HSBC old Loan with PIP

[red11]

Hi Guys,

i was looking through my old financial files and found an old paid off loan i had with HSBC, now i know that there's been a lot of noise in regards to PPI's and getting the extra paid back.

 

the loan was taken out in 2001 and then re-packaged with the same terms in 2002 - the loan is fully paid nothing is outstanding, but now looking through the old paper work i can see that i was paying for

 

"Credit protection insurance" would i be wrong in assuming that this is not PPI?

and if it is PPI payment how do i go about claim back the money which in the initial loan was 8k and £2,311.67 was added as Credit Protection Insurance Loan on the 7-08-2001 & when it was repackaged it was£8,670 £2,495.56 added as Credit Protection Insurance Loan on the 19th of Nov 2002.

 

I'm curious to know if i have a case and if yes can you please advise on how i can engage with HSBC to get this money back? i really don't want to use one of the firms that advertise on the telly since i don't think they can't be trusted.

 

Any advise is welcome please, i have signed paper work but per say its classed as Credit protection insurance and not Payment protection insurance.

 

Cheers Red11

Edited February 4, 2013 by red11

[ims21]

Hi

 

You are 100% right in not using a claims company.

 

Can you say what reasons you might be using for a mis-sale please?

 

You can easily take these people on yourself but let's get to why it may have been mis-sold first.

 

Thanks

 

ims

[red11]

Hi ims21,

at the time i was advised to take out the insurance as it was needed protection in case i lost my job, which never happen, also i seem to recall that the loan without the protection was far more expensive

[red11]

if there is such a thing as time constrains of 6 year to post a claim with my loan dated 2001 and 2002 i've possibly missed the boat..

[ims21]

Aha

 

So not only were you were effectively told to take out the insurance but also that they would have penalised you with a higher interest rate had you not taken it.

 

OK so standard procedure would be to complete a fos consumer questionnaire (available from the fos website here http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html).

 

In addition it would be wise to complete a spreadsheet of claim. Have you got the agreement and record of payments for each loan?

 

Also have a read of No.1 in my signature.

[red11]

Hi ims21,

thanks for your reply got both original agreements the one signed on 7th of August 2001 and then the repackaged agreement dated 19th of Nov 2002, as for record of payments there where DD payments on the 1st loan £213.22 per month and on the second loan £231.16

 

when you say complete a spreadsheet of claims - can you please be a tad more specific?

[ims21]

when you say complete a spreadsheet of claims - can you please be a tad more specific?

 

Yes, sorry...if you have a read of No.1 in my signature the relevant spreadsheets are at the end. The article at No.1 in my signature will give you the information you need to have a go at the calculations.

 

If/when you get stuck...shout here.

[red11]

cheers - ims21 - i'll keep you posted

[red11]

ok, PPI form done, i assume that it needs to be printed and sent over to the FOS i also did the spreadsheet, what happens next? after i send the form to the fos?

[ims21]

if there is such a thing as time constrains of 6 year to post a claim with my loan dated 2001 and 2002 i've possibly missed the boat..

 

Sorry...missed this one.

 

There is no time limit on PPI claims so don't worry about that.

 

ok, PPI form done, i assume that it needs to be printed and sent over to the FOS i also did the spreadsheet, what happens next? after i send the form to the fos?

 

Your initial approach is to the lender who will have 8 weeks to investigate and give you a decision. Send them the completed fos questionnaire and a print of the spreadsheet together with a brief letter of enclosure requiring a refund.

 

Send it recorded delivery if you can so that you know that they have received it.

[red11]

cheers for that, couple of questions if i may

 

1) should i send it to any Branch of HSBC? or the local branch where the actual loan was taken out?

2) should i be adding the agreements that i have (of course photo copied)

3) what happens if i get fobbed off (which might be the easier option for them)

[ims21]

cheers for that, couple of questions if i may

 

1) should i send it to any Branch of HSBC? or the local branch where the actual loan was taken out?

 

If it were me I would send it to their head office

 

2) should i be adding the agreements that i have (of course photo copied)

 

Would do no harm but make sure they get the copies and you keep the originals

 

3) what happens if i get fobbed off (which might be the easier option for them)

 

You can always challenge their decision so cross that bridge when you come to it. There are many documented successes here where the bank have tried a "fob off" but have caved in when challenged.

 

 

ims

[red11]

forgive me here, but the head office is in Canary Wharf and its operational with no complaints department, a PPI form with some personal info the chances are that it will fall in the bin of some sort, would it be better perhaps call them and ask for their complaint department?

[ims21]

Canada Square is head office and registered office.

 

That address should get you a signature on delivery.

 

The PPI complaints department is a PO Box number and in my view one should never send recorded mail to a PO box.

 

Up to you but I would bet they have bins at all their addresses.

 

Personally I have always used the registered office addresses and not had a problem.

[red11]

Canada SQ it is... then

[red11]

done all the paper work but i was looking/wondering if there is a template letter that i could use to accompany the form and the spreadsheet

[ims21]

done all the paper work but i was looking/wondering if there is a template letter that i could use to accompany the form and the spreadsheet

 

 

No there is no template.

 

It is just a simple letter saying something along the lines of ....

 

"I consider that I have been mis-sold PPI on my account(s) numbered xxxxxx so please find enclosed a completed fos questionnaire and my spreadsheet of workings of the amount due. I look forward to hearing from you within the permitted 8 weeks"

 

Nothing fancy just a "here it is, get on with it" type letter.

[red11]

Brilliant, i shall follow those guide lines - thanks one again, i will post results as i go along with the process.

[red11]

Hi all,

i sent my information to HSBC via recorded delivery on the 6th of Feb, its now the 10th of March and i had nothing back from them, should i allow more time or if not, whats the next step in escalating this?

 

Cheers Red

[dx100uk]

they have 8 weeks

 

dx

[red11]

Hi guys,

happy Easter everyone.. just a curiosity I've sent all my info regarding the PPI to HSBC. On the 6th of April it will be 8 weeks and still radio silence from the bank, or their PPI department (if they have such place) what would be the next step? if any.

 

Cheers

 

Red

[lucksic]

Check RM online, to see if pack was signed for!

Recorded is not a tracked service and not guaranteed delivery, goes in with normal mail, and easy for it to be 'lost'

Special Delivery is the way to go as its tracked

[red11]

Hi Lucksic,

yeah checked if it was delivered to their main office and it was as per receipt from the royal mail on their online portal, so the form(s) and letter have been receipted.

[red11]

hi guys, so what would be the next step, if in the next few days i get no response in regards to my PPI claim?

[dx100uk]

quick phonecall prob.

 

dx