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PPI CLAIMS DEADLINE
29th Aug 2019

Bank of Ireland Loan PPI Check

Bank of Ireland loan PPI check

What is Bank of Ireland PPI?

There are many ways of referring to Bank of Ireland payment protection insurance (PPI), these include credit insurance, credit protection or loan repayment insurance. The purpose of PPI was to help a borrower make their repayments to Bank of Ireland if they couldn’t due to an unforeseen event, such as sickness, injury or redundancy.

PPI is often confused with income protection insurance. They are two completely different products. PPI provides short-term cover and is provided alongside loan and credit products. Any pay-outs under PPI go straight to the loan provider instead of the policyholder.

Income protection insurance is designed to cover 70% of the policyholder’s income if they can’t work due to accident or sickness. This is long-term protection and can cover a person until they retire if they are too ill or injured to work.

Many PPI policies sold by Bank of Ireland were added on to a loan, credit/store card, mortgage or an overdraft.

The duration of Bank of Ireland PPI usually covers a period of 12 months allowing the borrower to time to seek employment or return to work, if appropriate.

How was Bank of Ireland PPI mis-sold?

Some customers were sold Bank of Ireland PPI without knowing it had been added to their loan. Consumers say that Bank of Ireland advised them their loan, mortgage or credit card application would not be approved if they didn’t buy Bank of Ireland PPI. This meant borrowers took out the Bank of Ireland PPI, even though they may not need it because they didn’t want to risk losing the deal.

Were you mis-sold PPI by Bank of Ireland?

It is possible PPI may have been mis-sold by Bank of Ireland if any of the following facts occurred at the point of sale:

    • Were you unemployed, self-employed or retired at the time Bank of Ireland sold you the PPI policy?
      • Had you been unemployed, self-employed or retired when you were sold your PPI policy by Bank of Ireland, you would not have received any benefit from it as you would not have been covered.
    • Did you know that PPI had been added to your agreement by Bank of Ireland?
      • If you had no idea that Bank of Ireland had added PPI to your agreement, it could have been done without your consent. Alternatively it could have been an opt-out box that wasn’t clearly visible.
    • Had the Bank of Ireland explained the total cost of Bank of Ireland PPI to you at the time of sale?
      • All costings relating to the PPI should have been explained to you by Bank of Ireland. This will be a major mis-selling factor if it wasn’t done.
    • Did Bank of Ireland make it known that that some of the PPI premium may have been paid as commission?
      • If more than 50% of your PPI premium was paid as commission to Bank of Ireland, this is classed as high commission under the Plevin rule. You were mis-sold and due a PPI refund.
    • Were you made aware by Bank of Ireland that you could cancel the PPI policy?
      • Bank of Ireland should have explained that you had a cooling off period and could exercise your right to cancel the PPI policy within that time.
    • Were you made aware by Bank of Ireland of any circumstances or exclusions where you would not be successful in making a claim?
      • If Bank of Ireland had not made clear any exclusions or circumstances that would prevent you from claiming, you may have been mis-sold Bank of Ireland PPI policy.
    • Were any enquiries made by Bank of Ireland if you had other PPI cover that would cover repayments?
      • Bank of Ireland has a responsibility to find out if you had sufficient PPI cover elsewhere.
    • Were you pressured into purchasing the Bank of Ireland PPI policy?
      • Bank of Ireland should have looked at your personal situation to assess if you would benefit from having PPI without any pressure or hard-sell.
    • At the time of taking out the PPI policy with Bank of Ireland, did you have any pre-existing medical conditions?
      • If you had any pre-existing medical conditions that meant you could not have worked for the duration of the Bank of Ireland PPI term, you would not be covered by the Bank of Ireland PPI policy.
    • Was it implied to you that Bank of Ireland PPI was necessary to get the finance?
      • If the finance sought was such that required a PPI policy, Bank of Ireland should have let you know that you could shop around to find and compare PPI cover or if you already had PPI in place, Bank of Ireland should not have sold you their PPI policy.
    • Did Bank of Ireland PPI have an upper age limit, if so, were you older than it?
      • If Bank of Ireland PPI specified an age limit for cover and you were older than this, you would not be covered by the policy.
    • How long was the term of Bank of Ireland PPI, was it was shorter than the term of finance agreement? Did Bank of Ireland explain that there would also be a period of no cover towards the end of the finance agreement?
      • If Bank of Ireland didn’t explain that you would have a period of no protection during the term of the finance agreement, you Bank of Ireland PPI policy was mis-sold to you.

