How to Reclaim Mis-sold PPI From Northern Ireland?
As Northern Ireland is part of the UK, any complaints about lenders who mis-sold PPI policies need to be directed to the Financial Ombudsman Service (FOS). However, this option is only available if you’ve not received a satisfactory final response from the lender concerned. The complaint to the FOS must be made within six months of receiving the final response from the lender.
The time limit of complaining to FOS is six years from when the product was sold or three years from when you noticed (or ought to reasonably have become aware) that something was wrong, whichever is later, to make a complaint.
The Payment Protection Insurance (PPI) scandal has been raging in the UK since 2011, with most high street banks (and other financial services providers) implicated. Billions of pounds have been paid out by banks so far to compensate customers who were mis-sold. Furthermore, financial institutions have set aside additional funds to pay compensation.
The scandal is not restricted to the UK, financial institutions in Ireland have also been implicated.
In 2011, it came to light that several financial institutions had probably sold PPI to people who didn’t need it, couldn’t benefit from it and were not aware it had been added to a loan.
We Can help customers with PPI Claims From Ireland in the following areas:
Antrim, Armagh, Ballyclare, Ballymena, Ballymoney, Banbridge, Bangor, Belfast, Carrickfergus, Coleraine,Comber, Cookstown, Craigavon, Lurgan, Portadown, Derry (Londonderry), Downpatrick, Dundonald, Dungannon MUL Enniskillen, Holywood, Larne, Limavady, Lisburn, Magherafelt, Newcastle, Newry, Newtownabbey, Newtownards, Newtownbreda, Omagh, Portstewart, Strabane, Warrenpoint / Burren.
Banks & Lenders Investigated for Mis-selling PPI in Ireland
Once it became clear in 2012 that banks in Ireland were making quick profits off the back of PPI, the Central Bank of Ireland, responsible for the regulation of all financial services firms in Ireland, told the following firms to conduct a review of all their PPI sales dating from 2007:
- Bank of Ireland,
- Allied Irish Bank,
- GE Money,
- Ulster Bank and
- Permanent TSB
The review date of 2007 was set as that is when the full Consumer Protection Code came into force. Claims for mis-sold PPI before 2007 can still be made but it may be a difficult process. The Central Bank suggests consumers who think they may have been mis-sold to put a complaint into the bank concerned and if necessary to the Financial Services and Pensions Ombudsman.
The above list was the first group of lenders to be investigated. However, the Central Bank extended its investigations to other banks and credit institutions in 2013.
These firms were:
- Bank of Scotland Ireland Limited,
- Danske Bank,
- KBC Bank Ireland Plc,
- MBNA Europe Bank Limited and
- RaboDirect Ireland.
Although each company carried out the reviews themselves, they were overseen by an independent third party and monitored by the Central Bank also.
Once the review had been completed in 2014, all banks had to write to customers notifying them that they may have been mis-sold PPI.
The review covered policies sold with mortgages, personal loans, and credit cards.
Time Restraints on Making a PPI Claim from Ireland
Unlike in the UK where claims for mis-sold PPI could go as far back as 1988, Ireland has a six-year time limit from the date the policy was sold. This prevented many from lodging a complaint with the lender concerned and then to the Financial Services and Pensions Ombudsman if their complaint was declined.
It is important to note that this time-bar is not only for mis-sold PPI but applies to any other financial services related complaint.
- The time limits for long term financial services will only apply to complaints about conduct that occurred after 2001; &
- The service or product being complained about must not have expired more than six years before the date of complaint.
The second point meant that many consumers found that they were outside of the six-year time limit so could not make a complaint.
Change in Law
The law was changed on 26 July 2017 where the time to make a claim was extended to three years from the point of discovering the problem.
This change has meant that consumers who were otherwise time-barred from making a complaint can now bring or re-submit a claim. If further time is needed to investigate a complaint the FSA can, using their discretion, extend the deadline further.
Grounds On Which PPI May Have Been Mis-Sold
Many lenders sold PPI policies that were not wanted/needed or wouldn’t benefit you if you ever needed to make a claim or it wasn’t disclosed at the point of sale.
