I have just thought of something else: my employment status has changed during the time of my loan - should this have any effect on the loan?

Cheers for all the info Alana I've read through all the links - a lot to take on board but very helpful. Is there a template for a letter to send back to HSBC as they want to be provided with the specific reasons that I think I was mis-sold the plan? I've looked through and can't seem to find one. Thanks.

Hi, I received a reply to my letter from HSBC this morning. Full of the usual, "sorry you have found it necessary to complain blah blah blah". To enable a full investigation to take place they want specific reasons why I think the plan was mis-sold. They also say that Ineed to visit a local branch to cancel the protection plan and restructure my loan - if this is the case why was I told it could be done on the phone? They say that the new loan will be on the same basis with the interest rate being honoured. Any suggestions on what my next move should be? Cheers.

Hi, I received a reply to my letter from HSBC this morning. Full of the usual, "sorry you have found it necessary to complain blah blah blah". To enable a full investigation to take place they want specific reasons why I think the plan was mis-sold. They also say that Ineed to visit a local branch to cancel the protection plan and restructure my loan - if this is the case why was I told it could be done on the phone? They say that the new loan will be on the same basis with the interest rate being honoured. Any suggestions on what my next move should be? Cheers.

Hi everyone, I took out a loan with HSBC back in October 2007 to pay off student debts - overdraft, credit card etc. I was looking over my agreement this morning and decided that I should cancel the Protection Plan: 1) As I don't feel I'm gonna need to use it; 2) I've heard a lot of bad reports from people who have lost their jobs etc. only to find out that the bank will not honour the Protection Plan; and 3) It is adding £1,071 to the amount I have to pay back. I know now that I should not have taken the Protection Plan form from the beginning, but I was made to believe at the time that I had no choice but to take it. I am currently paying £93.93 evey month towards the loan. I phoned HSBC this morning to be met with a very friendly member of staff. This surprised me as it is the first time in 8 years that this has happened. I explained that I wanted to cancel the Protection Plan as my agreement said it was optional. I was told this was no problem and was put on hold while they worked out my new payments. I really thought this was great as I was going to save myself some money :shock: When the Advisor came back she told me that if I cancelled the Protection Plan my repayments would go from £93.93 a month to £117 a month - nearly £25 a month more than what I'm paying. She came off with some waffle about what I've paid so far has just been interest and not capital so by cancelling the Protection Plan I have to start paying interest again. Please please can someone advise me. Can the bank do this? I've had nothing but problems with HSBC from the day I joined, with bank charges etc. I thought today maybe something would work in my favour, but this is ridiculous.

Cheers for the info Johnny. Will check out that other forum. I am very doubtful about my loan as it seems I'm going to be paying it back forever!! Any help would be appreciated.

Hi everyone, I took out a loan with HSBC back in October 2007 to pay off student debts - overdraft, credit card etc. I was looking over my agreement this morning and decided that I should cancel the Protection Plan: 1) As I don't feel I'm gonna need to use it; 2) I've heard a lot of bad reports from people who have lost their jobs etc. only to find out that the bank will not honour the Protection Plan; and 3) It is adding £1,071 to the amount I have to pay back. I know now that I should not have taken the Protection Plan form from the beginning, but I was made to believe at the time that I had no choice but to take it. I am currently paying £93.93 evey month towards the loan. I phoned HSBC this morning to be met with a very friendly member of staff. This surprised me as it is the first time in 8 years that this has happened. I explained that I wanted to cancel the Protection Plan as my agreement said it was optional. I was told this was no problem and was put on hold while they worked out my new payments. I really thought this was great as I was going to save myself some money :eek: When the Advisor came back she told me that if I cancelled the Protection Plan my repayments would go from £93.93 a month to £117 a month - nearly £25 a month more than what I'm paying. She came off with some waffle about what I've paid so far has just been interest and not capital so by cancelling the Protection Plan I have to start paying interest again. Please please can someone advise me. Can the bank do this? I've had nothing but problems with HSBC from the day I joined, with bank charges etc. I thought today maybe something would work in my favour, but this is ridiculous.

Cheers for all your help. Will have a wee look through your link. I've been through the process already for myself so pretty much know the score, just worried in case I miss things as it is a business account.

Cheers for the help. I already have copies of his statements, but they're a bit tattered and worn, so was only really asking for them as a matter of process. I have the next letter ready to send off to them. Do I just use the same letter as the one for personal accounts?

I'm gonna apply for a refund of bank charges for my brother's business account. I've worked out almost £11,000 he should be able to get back. I sent off the Data Protection Act letter, but got a reply saying, "We are unablke to proceed with your request as Ltd. Company Accounts are not covered under the above mentioned Act." Does anyone know anything about this? Cheers!

Just seen a post below which should help me. Cheers! P.S. Does anyone know is it ok to use the same spreadsheets for a claiming back on a business account? Cheers!

Hi folks, Just want to check if anyone knows is it ok to use the same procedures for claiming back charges for a business account as for a personal account?

I have Excel. It worked ok for me beofre, but just not at the minute. I'll try it again later. Cheers!

Hi folks, just tried to download a copy of the interest calculation sheets from the Bank Templates Library, but it wouldn't work for me. Is there a problem with it?

Cheers chum. Will get that posted off today.

Is there one on here somewhere?

My lips are sealed ha ha!! What letter should I send them? I was going to ask them to send me a cheque as well rather than them putting the money in my account.

I like the bit they added in the letter that "I agree to keep the fact of my claim and HSBC's ex gratia payment strictly confidential."

Hi folks, Received a letter from DG Solicitors this morning. Basically they've offered me £30 less than what I've been claiming for. My court bundle had to be in for last Friday (22nd June). I phoned Manchester County Court this morning to try and find out if DG had their paperwork in, but nobody seemed able to answer me. Anyway, I think I'm just going to accept the offer. What do you all think? I've a date set for court on 6th July, but accepting now should save me from booking a flight to Manchester.

No news yet. The bundle had to be in the court for 4pm today (22nd June). Was away all day so didn't get a chance to ring. Might ring the court on Monday morning to see if they received DG's bundle.

Still no news. Have to wait til I get home to see if there's anything in the post. Don't know if it's worth ringing them as any other time I've phoned I've didn't get speaking to anyone

No offer yet. Do you think they contact me in writing or by phone? That's if they do make an offer.

According to Royalmail.com my bundle was delivered to DG today. Hopefully an offer is on the cards.

Court Bundle sent off this morning, recorded delivery. Has to be in for 22nd June, but thought I'd get in there early in the hope that DG will cave in.

Bump!!