M
Mensallen
Guest
In May 2004, I took out a €12,000 Term loan over 5 years with BOI.
I was advised to take PPI for which I paid in advance the amount of €1,191.35. I have since read plenty of articles telling me just how foolish this was (for someone in my position).
I was told by the Branch Manager, with whom I was dealing, that if the loan was redeemed earlier than 5 years, the remaining portion of the PPI would be fully refundable. I noted this on the contract at the time.
The example given was If I paid the balance of the loan back after 3 years, I would have paid 36 out of the planned 60 repayments and would therefore be due a refund of 24/60 X 1191.35. (60 planned repayments minus 36 actual payments = 24)
I did pay the loan back early - after < 16 months. So I expected 44/60 x 1191 = €873.66 (allowing approx 3% handling charge, expected €840)
I received €640. Their excuse for the missing €200 - "commissions and charges".
Another kick in the teeth from Bank of Ireland.
I was advised to take PPI for which I paid in advance the amount of €1,191.35. I have since read plenty of articles telling me just how foolish this was (for someone in my position).
I was told by the Branch Manager, with whom I was dealing, that if the loan was redeemed earlier than 5 years, the remaining portion of the PPI would be fully refundable. I noted this on the contract at the time.
The example given was If I paid the balance of the loan back after 3 years, I would have paid 36 out of the planned 60 repayments and would therefore be due a refund of 24/60 X 1191.35. (60 planned repayments minus 36 actual payments = 24)
I did pay the loan back early - after < 16 months. So I expected 44/60 x 1191 = €873.66 (allowing approx 3% handling charge, expected €840)
I received €640. Their excuse for the missing €200 - "commissions and charges".
Another kick in the teeth from Bank of Ireland.