Payment Protection Insurance Mis-Selling

Payment Protection Insurance or PPI as it is more commonly known is an Insurance policy sold alongside forms of credit such as Loans, Mortgages and Credit Cards. The purpose of PPI is to protect consumer repayments should they become unable to work for certain reasons such as death, accident, illness or redundancy. In theory these policies sound great but the reality is that they are not always as good as they claim to be. Payment Protection Insurance has many flaws which include its cost, its low payout rates and the fact that it is often sold to consumers who do not need it, who did not request it and who will not benefit from it.

Mortgage Rates Set To Increase

Permanent TSB have decided to increase interest rates by another 0.5% which will force struggling householders to pay an average of €85 extra per month with effect from the 3rd of August 2010. Permanent TSB have revealed that from this date homeowners on their variable rate will have to endure a 0.5% increase. This could mean an additional €100 a month for any householders currently paying a €300,000 mortgage. This increase is set to affect up to 80,000 consumers nationally however other main lenders such as AIB & Bank of Ireland are also set to follow suit with similar increases so the number of consumers due to be affected by such increases is set to be much higher. These increases have dealt consumers a body blow with many already struggling to keep up with repayments.

Recent news articles surrounding the banking crisis

It has been an interesting week in relation to current affairs surrounding the banking crisis within Ireland. The two main stories making headlines this week have been surrounding the former chairman of Anglo Irish Bank Sean Fitzpatrick and Cork business man john Fleming.

Mis-Selling of Mortgages

During the boom of the Celtic Tiger property purchases in Ireland soared to an all time high. Investors, first time buyers and those looking for reliable pension funds all dabbled in the housing market. The property market had a proven track record over the last decade or so and it was common knowledge to think that putting your money into "bricks and mortar" was a no brainer that couldn't lose. You can see the logic in this style of thinking as house prices seemed like they would never stop rising and it was not uncommon to hear of investors making returns of between €50,000 to €200,000 in as little as 12 months on single property purchases. Mortgages were easy to come by and in some cases you could get 100% mortgages with no down payment. It really seemed to be a win win for everybody involved until the Stock Market Crash 2008.

Financial Mis-Selling Specialists

Hello readers of Blogger,

Considering this is our first blog post on Blogger we will first introduce ourselves and what we do. We are Finance Claims. A dedicated claims management company specialising in Financial Mis-selling within the Irish Financial Services Sector. We deal with mis-selling issues on a wide variety of financial products including Mortgages, Credit Cards, Credit Agreements, Investments, Pensions, Life Assurance and Payment Protection Insurance. We provide consumers who have been mis-sold or misadvised a channel through which they can look to claim compensation from their lender.