurance that wasn't used?Ah Im just clutching at straws I know. Just hate seeing people like my Dad having to fork out again.

Bogger77

If you bought via a broker, isn't part of the contract with the broker, I know I got a receipt for payment from my broker not RSA. Would a claim via small claims court be in order, you've paid broker for 1 years policy, and you're not getting that one year.

Anyhows, my broker never recommended Setanta, luckily enough.

purplecow1977

Bogger77 wrote: »

If you bought via a broker, isn't part of the contract with the broker, I know I got a receipt for payment from my broker not RSA. Would a claim via small claims court be in order, you've paid broker for 1 years policy, and you're not getting that one year.

Anyhows, my broker never recommended Setanta, luckily enough.

I Doubt it.
His broker covered him for a week. He renewed today. Such a pity.

dudara

Bogger77 wrote: »

If you bought via a broker, isn't part of the contract with the broker, I know I got a receipt for payment from my broker not RSA. Would a claim via small claims court be in order, you've paid broker for 1 years policy, and you're not getting that one year.

Anyhows, my broker never recommended Setanta, luckily enough.

As mentioned before, the broker was acting as an agent for Setanta. And your money was paid to Setanta not the broker, he just acted as a channel.

runawaybishop

Bogger77 wrote: »

If you bought via a broker, isn't part of the contract with the broker, I know I got a receipt for payment from my broker not RSA. Would a claim via small claims court be in order, you've paid broker for 1 years policy, and you're not getting that one year.

Anyhows, my broker never recommended Setanta, luckily enough.

No, you wont be able to claw anything back from the broker as they were acting an an intermediary.

speedygirl

Badly stung here, Renewed my policy out with them Mid December. I've already spoken to Credit Card Co. Friend of mine works in that section. Bascially they have being told they cannot charge back these payments as the payments were made to the Brokers and not directly to Setanta so its not straightforward. The direction they( Credit Card Co) have being given is not to issue any charge backs as they cannot charge back the Broker. We have to basically wait for the liquidation process and the likelihood of getting any money back is slim to none. Sorry for the dim, depressing forcast.
Anyone who has not yet got another policy i would strongly advise you to get another one sorted elsewhere as if you have a claim on the current Setanta policy you are technically not covered for fully comp or 3rd party as they cannot guarantee even these claims ......

rocksolid

Guys just to let you all know that i got back my pro-rata amount back via a mastercard charge-back this morning, it was credited back on my credit card so i would advise anyone who paid a full years premium up front via credit card to contact their card card company straight away

speedygirl

That is encouraging to hear Noel. I submitted a dispute form to Bank of Ireland 18.4 but i have heard nothing at all yet :-(

rocksolid

speedygirl wrote: »

That is encouraging to hear Noel. I submitted a dispute form to Bank of Ireland 18.4 but i have heard nothing at all yet :-(

Well, mastercard were back and forth to me a couple of times, they needed a copy of the receipt of payment from my broker and then needed a copy of the policy to initaite the refund...but i kept in contact with them to see how they were going, have to say mastercard were very helpful and efficent...

Have you been talking to BOI about your charge back and whats taking so long as mastercard told me it would take about 4 weeks and thats how long it took.

speedygirl

Well trying to get through to BOI is the problem for starters, i have rang several times in the last few weeks , got through to various departments and keep getting back to Cus Service who keep me holding so long i end up having to hang up. I dont even know if they have processed the paperwork, I sent the dispute form. A copy of my bank stat where i paid the money and a copy of the policy from the Insurance Co so they should have everything they need, I have sent numerous emails also. It would be good just to know what is happening, I have being told by a colleague who works in disputes with another bank that they have 45 days to respond to the issue.

Fred Swanson

This post has been deleted.

speedygirl

ok thanks Folks, i will keep trying, I have just submittted a complaint also to the FSO so it can only help.

rocksolid

Guys, just an update for you all...

Thought all this was done and dusted when I got my money back via Mastercard charge back. Checked my 24hr banking yesterday and to my amazement my broker (odonoghue hooper dolan, tipsp town) have charged my credit card the exact amount Mastercard recovered for me....

surly they and no right to do this as I have no business with them since my setanta policy was cancelled. This is an unauthorised transaction on their behalf and also I have a new Mastercard number and pin since I took out and paid for the policy so how can they charge it when they shouldn't have these details...

Needless to say I'm fuming over this and heads are gonna roll tomorrow morning....

Anyone have any advise on this!

Fred Swanson

This post has been deleted.

rocksolid

Yea I rang Mastercard and they said if I didn't get a satisfactory answer from them that they will do a charge back for me again but they couldn't answer me why or how they had access to my new card details....

speedygirl

Ah no way Noel. I got notification from Bank of Ireland Visa Debit last week that my chargeback was succesful but they did ring me and tell me that there was a chance that within the 30 days the broker could reclaim the money back again from my account but that it was highly unlikely Jes it took me long enough to get a charge back in the first place , the thoughts of trying to get the money back again isnt appealing. I will wait and see does it stay in my account .....

wmpdd3

is the charge stated as a dd or a pos charge?

could it be that the ins company saw the chargeback and just pulled their records and sent your card forward for charging?

can't see that being within their merchant contract.

or is the case that the company contacted the cc company and argued against the chargeback?

Fred Swanson

This post has been deleted.

rocksolid

wmpdd3 wrote: »

is the charge stated as a dd or a pos charge?

could it be that the ins company saw the chargeback and just pulled their records and sent your card forward for charging?

can't see that being within their merchant contract.

or is the case that the company contacted the cc company and argued against the chargeback?

Dont know what sort of transaction it is and mastercard couldnt tell me why either, didnt get to ring them today but will in the morning and will report back here....