Package Holiday Definition
Under consumer legislation, a package holiday is defined as a pre-arranged holiday, sold at an inclusive price, for more than 24 hours or including an overnight stay.
It also must include two or more of the following:
- Travel
- Accommodation
- A tourist service or activity not directly linked to transport or accommodation, but making up a significant part of the package, and organised by the package holiday operator (such as fishing, golf, tennis, hill-walking).
Your holiday still remains a "package holiday" even if you are asked to pay separately for different components of the package (for example, the flight or travel).
But if the tour operator or travel agent makes specific arrangements for an individual customer's requirements (for instance, books flights and separate accommodation), this in itself doesn't make it a package holiday.
Property Irregularity Report
The name of a standard report that you need to fill in if an airline loses or damages your luggage.
Try to fill in the Property Irregularity Report (PIR) while you are still inside the airport's baggage/customs area: if you do it after leaving the area, the airline may automatically turn down your claim.
Make sure to keep a copy of the PIR, because you will need to include it with your written complaint to the airline. Check the airline's website to see whether they require any other documentation, and what deadline they give you to lodge your complaint.
Under to the Montreal Convention you must be given seven days to report damaged baggage and 21 days for lost baggage.
Payment break
An option in your mortgage that allows you to cease payments for an agreed period.
Pension mortgage
An interest-only mortgage where you eventually pay off the principal of the loan through a pension plan.
Pension mortgages are mostly used to buy investment properties tax-efficiently, but they can also be used to buy a home. They are only available if you are:
- Self-employed or
- In non-pensionable employment or
- A company director who owns at least 5% of a company
PIR
See Property Irregularity Report
Pre-pay
A service where mobile phone customers buy call credit before making their calls. The customer does not enter into an ongoing contract to pay for calls made on a monthly basis.
The Premier Guarantee
An insurance scheme for newly built homes, and a main rival to the HomeBond warranty scheme.
The Premier Guarantee lasts for 10 years and covers serious structural problems. Leaks from water, chimneys and flues are also covered in the first five years. It also provides cover for your deposits or stage payments if the builder goes bust.
Go to the Premier Guarantee's website for more information
Premium
For consumers, premiums usually refer to the regular (usually monthly or annual) payments they make to an insurance company for an insurance policy.
These premiums create a pool of money to compensate the individuals in the scheme for losses caused by, for example, fire, accident, illness, or death. The insurance company decides what the risk is on a particular policy and then charges the appropriate premium.
A premium can also refer to several other areas, such as:
- The amount paid, often in addition to the interest, to obtain a loan.
- The amount that something in scarce supply is valued above its nominal value, e.g. "they paid a premium for it"
- "Premium petrol" - though nowadays the main choice for Irish motorists is between leaded and unleaded.
- Premium-rate telephone services
- An unusual or high value, e.g. "Employers put a premium on honesty and hard work"
- Premium rate (telephone) services Telephone services that charge a higher rate for calls than ordinary phone calls.
If you want premium rate services to be barred from your telephone, contact your telephone service provider. Some telephone service providers provide this service free of charge. See Call barring.
Premium rate telephone services
To complain about a company that uses a premium rate number, contact ComReg, which regulates premium rate services in Ireland.
Price display orders
These pieces of legislation require certain types of business such as pubs, restaurants, service stations and hairdressers to display a list of prices for their customers, in accordance with certain rules. The common theme is that the price display is at the entrance to the premises.
The aim is to give consumers enough information on prices to make an informed choice.
Principal
The amount of a loan or mortgage that you want to borrow, before interest and other charges are added.
PRS
See Premium Rate Services
PRSAs
Personal Retirement Savings Accounts - long-term savings accounts designed to assist people to save for retirement in a flexible manner, particularly those with no pension provisions.
The tax relief on contributions is given at your highest rate of tax, subject to a maximum limit. PRSA products have to be approved by the Pensions Board and the Revenue Commissioners.
If you are an employee and your employers do not provide an occupational pension scheme, they are obliged to provide you with access to a nominated PRSA provider chosen by the firm.
Pyramid schemes
A wide range of schemes that confuse people into complicated but convincingly "foolproof" money-making scams.
The essential idea is that the individual makes a payment, but is promised exponential benefits once they recruit other people into the scheme.
In any pyramid scheme money flows up the pyramid. The people in the worst situation when the pyramid collapses (and they always do) are those at the bottom, who were last to join and unable to recruit any followers themselves.
The best way to avoid these types of scam is simply to say "No". If you think something isn't a pyramid scheme but still sounds too good to be true, discuss it with family or friends and possibly seek professional advice before signing anything.
Never commit to anything at high-pressure meetings or seminars - take time to do your homework on the scheme.
In Ireland it is a criminal offence to induce someone to participate in a pyramid scheme. If you are invited to join such a scheme, tell your local Gardai.