Readers like you keep news free for everyone.
More than 5,000 readers have already pitched in to keep free access to The Journal.
For the price of one cup of coffee each week you can help keep paywalls away.
Happy Days
161,000 credit card customers are in for a €200 windfall...
Certain card-holders are entitled to redress after paying for insurance they don’t need.
CREDIT CARDS NORMALLY are a reason for money sprinting out of your bank account, not into it, but a break from the norm is in store for 161,000 Irish card-holders.
The Central Bank have put in place a voluntary redress scheme with regard to Card Protection Insurance provided by Homecare Insurance Ltd. (HIL), and purchased through a number of providers, including Bank of Ireland, MBNA, and Ulster Bank.
When the insurance was sold, certain benefits were advertised that weren’t actually needed – liability insurance if a card were stolen, for example, which was already covered by the credit card’s own terms.
The expected payouts should be between €100 and €200 according to the Central Bank, with certain customers receiving in excess of €200.
The annual premium for any policy of €30-€45 can also be claimed back.
All affected customers should have been contacted by their card provider at this stage.
Anyone who chooses to make a claim, however, will have their policy cancelled.
The Central Bank’s Director of Consumer Protection Bernard Sheridan says it’s “important” that consumers think carefully before submitting a claim.
“If you purchased or renewed one of these policies after 1 August 2006 and have not received a communication, you should contact your credit card provider,” says Sheridan.
Read: Denis O’Brien’s legal team wants reporting restrictions on RTÉ injunction case
Read: Not good – European banks are ‘just as likely to fail’ now as in 2008
