Bad credit rating

Hi,we AIB and 18mths ago, my husband who was self employed, was out of work for 9 months due to ill health. We had 2 car loans with AIB one of which had payment protection with AIB leasing and Finance and the other which did not. Despite my husband having weekly either phone calls or face to face meetings with his manager in AIB and producing doctors and specialists letters confirming his inability to work, they have placed 2 credit "black marks" against. Apparantly the payment protection took 4 mths to kick in and these have been recorded as missed payments. Can the bank do this despite the fact that we made every effort to pay the loans and kept the bank informed constantly? i'd appreciate all the advise ye can give.

What do the terms of the PP policy state? Is the bank acting in accordance with the policy? Who sold you the policy, and did they promise that otherwise?

The bank doesn't have to take into account any efforts you have made unfortunately-a missed payment is exactly that. Did you try to restructure the loan at any time, or were you refused?

Did you assume that the PP would kick in immediately, and hence didn't make payments on this basis?

I thought that payment protection didn't generally cover self-employed - Are you sure that was covered?

RainyDay said:

I thought that payment protection didn't generally cover self-employed - Are you sure that was covered?

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If someone self-employed was sold a PP policy and it didn't cover them, this sounds like a case of mis-selling?

What if they bought the policy but failed to read the Ts&Cs?

ClubMan said:

What if they bought the policy but failed to read the Ts&Cs?

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Yes, I am aware of caveat emptor etc. and agree that it should apply in this case , but if the salesperson knowingly sold them an unsuitable product, then I feel that there would be a case for mis-selling.

AFAIK, it's not unusual for the Ombudsman to criticise both customers and institutions in cases of mis-selling, but the burden is on the seller to prove that they acted in good faith.