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.

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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.

One thought on “Payment Protection Insurance Refunds

  1. Hi
    i am currently dealing with a claim against British Based Credit Card Co. – with regards to PPI i ‘supposedly’ opted for on a credit card. When i realised i was paying PPI i cancelled immediately and asked for a refund.
    I was basically told i selected the PPI in the online application!!
    I asked for proof of where I selected that i wanted PPI and surprise surprise i am still waiting.
    I am hoping that the regulator can help me out.
    Its such a crazy situation that many people find themselves in……I have read numerous accounts of where people actually wanted PPI and when they needed to claim they were given many watery reasons as to why they couldnt claim.
    This has to be one of the worst banking scandals out there.

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