The scandal of mis-sold Payment Protection Insurance (PPI)

If you are reading this then you are probably here because you have seen some of the extensive media coverage in the news papers and on the consumer show on RTE about the shocking scale of the PPI mis-selling in Ireland by some of our largest and trusted financial institutions. The Financial institutions have made a great deal of profit from selling PPI to consumers. Some policies were sold correctly and with the consumers best interest at heart. However many policies were sold to customers wrongly and some felt they were forced to take out PPI to get their loan and in many cases they did not realise that they were buying PPI as it was just added to their loan amount without informing them. The Central Bank of Ireland have written to the financial institutions and told them that each complaint must be investigated correctly and if it is found that a mis-sell took place then the customer will have to be compensated. 

Regardless of who it was from, if you have taken out a loan or credit card in the last 6 years then check the documentation now for anything that sounds like "loan insurance" or "payment protection insurance". If you find you have a policy with PPI then talk to us and we will help ascertain if you are due a refund or not. 

What was PPI supposed to do?

Payment Protection Insurance (PPI) was originally designed to cover the cost of your loan or credit card repayments should you become unemployed, or unable to work due to illness. 

The principle is fine. The problem is that much of the PPI sold was hugely overpriced, sold without advice and in many cases could not actually be claimed on...

How was it mis-sold?

PPI was mis-sold in more ways than you believe, often by counter staff who were incentivised to sell the policies.

If any of the statements below apply to you then you should be looking to make a claim:

  • They made me think I had to have PPI in order to have the loan

  • They added the PPI onto the loan without fully explaining why

  • The bank didn't explain the full cost of the PPI or the exclusions in the terms and conditions

  • When I took out the loan I was self employed, unemployed or on a fixed term contract

  • When I took out the loan I had existing medical conditions such as depression, back problems etc

  • The PPI was a paid as a lump sum when I took out the loan

  • I am a civil servant and I have adequate cover already in case of illness.