1993 payment protection policy, have I any comeback at this late stage?

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luain

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In 1993 I borrowed £1000 for my first car from AIB. They charged me about £35 payment protection automatically and added it to the principle loan. So I was paying interest on a loan of £ 1035. I protested at the time but they said each branch had its own policy. About 6 years later I decided to pursue the matter and contacted the bank etc and the financial regulator but I was told that they did not investigate complaints over 5 years. I was watching Primetime recently and they highlighted these practices back then and there seemed to be some investigations on going. Do you think I have any come back at this stage? I know its petty but I'd do anything to get the scalp of a banker.
 
The FSO has a 6 year remit so nothing you can do in that regard but a bank is allowed to add PPI premium to the loan & charge interest on it. Disgraceful I know.......
 
try writing to the MD of AIB and you could also buy a few AIB shares and raise the issue at the AGM. Thats the last place they would want to raise such a query.

However, I would suggest that if you write (courteously) and their is some offer made by them to satisfy you, do not be greedy and seek to recoup 100%.

If something fair is offered, you should consider it.

Despite what Gekko said, greed is NOT good
 
Just to clarify-you paid interest on £35 for how many years?

How much did this come to over the period?
 
I paid it for about one year, it was in the good old days of the monetary crisis and I think the loan cost me about £300 or £400! ( I must look up the old details)

But back to my gripe, how can tribunals etc go back to the 70's and 80's with regards to banks etc and me as Joe Public can only go back 6 years.

And an AIB AGM would only interest me if I could get in with a flame thrower!

Thanks for the feed back anyway.
 
On a related point - back in about 1993 I had an account with AIB they overcharged me on bank charges, specifically relating to the set up and subsequent amendment of an overdraft for my current account. I complained verbally and in writing, got nowhere, closed the account and moved to UB. Last year or maybe in late 04, they sent me a refund cheque for about €60 relating to the overcharges back in the early nineties.

Its hard to know who got the worse end of the stick. I was out of pocket by £30 - £40 back in the days when that paid for a weekend on the beer, the refund of sixty quid barely made a dent into that weeks shopping bill. AIB on the other hand lost not only my existing business, but also all future business.

Idiots
 
Sorry,

The point of my post was that AIB themselves investigated my overcharging - without any further promting from me. It's possible if you speak to them that they themselves will look into your case. Then again, they probably won't unless they're forced to by the govt.

Regards,

Past30
 
Strangely enough when I kicked up about it in 1999 the manager from the main bank rang me, it appeared they went to great lengths to try and track me down as at the time I was running a business from my parents house and I recieved the call at 6.30pm one evening, anyway like you Past30 I left and joined UB ( with my business account too ).
 
When the fuss about Payment Protection was going on a while back, it occurred to me that while I had a car loan taken out, I was made redundant from my job, and that I may be entitled to some money back (even just the loan repayment for the month that I was unemployed for example). When I dug out the agreement however, I saw that I was only covered for the second option - serious illness or death.
However, when I read the Payment Protection criteria in more detail, one of the criteria was that the person taking out the loan had to have been in fulltime employment for the previous 2 years (or somesuch). I was never asked that question, and as it happens, had also been made redundant the couple of months previous to taking out the new loan.

The payment protection amounted to £10 a month over two years - not a small amount.

Do I have any claim on this money, given that in the event of the protection being called on it is unlikely that I would have qualified to receive it?
 
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