HSBC Goldcard Cardholder Repayment Protection - PPI

[stroke a badger]

I'm currently claiming back just under £1k in PPI premiums paid during 2001-2007, and before I go any further I want to make sure I'm not missing anything.

 

Timeline

12/03/07 S.A.R - (Subject Access Request) Issued

28/04/07 S.A.R - (Subject Access Request) Non Compliance Issued

09/05/07 Statements Received

06/07/07 Preliminary letter issued requesting full repayment

14/07/07 Standard apology letter received

24/07/07 Letter before action issued

06/08/07 Full and final response received

 

Some points of interest included In the most recent letter received from HSBC.

 

"Our records show that in May 1997 you approached HSBC to apply for a Visa Credit Card. These cards were protected by the optional Cardholder Repayment Protector, which is designed to repay 10% of the outstanding credit card balance for a maximum of twelve months in the event of sickness, accident or redundancy. Life cover is also included in this plan. I can confirm that this plan was suitable for a customer with your requirements"

 

How can a product be deemed to be suitable when there was no attempt to establish what my requirements were!

 

Also, would you voluntarily take out a policy that only paid 10% of the outstanding balance.

 

"At the time you purchased the Cardholder Repayment Protector, it was HSBC's process to provide you with a Policy Document, which explained how the policy worked. You then had a cancellation period, which gave you the opportunity to review the Policy Document and the right to change your mind.

 

Consequently, I consider adequate steps were taken to advise you of the main features and claim procedures of your Cardholder Repayment Protector Plans. I am therefore unable to agree to the refund of premiums that you seek"

 

If I was given suitable literature at the time of purchase and the cooling of period was explained, I would not be claiming premiums for a miss-sold Insurance policy

 

"You have stated that you would receive pay from your employer in the event of sickness. However, benefits from the Cardholder Repayment Protector are paid irrespective of any benefits being provided elsewhere. This means that in the event of a valid claim your credit card repayments would be covered by the Cardholder Repayment Protector, leaving any benefits from your employer available for your own personal use. In addition, the Cardholder Repayment Protector provided cover in the event of involuntary unemployment, which you would not receive from your employer.

 

I was told that the Insurance policy was mandatory due to my credit rating, salary and requested credit limit of £1,000. At the time, being young and naive I thought the bank was doing nothing more than trying to help me, and not using my ignorance to their advantage. After being told again that I stood a better chance of being accepted, I had no reason to disbelieve this and accepted this as a legitimate condition.

 

"Regrettably, due to the passing of time, the original application has not been located. However, I can confirm that it is not Bank procedure to issue insurance without the appropriate documentation being completed"

 

Convenient!

 

"I would also point out that the premiums paid in respect of the plan have appeared on your statements since June 1997. However, we have no record of you contacting HSBC to query the Insurance or advising us that you consider the plan was miss-sold to you. I note that you canceled the insurance in March 2005"

 

Yep they have got me on this one as I did cancel the Insurance policy In March 2005, which was exactly the same time I closed my account and settled the balance.

 

My two options are to either commence with legal proceedings, or lodge a formal complaint with FOS which given the sudden influx of complaints could take 3-6 months.

 

Any thoughts?

[stroke a badger]

Any thoughts chaps.

[puddinpie]

Go N1 route ......... Thats what I am about to do on Egg and Cap One and I know Phatram is atthe same stage also and is going down the N1 route ........

[stroke a badger]

puddinpie.

 

Excellent, so it's not just me then.

 

What are you using for your POC?

[puddinpie]

Well I am currently working with Phatram on our POC for Egg although our circumstances are slightly different and the POC needs changing to reflect your circumstances.....for example I was employed and would have had 6 months full pay for sick and also I have pre existing med condition .......Whereas Phatram was self employed so the PPI was useless....

 

Also....what % interst are you going for ....I am only doing stst 8% whereas Phatram is doing contractual.

 

 

I will PM you with a POC and you are most welcome to change it to suit

[stroke a badger]

Received and doing some tweaking

[stroke a badger]

Contractual

[stroke a badger]

I'm going to be submitting my N1 In the next couple of days, but before I do can I ask a MOD to cast an eye over the POC.

 

I would post it here but i don't want it to seen by the wrong people

[alanfromderby]

If you want to send it to alan@consumeractiongroup.co.uk I will have a look for you.

[stroke a badger]

Alan,

 

Thank you ever so much, I will email you a copy once I have completed it.

 

[stroke a badger]

Well with a little, ok a lot of help from alanfromderby, my POC is complete and my court papers have been submitted.

 

Lets see how this pans out

[stroke a badger]

Notice of issue received today, papers will be deemed to have been served 23/02/08.

[Castlebest]

and the next game of pinball starts

[stroke a badger]

HSBC had until 08/03/08 to acknowledge the claim, however as of this mornings post nothing had been received by the court. So this afternoon I requested Judgement by default.

Lets see how HSBC try and get out of this one!!!

[Castlebest]

Standard DG response... a claim?... OHHHH a claim we didnt realise you meant a claim

 

pete

[stroke a badger]

AAAAAHHHH - BUGGER!!!!!!

 

HSBC filed an acknowledgment of service mid last week but it was overlooked as the court had a backlog of post caused by staff shortage.

 

NOT a happy bunny!!!

[stroke a badger]

HSBC have until Tuesday 25th March to file their defence, something tells me they will leave it until the last minute before submitting it.

[Castlebest]

Thats unfortunately how they work Stroke

 

pete

[stroke a badger]

I stand corrected (said the boy with an orthopaedic shoe), HSBC had until 22/03/08 to file their defence. As this has now past should I file for a judgement by default or should I wait an additional 28 days.

 

Any thoughts?

[Castlebest]

listen very carefully I will say zis only once (bad french accent)

 

would they wait for you? go for it now :grin:

 

pete

[stroke a badger]

Done, but I'm expecting HSBC to submit their defence with in the next week.

[stroke a badger]

BBC NEWS | Entertainment | 'Allo 'Allo due for screen return :grin: :grin:

[stroke a badger]

Ok, I have tried to contact D&G Solicitors to establish how they are going to settle my claim, however they apprently know nothing about it. I smell a rat here - what are they cooking up!!

 

Is there such a thing as a judgement by default settlement letter?

[stroke a badger]

Bump:)

[Castlebest]

Have you got the judgment by default? if you have apply for a warrant ASAP and get a Bailiff to enforce it.

 

If DG get involved they will apply for the judgment to be set aside because of (enter some lame excuse normally postal) and you will be back to the waiting game

 

pete