Payment Protection Insurance (PPI) 

 Questions & Answers (Q&A)
 

We recently wrote to certain customers about their mortgage account and a mistake we made on the associated PPI policy. When the PPI policy was active, the customer’s circumstances changed. As a result of this change in circumstance, these customers may have no longer been eligible to make a claim on their PPI policy. We did not tell the customer this so we are now refunding the premiums paid.

If you got this letter the following Q&A may help to answer any questions you might have.
 

Why have I received this letter?

While a policy holder had PPI cover on your mortgage account, there was a change in their personal circumstances. Unfortunately, we did not tell the policy holder that this may have affected their eligibility to claim under the PPI policy and because of this we are refunding the premiums paid.

What is PPI?

PPI is an optional insurance product that provides protection for mortgage repayments. It pays out money to help you to cover your mortgage repayments for a period if you cannot work due to accident, illness, involuntary unemployment; or accident, illness and hospitalisation if you are state or self-employed. Terms and conditions apply.

When did you find out about this issue?

We identified this mistake in April 2021. Since then we have identified all affected accounts.

How are you correcting this mistake?

We are writing to each affected customer and refunding the PPI premiums paid which includes an interest payment for not having access to this money. We are also writing to any other customers on the account to let them know that we made a mistake which relates to a PPI policy on their mortgage account.

Has this affected my credit record?

This mistake has not affected your record with the Central Bank of Ireland’s Central Credit Register and for most customers it has not affected your Irish Credit Bureau (ICB) record. If your ICB record is incorrect, we have included this information in your letter.

How are you making sure this mistake doesn’t happen again?

We have updated the internal process that resulted in this mistake.

How have you calculated the refund?

We have calculated the refund as follows:

Total refund equals the amount of premiums paid when you may no longer have been eligible to make a claim and includes an interest payment for not having access to this money. 

  • We have included a cheque lodgement fee of €1 to cover any cost of lodging the refund cheque.
  • Where PPI premiums were previously refunded, we have not refunded them again.
  • Where the refund amount due was less than €5 we have paid a minimum refund of €5.

My PPI policy is closed. Do I need to do anything now?

No, you don’t need to do anything. If you would like to talk to us, please ring us on 0818 664 014 between 9am and 5pm, Monday to Friday.

Another account holder received a refund but I did not. Why is this?

Another account holder has received a refund because they were charged for PPI when they may not have been eligible to make a claim.

We wrote to you to let you know about the mistake we made because you were an account holder on this mortgage. If you believe you should have received a refund, please ring us on 0818 664 014 between 9am and 5pm, Monday to Friday so that we can review this for you.

Who can I talk to if I have a question or want to complain?

If you have a question or want to complain please ring us on 0818 664 014 or you can write to us at:

EBS Insurance Team
6th Floor Block H,
Central Park,
Leopardstown,   
Dublin
D18 CK74

You can also complain to the Financial Services & Pensions Ombudsman (FSPO). The FSPO seeks to resolve complaints through mediation, or through investigation and adjudication. Information about the services of the FSPO is available from www.fspo.ie.