Accountants urge action on mis-sold PPI

Accountants have urged the 70,000 people who were mis-sold payment protection insurance to overcome their apathy and check if they are due a payment before it is too late.

Accountants at taxback.com fear the apathetic nature of some people when it comes to finance means they might miss out on money that is owed to them.

Taxback.com said if the uptake of payment protection insurance was treated by people in the same way they seek to reclaim taxes owed to them, hundreds of thousands of euro will be left in banks that is rightfully owed to people mis-sold payment protection insurance products.

“We have received hundreds of calls over the last few weeks from people who think they may have been sold payment protection insurance policies despite not needing them or, indeed, not being eligible to make a claim under the terms of the policy,” said Darren Byrne of taxback.com.

“While the volume of calls we have received is encouraging, it must be remembered that it’s estimated that up 70,000 people were mis-sold the insurance products and banks are no doubt hoping that many will perceive the issue to be too onerous to pursue. While it may take some time to ‘chase up’, we would still urge people to come forward — because if they are entitled to a refund they will get one.”

Despite the calls received by taxback.com there is a fear that many of those who are owed money may have already left the country. If they do not initiate a claim with in six years of being sold the product, they will not be eligible for compensation.

“Those who are no longer in the country but have been affected by this are still entitled to claim… and should do so from wherever they are now,” said Mr Byrne.

“Some 340,000 people have bought the insurance product since August 2007 and the average claim is estimated to be in the region of €3,000 so it will come as a welcome addition to the bank accounts of those involved.”

If you were self-employed, unemployed, a contract worker, retired, suffering from a pre-existing medical condition, unaware that it was not compulsory, under 18 or over 65, or working fewer than 16 hours a week you may be due compensation.