Due money back from PP on Motorloan?

S

Spinoodled

Guest
Hi,

A friend recently informed me that if a person with a Bank of Ireland motorloan over 5 years, with payment protection, completes the repayments in 4 years then they are due money back.

Does anyone have any more information about this?
 
Re: Money back from Motorloan

Assuming they paid the pp upfront, then yes, it would appear they will be due a refund of the usused premiums.

Generally, the total premiums for 5 years are added to the amount borrowed and the repayments are based on the total amount, not just the amount borrowed to finance the car.

E.g. cost of car €10k. Cost of pp €2k. Total borrowed is €12k.
 
Re: Money back from Motorloan

Best thing for you to do is call the bank & ask them whether you are entitled to a refund of the unused portion of the Payment Protection premium. BOI did a whole refunding exercise around this last year.
 
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