Refund of payment protection

Hi all,

Newbie here so be gentle!

Three years ago I took out a 5 year motor loan with payment protection. Last year I wanted to take out 3,000 to pay for tuition fees but they explained that I could not simply extend the loan I had I had to take out a loan for the amount of my existing loan plus the 3000 I wanted and pay off the old loan with the new one. (I hope everyone is still with me!)

Anyway on the 2nd loan I decided not the take payment protection. So my question is (finally) would I be entitled to a refund on the payment protection premiums from the first loan which I paid off 2 years early?

Thanks!

You should not have paid payment protection on the first loan after the first loan was cleared . No amount of small print will save the bank from having to refund it to you in full.

contact www.ifsra.ie if they give you any crap

Thanks Tonka!

I looked at that website for ifsra and they have a number for BOI customers looking for payment protection refunds so going to give them a call.

Hi there,
Am one of the 65,000.....

I swapped a BoI loan (10.9%) with an EBS loan (6.0%). So the BoI loan was paid off 3 years early. The PPI premium was approx. €1,800.

I called the BoI hotline on Monday. Spoke to a very nice lady there. It would speed things up a bit if you had:
- your bank loan number,
- your bank account number
- your address at the time of the loan was taken out and finally
- your current address.

I was told that a letter detailing how much I would be owed will be sent out in a few weeks (why does it take so long if I've given all the details??).
Hope this helps.

Just rang the helpline - wanted to check what info they needed (should have read your post first!) so I could dig it all out and call them back. I've had a few loans over the last five or six years and have paid most of them off early. The guy I spoke to took my name, address (and previous address), date of birth and current account details and said that would be enough for them to find the loan information. He did say however that they would not be doing this until May which probably explains why they told you it would take a few weeks. Sounds like they want to gather as many cases together as possible and then process them all at the same time.

Hi,

Are all these cases only relating to BOI?

Thanks

Hi there,
So far BoI are the ones that have been caught. Might be worth checking out other banks if you had PPI & an early loan repayment.

And as Tonka said, contact ifsra if they give you any crap!

Id suggest anyone who suffered this, should insist on a payment of interest at the same rate as BofI lend to you at, on an unsecured loan basis !

Anything less, write to the IFSRA etc ' BofI are in trouble here for doing wrong, let them know who the real boss is and dont take any more nonsense from them is my view

Cheers

G>

Will be redeeming a BOI loan in the next couple of wks and was told my the branch that their procedure now is that whatever the redemption figure is will be reduced by the refund that I will be due on the payment protection. Obviously I will be looking for written confirmation of this.