Ireland stricken with mis-sold PPI epidemic

Aforementioned country affected in said fashion

by Russell Shackleford, 24th August 2011

Ireland has been struck by the epidemic of mis-sold PPI, with recent reports indicating that the Irish Central Bank has launched an investigation into the mis-selling of this rightly maligned loan insurance.

PPI, or Payment Protection Insurance, is a type of insurance policy which is intended to guarantee your ability to continue paying back a loan if you should experience an unforeseen paucity of income. At least, that is how it was intended to work in theory - in practice, most people who were sold it found that they were not able to make a claim at all and that they had been wasting their money on a completely useless insurance policy.

Just as some people found that they were never eligible for the policy in the first place, so did others find that they already have coverage from another policy already in place, meaning they should never have been encouraged to take out a new one. Other consumers found that they had been sold these policies without even being told, simply having had the cost added to the amount they had to pay back. In some cases, this amounted to thousands of pounds.

It is therefore understandable that the banks have had to put aside billions of pounds in potential compensation payouts for victims of mis-sold PPI, as these expensive coverage policies were mis-sold to millions of borrowers. Fortunately the banks are now considering paying out to anyone who was mis-sold PPI, so if you can prove that you were wronged by their machinations, you could be entitled to make a claim.

Ireland is not the only land in which mis-sold PPI has generated ire - England, Wales and even Scotland were likewise struck. If you think that you may live in any of these countries and have been mis-sold PPI, we can help you claim PPI compensation today.

Claims Financial