Back in July 2012 we wrote about the Central Bank forcing banks and other credit providers to undertake a review of PPI sales.
PPI – (Payment Protection Insurance) was sold alongside loans , credit cards and mortgages – and it seems that in many cases it was mis-sold. The review is only looking at PPI policies sold since July 2007.
The Central Bank has this week released some information on the progress of this PPI review which we now know involves 10 companies. (Previously we were only told the names of 6).
The companies involved in the review are : Bank of Ireland, Allied Irish Bank, EBS, GE Money, Permanent TSB, Ulster Bank, Bank of Scotland (Ireland), Danske Bank (NIB) , RaboDirect and KBC Bank.
The Central Bank said that these 10 firms have only now started writing to each customer who purchased PPI in July 2007 to inform them of the outcome of the Review. They say that about 13,000 customers will receive letters in the week commencing May 20th 2013 .
We can only assume from this – that 13000 people were sold PPI in July 2007 – and that there must be many thousands more letters to go out. It is estimated that about 340,000 PPI policies were sold in Ireland since July 2007.
It seems that the rest of the customers involved will be written to over the course of 2013. No definite figure of the numbers of cases involved has been given by the Central Bank – nor any target date for the end of this review process.
In the UK – refunds of over £6 billion have been paid out by the banks because of missold PPI.
Our advice is – if you think you were missold PPI (have a read of this article to get more information about PPI Misselling) – then apply for a refund of the PPI premiums and involve the Ombudsman if you need to before it becomes too late.
The Ombudsman currently won’t investigate any complaints about products sold over 6 years ago – this unfair rule needs to be changed but in the meantime you might not want to wait for the banks to review your PPI – maybe you should get in with a complaint first before you run out of time.
More here about Getting a PPI Refund in Ireland