The mis-selling of Finance Products within the Republic of Ireland has been widespread for many years. Credit Companies became such overworked establishments during the Celtic Tiger that compliance and regulations were not always carefully monitored. There are a wide variety of Finance products which were mis-sold during these times. These include Loans, Credit Cards, Mortgages, Hire Purchase Agreements, Investments, Pensions and Insurance policies such as Payment Protection Insurance.

There are a number of ways a financial product can be mis-sold. The lender selling the product can give the consumer bad advice with only commission in mind instead of what the consumers requirements are. If a broker is only interested in what commission they will earn it is likely that they will push a client into a finance which they may not necessarily need. One particular form of costly insurance which is not always needed is Payment Protection Insurance. This costly insurance cover is sold with credit as a protection policy to cover a purchaser in the event that they become sick and are unable to keep up repayments on the credit they have agreed. In theory these policies sound incredible but when you realise that in multiple cases they have been mis-sold to maximise credit institution profits you soon see the sinister effects. These policies are extremely lucrative to insurance companies so they are often pushed onto clients without the correct selling procedures followed.

Another way in which Finance products are mis-sold is the failure by lenders to follow the regulations of the Consumer Credit Act 1995. If any of these requirements are not followed a finance product can become legally unenforceable which means that the credit can not be legally reclaimed by the credit company. Contracts issued by lenders have to be in good faith and have to abide by the terms of this Consumer Credit Act. These contracts have to follow the regulations of the Act some of which include clearly explaining and listing all interest and APR charges relevant to the credit, listing all instalment amounts and dates, explaining early termination charges and penalties, the amount of credit being agreed, total amount repayable and the contract has to be sent to the consumer within 10 days of obtaining the credit. The above examples are only a number of ways in which the Credit Act terms can be broken. Once these [requirements are not followed the contract can become legally unenforceable which means that the lenders can not legally reclaim the debt. There are various ways in which credit can be mis-sold. If you believe you have been mis-sold, misadvised or misinformed you could be entitled to financial compensation and you should investigate these issues with a qualified claims management company or through the correct processes.

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