Income Payment Protection fight over
The Irish Examiner has today reported that the Legal fight over the Income Payment Protection Policies, which were a pre-requisite to get a mortgage, is over.
The report (which can be seen here http://bit.ly/isTFwQ ), confirms that it will lead to a large payout. The London Stock Exchange is reporting (http://bit.ly/ljTIsb ) that the payouts could amount to as much as £2.6 Billion.
There have been similar complaints in this Jurisdiction with several Brokers and Accountants openly advertising that they will assist those who believe they have been mis-sold these policies.
Because these policies largely have been sold during the good times, and now are being called upon in the bad times, Financial Institutions and underwriters are very much on the back foot trying to prevent a mass pay out.
Conways Solicitors are working with many Clients appealing the decision not to pay out.
Often times the initial ‘no’ is not the final response.
Dermot F. Conway