PAYMENT PROTECTION INSURANCE PPI
Coleman Legal Partners represent hundreds of Irish bank customers in their claims for mis-sold Payment Protection Insurance (PPI). Many of our clients have instructed us to seek redress on their behalf in the Irish Courts.
WHAT IS PPI PAYMENT PROTECTION INSURANCE?
Payment Protection Insurance (PPI) is usually offered when you take out a loan, mortgage or apply for a credit card or overdraft. An insurance policy would probably be offered to you to cover some or all of your repayments in the event of serious illness or if you are made redundant. This type of loan insurance is referred to as Payment Protection Insurance or PPI.
The inherent problems of PPI lay primarily with how the product was actually sold. Sales staff regularly omitted important details about the policy and failed to ask questions regarding the consumers’ employment or health which would help determine their eligibility. In a large number of cases lending institutions sold products that were greatly overpriced and were not suitable for the borrowers needs.
You may not realise that you have taken out a Payment Protection Insurance PPI policy, and you can confirm this by speaking with your Mortgage Provider, Bank, Loan Provider or Credit Card issuing bank and inquiring whether you have Some people might not even realise they have or had a PPI policy.. You can find out by asking your mortgage provider , loan provider or credit card or store card provider if you have Payment Protection Insurance or PPI in place (or if you have had Payment Protection Insurance in the past)
HAVE YOU BEEN MIS-SOLD PAYMENT PROTECTION INSURANCE PPI?
You may have been mis-sold PPI if you answer ‘No’ to one or more of the below:
- If the payment protection insurance was optional, was this made clear to you at the time?
- Were you asked if you had any other type of insurance which would cover the repayment of your loan?
- Were you told that you had to take out payment protection insurance PPI at the same time as the loan?
- Did your financial adviser tell you about any significant exclusions under the payment protection policy – for example, the exclusion that says you will not be covered for any pre-existing medical condition?
- If you took out a loan or finance agreement, did the adviser make it clear that you would have to pay for the payment protection insurance up front in one single payment?
- If you had to pay for the payment protection insurance PPI as a single payment, did the adviser make it clear that the insurance cost would be added to the loan and you would be paying interest on it?
- Were the terms and conditions of the fine print not properly explained to you?
- Were you unemployed or self-employed at the time of the sale?
- Were you working 16 hours a week or less when you were sold the PPI?
- Were you sold PPI when you were on contract work?
- Single premium PPI insurance normally only lasts for five years. If your loan or finance agreement was for a longer period than the term of your PPI, did your financial adviser explain clearly to you that the payment protection insurance would run out before you had finished paying for your loan or finance agreement? Your financial adviser should also have informed you that you would continue to pay interest on the insurance premium, even after the insurance expired.
- If you bought PPI after 14 January 2005 did the adviser try to persuade you to take it out by saying something like ‘we strongly recommend that you consider taking out PPI’? If so, the sale counts as an ‘advised’ sale and they should have issued a ‘demands and needs statement’ to show why a particular policy has been recommended and why it is suitable for you. If they didn’t, this is grounds for complaint.
- Were you led to believe that your chances of securing the loan were better if you purchased PPI?
- Were details of your medical history asked for?
- Did you feel pressured into purchasing the PPI?
WHAT ARE YOUR OPTIONS IF YOU HAVE BEEN MIS-SOLD PPI?
At Coleman Legal Partners, we can examine whether the payment protection policy documentation set out the terms with “sufficient prominence” and advise you on your right to recourse, if any, for your particular case.
The Central Bank of Ireland ordered a review for the sale of payment protection insurance PPI in October 2012. However, this review only looked at a limited number of financial institutions and a small percentage of the policies that were sold between July 2007 and July 2012. This review has now concluded and thousands of Irish bank customers who purchased PPI have been left without redress.
Contact Marguerite Baily or phone us on 01-5313800.
COLEMAN LEGAL PARTNERS IN THE NEWS
Our team recently settled a PPI claim in the District Court on behalf of a customer of GE Money. The team’s success was reported in the following article: