Income Protection - PTSB

Hi there,

Apologies if this is in the wrong forum. I took out a mortgage with PTSB back in 2003 and I went for one of those all inclusive i.e. one with life policy, home insurance etc. I just found out recently that I have been paying income protection of €34.93 per month for the past number of years. I know I must have ticked the option initially for this income protection and understand that it is completly my fault but I don't remember ever receiving any documentation on a yearly basis indicating that I was paying this income protection. PTSB said that a yearly letter is sent out but does not go into the specifics of each policy, but only gives the montly insurance amount that is paid.

I phoned both PTSB and Genworth Financial trying to get some info about when do they send out documentation etc about the policy but they keep on blaming each other. I have cancelled the protection now but am annoyed that I never noticed this as if I had received any documentation, I would have cancelled this protection a long time ago. Has anyone had a similar issue?

Many thanks,
Shamrock.

I have never received an annual statement of account or such.

The only corrospondance i have received was when they changed the terms and increased the premium. About 6 months ago i suppose. I guess you got this?

Yep got that. Cheers seems very underhand that they don't mention the individual parts of policy but then again it is the banks we are talking about. Just really annoyed that I didn't notice it before now as I have paid 2-3k for something that I didn't need. Cheers.

I cant understand how you ended up with it in the first place . Im going through EBS at the moment and have had to sign various suitability statements etc for it , and discussed the different levels of cover etc for quotes. Maybe with the confusion of signing so many papers for a mortgage you just signed one for payment protection without noticing ?

If you feel you didn't complete an application form for Mortgage Repayment Protection, you can always ask Permanent TSB or Genworth for a copy of your application form. If they can't produce it, you might have an argument for a refund of premiums.

hi renter 27 the financial regulator changed there rules a few yrs ago about insurance etc so you now have to get a suitability statement . this wouldnt have been the case back in 2003 .

shamrock id day that they have scanned copies of all the forms for the mortgage . considering the amount of money they would be lending all the boxes would be ticked but no harm in requesting it . also mite be worth giving the financial regulator a call for some advice on the matter www.itsyourmoney.ie

Thanks for all the replies guys. I am currently in the process of trying to get copies of forms that I signed originally. I was a bit naieve at the time I suppose. Pays to read everything thoroughly that you sign. Cheers.