Refund.ie

Just wondering if anybody has used Refund.ie and had any good/bad experiences with them. My parents had been advised that their Endowment Policy was not going to be sufficient to cover their mortgage - at this time (approx Nov 2011), refund.ie were advertising about making claims on behalf of customers who may have been incorrectly sold endowment policies - the process started fine with us providing all required documentation, they decided there was sufficient info to proceed, we paid the "processing fee" of €125 - since then we have provided more & more information including personal identification, authorisation for solicitors to act on behalf etc.... But the case does not appear to be progressing. We know these things can take time, however, "Eddie" seems to be forever postponing our updates/meetings etc. We have challenged the genuinity of their company with suggestions of escalating to authorities but each time, they "reassure" us that the delays are due to the solicitors etc etc.... I note that they are still actively looking for clients (this time under the guise of PPI reclaim) yet our claim is still ongoing with very unsatisfactory correspondence from them. The latest we sent was a firm email that we would be calling in to meet Eddie on Thursday as we are growing concerned with the lack of update and are due to meet with our Bank (as policy is due to mature in July) - he agreed but on Wednesday yet again postponed. We asked for a phonecall to discuss but as yet have not received one. We have never received a phonecall and ALL correspondence has been via email. I note they do not appear to be regulated - are we being very naive.......??

You probably are being naive

Why do you think you have a claim? It's very unlikely to succeed.

There are certainly cases where banks have been sued successfully for misselling endowment mortgages and perhaps that may well be applicable in your case. The facts presented by you however look like this business may not be as efficient or motivated as you would expect in progressing a claim on your behalf. While potentially you could seek a refund on the basis of lack of progress, it is unlikely that you could prove any lack of service on their part. Given the low amount of the fee you should consider forgetting about this group and if you feel that you may have a valid claim then do some research and try to obtain the services of a firm of solicitors who have a proven track record in cases of this type.

Why not ring Eddie up from another phone and tell him you are interested in the PPI refund but want to meet him in his office to make sure he's genuine ?

44brendan said:

There are certainly cases where banks have been sued successfully for misselling endowment mortgages

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Hi brendan

Have there been many such cases?

Most of the complaints don't arise until at least 15 years after the alleged mis-selling took place. By that time, the case would be statute barred.

Most of the ones I heard about were historical as Endowment loans got a bad press back in the 90s. While technically the loan may be statute barred there is likely to be an onus on the Bank to make some re-compense if the product was found to have been missold in similar cases. A good solicitor could cause a fuss, which the Bank would want to avoid even though Legal action may be statute barred!!