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  • irishtimes.com - Posted: July 9, 2012 @ 11:31 am

    Payment protection insurance. Can you get a refund?

    Conor Pope

    There have been more than 340,000 payment protection insurance policies sold in Ireland over the last five years.

    Many of these policies will have been mis-sold to people.

    Common reasons why you may have been mis-sold a PPI policy include

    If uou are under 18 or over 65
    If you work less than 16 hours a week
    If you are self-employed or unemployed
    If you have pre-existing medical conditions
    If you are on contract or temporary work
    If you were told that taking such a policy out would help you get the loan approved.

    If you think you have been mis-sold a payment protection insurance policy, you should take the following steps:

    First and most obviously find out if you have a PPI policy. Check your statements to see if there are any deductions that you can’t explain. It may not be listed separately so it is also worth ringing your lender to ask.
    If you have one you will need to write to your lender asking for the following documents:
    A signed copy of any consent or application form
    A copy of all fact-find completed by the salesperson and all the contemporaneous file notes they may have taken at the time.
    Ask what the cost of the policy is and what total you have paid to date
    Ask for a copy of the PPI policy document you were sold and any explanatory notes

    Address the letter to the compliance officer reporting to the Central Bank.

    If a lender refuses your request for a refund the next step is to lodge a complaint with the Financial Services Ombudsman for arbitration.
    Financial Ombudsman’s Bureau
    3rd Floor
    Lincoln House
    Lincoln Place
    Dublin 2
    Lo-call 1890 882 090
    Tel: 01 662 0899
    Fax: 01 662 0890
    Email: enquiries@financialombudsman.ie

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