Tuesday 23 January 2018

GE Money hit with 60 more insurance suits

SUBprime lender GE Money Ireland has been hit with another 60 lawsuits by customers over the alleged negligent sale of payment protection insurance (PPI).

Last May GE, one of 10 lenders under review by the Central Bank over the sale of the controversial insurance products, agreed to refund the premiums, plus interest, to two customers who alleged that GE had made "secret profits" from the sale of PPIs.

On Friday, 60 new civil actions will come before Dublin's District Court.

PPI is a type of insurance cover that repays your loan, mortgage or credit card should you lose your job, have an accident or die. Some 340,000 people bought the products between 2007 and 2011.

Irish Independent

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