ALLIED IRISH Bank (AIB) may have missold payment protection insurance to some of it’s credit card customers . This week they sent out letters to hundreds of credit card customers letting them know that they (AIB) have identified some instances where the documentation held by them is not consistent with the application of payment protection insurance to some accounts.
The bank are asking customers to confirm whether or not it was their intention to purchase payment protection at the time of opening their credit card account.
Customers are being advised that if they wish to keep their PPI ( Payment Protection Insurance) they do not have to contact the bank but if they have concerns or did not wish to have insurance in the first place – they need to contact the bank.
Payment protection policies (PPIs) are sold with the promise of clearing outstanding debts on credit cards in the event that card holders fall sick or lose their jobs .
In the UK widespread mis-selling of PPI was uncovered – and millions of consumers have been issued with billions in refunds – with many more in the pipeline. Customers were frequently unaware that they were paying for PPI – and were led to believe it was compulsory.
Thousands of Irish people may have also needlessly paid for Payment Protection Insurance (PPI) on loans, credit cards or mortgages. PPI is not compulsory, it’s optional – you should NOT have been forced to purchase it, nor should it have been presented to you in a manner that suggested it would be helpful in having your application approved.