DUBLIN--(BUSINESS WIRE)--Irish Law firm, McHale Muldoon is pleased to announce the successful settlement of a number of cases with Irish financial initiations on behalf of clients who were mis-sold Payment Protection insurances (PPI) in Ireland over the last decade.
Over the past four years, McHale Muldoon’s sister firm, McHale & Co Solicitors, based in Manchester, has successfully reclaimed thousand of euro worth of mis-sold PPI for its clients from a broad range of UK financial institutions. McHale Muldoon was specifically established in Ireland in 2011 to highlight the extent of PPI mis-selling and to provide Irish consumers with an experienced team of lawyers to successfully reclaim insurance which has been incorrectly sold.
Payment Protection Insurance
Payment Protection Policies, often sold to consumers as "Mortgage Protection", "Loan Protection Cover" or "Payment Protection" have been sold to millions of customers on the basis that, should they be ill, suffer an accident or become unemployed, re-payments would be covered and they would not fall into arrears which could, in turn, adversely impact them and their families. However, PPI was sold to thousands of customers who were unaware that they would be unable to claim under the PPI policy conditions. In these instances, consumers may be entitled to re-claim the premiums paid to the financial institution.
Why was PPI mis-sold?
PPI is a very profitable product for many financial institutions. PPI was often sold to consumers where aspects of the policy rendered the policy of no, or very limited, value to the customer. In addition, in many instances, it was not made clear that PPI was an optional, stand-alone arrangement separate from the customer loan or credit card agreement.
Andrew McHale, Partner at McHale Muldoon commented: “Extensive mis-selling of PPI has been uncovered in the UK and this practice was also prevalent in Ireland. The Central Bank of Ireland is currently investigating the mis-selling of PPI and we have established to provide consumers with an experienced team to assist them in recovering funds from financial institutions who were negligent in selling them PPI.”
Michael Muldoon, Partner at McHale Muldoon, added “We already have over 100 clients in Ireland. We have 20 active cases and have already delivered 2 successful settlements where our clients have been refunded thousands of euro by leading Irish financial institutions.”
He concluded: “We encourage all consumers who have taken out personal loans, mortgages or have credit cards to contact us as they may have been mis-sold insurance and are entitled to a substantial refund.”
Further details are available at www.ppiclaim.ie