Have you ever been mis-sold payment protection insurance? Since August 2007, over 300,000 payment protection insurance policies have been sold throughout Ireland. Many of these applications were wrongly sold and the unknowing victims could have been paying as much as 30-40% extra on repayments.
Payment protection insurance is a type of cover that repays loans and credit card balances should the policy holder become unemployed or unwell. PPI is separate to mortgage protection and is an optional extra. Unfortunately many were told otherwise and forced to buy it in order to help approve their application.
How do I know if I was a victim? If you were self-employed, worked less than 16 hours a week, performed contract work, already had income protection or simply forced to make an upfront payment you may be entitled to claim back thousands of Euros.
What should I do? Consumers are being advised to do nothing as you will be contacted by your bank. Claims management companies should be avoided at all costs. The Central Bank has ordered independent reviews of all PPI sales within banks such as Bank of Ireland, Allied Irish Banks, EBS, Permanent TSB, Ulster Bank and GE Money during that period.
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