What could you claim from Bank of Ireland?

If your claim against Bank of Ireland is upheld, you may receive a full refund of PPI paid to Bank of Ireland, including any interest charged on the PPI. Statutory interest of 8% per year would also be payable on the premiums and any interest charged.

How to Make a PPI Complaint to Bank of Ireland?

The PPI deadline (29th August 2019) set by the FCA has now passed and we are no longer accepting any new PPI claims.

Have any Question or Comment?

193 comments on “Bank of Ireland Loan PPI Check”

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The PPI Deadline

IMPORTANT NOTICE!

WE ARE NO LONGER ACCEPTING NEW PPI CLAIMS!

Due to the proximity of the PPI deadline, we are no longer accepting any new PPI claims to allow us to process existing PPI Claim enquiries

Please be assured, if you have already enquired about a PPI Claim with Money Management Team Limited we are processing your enquiry and will update you as your claim progresses. If you need an update in the meantime, please contact us.

You can pursue your own claim direct to the firm to obtain a refund. You can do this for yourself at no cost and then use the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) which are both FREE.

Dont Miss the 29th Aug 2019 PPI Deadline!

£Millions Remain Unclaimed!

PPI Deadline FAQs

Is there any leeway in deadline timing?

No – the deadline is absolute. If the claim is not properly logged with the lender before midnight on August 29th it will be officially time-barred.

I already have a case(s) going through with you, what will happen to them?

The deadline is for new claims only. All existing claims will be investigated and decided normally.

I have had a case with FOS through you for ages – what will happen to it now?

All FOS investigations of current claims will be unaffected by the deadline. It is for new claims only.

Will the deadline cause any delay in my case?

No – existing cases will be processed as normal with a final decision expected within 8 to 16 weeks of acknowledgement of the claim by your lender.

What if the bank wants more information?

A request for further information from the bank means that it has been accepted and is under investigation. The usual timescale of 8 to 16 weeks for a decision will still apply.

Why is there a deadline?

The deadline was set in place by the Financial Conduct Authority (FCA), which is the UK’s financial regulator. It’s chief executive, Andrew Bailey, said at the time: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off. We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint.”

“We have carefully considered the feedback we received and we still believe that introducing a deadline for PPI complaints and a communications campaign warning of the deadline will benefit consumers.”

What happens after the deadline?

The deadline is for new claims only. If your claim has already been lodged with your lender then it will be fully investigated.

What happens if my case is rejected by the lender?

If your claim is rejected then it will be passed to our specialist team who will evaluate the terms of the rejection to see whether an appeal to the Financial Ombudsman Service (FOS) might be possible and advise you of their findings.

PFCA MEMBER

PPIClaims.com is a trading style of Money Management Team Ltd. Money Management Team is a member of the Professional Financial Claims Association (PFCA).
We comply with the PFCA Code of Practice

Important Information


*Free Check with our Claims Service. Outcome is lender specific and may result in a complaint being investigated

Your PPI Claim starts with a Free PPI Check service. Our PPI Claim fee of 20% + VAT (so 24%° of the total redress offered by your lender) is payable if your claim is successful. That means if we don’t recover you anything, you don’t pay us a penny.
You can submit a claim directly to the lender yourself for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free to review your case, providing it falls within their remit and you have approached your lender first.

© 2019. PPI-check.com is a trading style of Money Management Team which is authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activity FRN: 836618. The registered address is Railex Business Centre, Crossens Way, Marine Drive, Southport, Merseyside, PR9 9LY. Registered as a company in England and Wales (company number 08290403) Vat Number: 180 9825 79 | Tel: 0800 103 2631 ICO number: ZA029120. *Free Check with our Claims Service. Outcome is lender specific and may result in a complaint being investigated. If you agree to the claim service, the fees are 20% + VAT = 24% for any successful claim. Our fees are subject to Regulatory Change and will be charged at the prevailing maximum rate; however, we will never charge you in excess of 20% + VAT where your contract has been entered into after 10th July 2018. Contracts entered into on, or prior to, 10th July 2018 are chargeable at the rate outlined in such contracts.
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