Payment Protection Insurance Refunds

The  scale of the mis-selling of payment protection insurance in Ireland is  becoming clearer – as 6 Irish banks have been ordered to review all PPI policies taken out since August 2007 .  See https://www.moneyguideireland.com/payment-protection-insurance-investigation-the-latest.html

Earlier in 2012 AIB and BOI had to refund about €4 million in PPI premiums.  See – https://www.moneyguideireland.com/ppi-refunds-of-e4-million-paid-out.html

These refunds were on PPI policies on credit cards that the banks investigated themselves and decided they had been mis-sold.

In the UK the banks and credit card companies have been swamped with claims for PPI refunds and almost £6 Billion pounds has been paid out in PPI refunds and compensation in the UK  since the start of 2010. According to figures from the FSA in the UK – over 4 million complaints about PPI have been made to banks since the start of 2010 up to June 2012 . Some of these will still be ongoing – but about 2 million of them have been upheld and resulted in refunds. The amounts of PPI refunds and compensation payouts can be quite considerable – the UK average  PPI refund is reported to be £2750 with some individual payments as high as £50,000 !

Here in Ireland – it is estimated that around 340,000 Payment Protection policies were sold since 2007 .  The Financial Services Ombudsman received  only 218 complaints about missold PPI in the last 6 months of 2011 . Of these  – just 115 were investigated further and only 20 were upheld in favour of the consumer.(19 partly upheld) and  78 were not upheld. That is less than 10% of PPI complaints that were upheld . In the first 6 months of  2012 – PPI complaints to the FSO totalled 410.
Looking at the UK PPI refund figures – it is possible that the number of mis-sold policies in Ireland could range from 40,000 to 80,000.

Complaints about missold PPI must be made first to the bank or company that sold you the insurance . If you are not satisfied with the response then you can take it to the Financial Services Ombudsman.

Some people may not even be aware that they had  PPI , some people may have assumed it was compulsory . Find out more at this link about  How to Get a PPI Refund in Ireland

Payment Protection Insurance will usually have been sold by banks, credit card companies and retailers alongside mortgages,  personal loans,  credit cards , store cards , car loans , overdrafts  and  business loans.