Your lender at the time of selling the PPI policy should have reviewed the policy with you, in detail, to ensure that it was suitable, and you were eligible to use it if the need arose. To do this lender should have explained the terms and conditions and gone through any exclusions. This is a legal requirement under the Consumer Protection Code.
If the review wasn’t carried out by the lender or the PPI policy wasn’t explained to you, you may be eligible to claim compensation.
The following circumstances, if any of them apply to you, could mean you may be able to make a claim for compensation for mis-sold PPI:
- You were self-employed when sold PPI;
- You were unemployed when sold PPI;
- You were working part-time or on contract when sold PPI;
- You were sold PPI when you had just started a new job;
- You discovered you were paying for it without requesting it;
- You were told it was compulsory;
- Your lender did not explain the terms, conditions and exclusions of the policy;
- Your lender failed to tell you that you could buy PPI elsewhere;
- You were led to believe you would receive a better interest rate if you took PPI;
- You were told you had a better chance of getting the credit with PPI;
- Your lender did not explain that pre-existing medical conditions were excluded;
- You were promised cover on certain clauses, but it didn’t pay out when you made a claim;
- You paid upfront for PPI without knowing it could be paid monthly; or
- You paid for the PPI upfront and didn’t receive a refund when you paid your loan early.
If any of the above apply to your circumstances, you may possibly have a claim.
Making a Claim for Mis-sold PPI
As already mentioned PPI was sold as an add-on to loans, credit cards and mortgages. The purpose of PPI is to cover and protect your credit repayments if you couldn’t due to death, unemployment, serious illness or redundancy.
The policy is and can be useful if sold appropriately. However, many banks and lenders discovered this was an effective way to make more money from consumers. PPI was pushed onto consumers regardless of it was suitable or needed, without a thought to policy exclusions and/or if the consumer was ineligible.
The reality was that consumers were sold the policies on a very informal basis with little or no fact finding into their needs, requirements or history. Consumers thought that their credit repayments were protected when they weren’t. Some found out the hard way: making a claim only for it to be rejected as they didn’t meet the terms of the policy, despite having paid the premiums, or they were paying for a product they never needed.
Unfortunately, there are large numbers of policies that were sold without the consumer even knowing they had it because the premium was built into the monthly repayment figure.
Why Were PPI Policies Mis-sold?
The obvious reason why PPI policies were pushed onto the public was because it generated many millions for the Banking industry. Bearing in mind that many policies would never pay out because they didn’t cover the consumer when they needed it, plus the duration and cost of the cover (it isn’t a cheap product), the premiums paid were straight profit for the lender.
The most underhand way by far of selling PPI to consumers was to build the premium into the monthly repayment figure so consumers were unaware that they have the cover. This must be one of the worst types of mis-selling practice by banks as consumers have been paying for an expensive product that was never asked for.
If any loans, mortgages or credit cards were taken out in the last ten years, check to see if PPI was sold to you as well. If so contact the lender and ask for a review to be carried out, you could be owed compensation.
What Should I Do To Start My PPI Claim?
Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim. If you no longer have the paperwork, don’t worry we can find out if you bought PPI on any previous products or accounts.
If you notice that your account had PPI attached to it, think back to when it was sold to you. Can you remember when or why you agreed to it? Were you informed that it would be added?
If you can’t remember please dont worry, we can check if you had PPI with the bank or lender for free.
How Do I Start My FREE PPI Check?
We’d like to discuss the details of your case with you, so your complaint can be lodged with your bank and lender as quickly as possible. To start your free check you have 2 options:
- Start your Free PPI check process by completing your contact information on our free ppi check form above.
- Call our dedicated number for PPI claims on 0333 443 9158
What If My PPI Claim Has Already Been Rejected?
If you have raised a previous PPI complaint with your bank or lender which was not upheld, and you are eligible to raise a further complaint relating only to the commission charged under the Plevin ruling on your PPI policy, for this please complete our online PPI commission claim form.