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Ulster Bank PPI claim

  • 02-09-2019 1:04pm
    #1
    elshem
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi there, we opened a case last week with Ulster bank as we believe we were missold PPI. It only came to our attention when they cancelled said policy at the beginning of this year saying they were pulling out and we didn't need it. When we took out our mortgage we were told we could not get it without this policy. There is also another policy on the mortgage to cover illness and death etc. Ulster bank have told us tough luck, you had a 2 week cooling period to cancel the policy when you took it out 15 years ago. But why would we cancel a policy that they said we absolutely had to have to get our mortgage?? Should we just accept this and move on ? Many thanks


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    If you've written evidence of conditional lending you're golden. Without that you may struggle.

    I'd go after them if I were you.


  • #3
    Cartman78
    Registered Users, Registered Users 2 Posts: 9,849 ✭✭✭Cartman78


    Definitely pursue it....the mis-selling of PPI is one of the biggest banking scandals in recent years imho.

    PPI is fundamentally a useful insurance product but the banks got greedy and sold it to people who either weren't aware of it or would never be able to claim on their policies (due to pre existing illnesses, employment type etc).

    The Ombudsman will be able to support you in this regard once you've exhausted the complaints process with the bank.


  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Have you checked your loan offer, what insurances were down as conditions of the loan?

    If it's not listed there then have you anything in writing where they say you have to have it to draw down the loan?


  • #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,612 Mod ✭✭✭✭Jim2007


    elshem wrote: »
    Hi there, we opened a case last week with Ulster bank as we believe we were missold PPI. It only came to our attention when they cancelled said policy at the beginning of this year saying they were pulling out and we didn't need it. When we took out our mortgage we were told we could not get it without this policy. There is also another policy on the mortgage to cover illness and death etc. Ulster bank have told us tough luck, you had a 2 week cooling period to cancel the policy when you took it out 15 years ago. But why would we cancel a policy that they said we absolutely had to have to get our mortgage?? Should we just accept this and move on ? Many thanks

    Are you sure you have not mixed up which policy was required? Do you have documented evidence that you were required to have the PPI?


  • #6
    Sunny76
    Registered Users, Registered Users 2 Posts: 21 ✭Sunny76


    Hi there,

    Hope it's ok to jump in here!

    I recently came across documents that showed I was paying PPI. This was just worked in as part of a small loan I took out with a bank. The bank in question is no longer active in Ireland.
    Is it too late to pursue this, or at least find out if there is anything to pursue?

    Thanks,
    Sunny


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