Payment Protection Insurance or PPI for short – was usually sold by banks, credit card companies and retailers alongside mortgages, personal loans, credit cards , store cards , car loans , overdrafts and business loans.
The scale of the mis-selling of payment protection insurance in Ireland (just like the UK) is becoming clearer.
In October 2012 6 Irish banks were told by the Irish Central Bank (Regulator) o review all their PPI policies taken out after August 2007 .
Earlier in 2012 AIB and BOI had to refund about €4 million in PPI premiums where they were missold with credit cards .
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.
Here in Ireland – it is estimated that around 340,000 Payment Protection policies were sold since 2007 . So 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