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Bank of Ireland credit card PPI question

  • 20-10-2014 3:04pm
    #1
    Frank Jnr
    Registered Users, Registered Users 2 Posts: 102 ✭✭


    Hi there,

    Until I saw an article by pure chance in the Irish Independent a few weeks ago on the PPI issue here in Ireland I though the PPI issue was confined to the UK only so I never looked into it properly, but, as a result of reading the article I did some digging and I would just like to find out where I stand.

    I have a PPI policy on my Bank of Ireland credit card, and seeing as I usually keep my credit card in positive territory I never really paid much attention to to the payment protection amounts that were going out, however, I used my card a fair bit this year and balance has been creeping up, as a result the PPI amounts have been getting bigger.

    My questions are:

    1) Do I need PPI?

    Should I just cancel it as I've never had to claim it, and like I said, I usually stay in positive territory so am unlikely to ever need to claim.

    2) I've been paying PPI on my credit card since June 1997, and if I don't actually need it, do I have a chance of getting a refund?

    I was fresh out of college and never had a credit card up to that point, so I guess I was a bit naive and signed up for whatever they told me to sign, I don't usually go for insurance unless it is needed so I guess they told me I needed it and I've plain forgotten about it since then.

    I guess from reading posts on this website and on other websites that I'm outside of the 6 year claims window that the Ombudsman is standing over, so should I just cancel my PPI, and forget about everything I've paid since 1996?

    Have had mortgage PPI since 2004 but that's another story!


    Thanks in advance,

    Frank.


Comments

  • #2
    SBarrett
    Registered Users, Registered Users 2 Posts: 160 ✭✭SBarrett


    Hi Frank

    When assessing whether you need any insurance, you should ask yourself:
    1. How likely is it that it will happen?
    2. What is the extent that I can control the risks that I am exposed to?
    3. What impact will it have?
    4. Will I be able work around the impact?
    5. What solutions are available?

    The biggest issue for me is impact. What impact will it have on my life. If my washing machine breaks down, very little. If my wife or I die, the impact is massive.

    In your case, it's the inability to pay off the credit card in the event of unemployment.


    Like with any insurance, you won't get a refund if you didn't claim...



    ...unless you were mis-sold it.


    Steven


  • #3
    Frank Jnr
    Registered Users, Registered Users 2 Posts: 102 ✭✭Frank Jnr


    Hi Steven,

    I did a bit more research since my first post and today I sent a letter cancelling my credit card PPI as I've never had need to use it, and I don't normally run up a large bill. I was unemployed a few years ago and neer had to claim the insurance, being honest, I didn't even realised I was covered.....

    As for claiming any premiums back, I've requested a copy of the agreement from all those years ago to have a look see, and will take it from there. I don't really care about getting money back, I just don't want to waste any more of it!

    Thanks for the reply.


    Frank.


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