MCS/HSBC HUGE PPI loan - HELP

[lemma1968]

Found out yesyerday that OH has a HUGE loan with HSBC - it's around £20K and is in the hands of their in-house monkeys MCS.

 

I CCA'd them and discovered that almost £7.5K of this was a PPI loan on top:o :o

 

I asked my OH about it and he says he specifically told them on the phone he did not want PPI as it was not worth the paper it was written on. I believe him about this cos we were just finalising our application to emigrate at the time so he would not have agreed to pay something that would have been worthless within 2 years cos we had left the country for down under.

 

When he went to the branch to sign the agreement the PPI was on and they said he could not have the loan unless he agreed to the PPI.

 

I understand from Rory32 that this is mis-selling and is in breach of the banking code. What do I do next?

Has anyone succeeded in having their PPI take off and what the heck do i write to them?

[andabar79]

Found out yesyerday that OH has a HUGE loan with HSBC - it's around £20K and is in the hands of their in-house monkeys MCS.

 

I CCA'd them and discovered that almost £7.5K of this was a PPI loan on top:o :o

 

I asked my OH about it and he says he specifically told them on the phone he did not want PPI as it was not worth the paper it was written on. I believe him about this cos we were just finalising our application to emigrate at the time so he would not have agreed to pay something that would have been worthless within 2 years cos we had left the country for down under.

 

When he went to the branch to sign the agreement the PPI was on and they said he could not have the loan unless he agreed to the PPI.

 

I understand from Rory32 that this is mis-selling and is in breach of the banking code. What do I do next?

Has anyone succeeded in having their PPI take off and what the heck do i write to them?

 

you can get this back dude, check out moneysavignexpert for templates! and with interest, and check out other potential illegal charges "rolled up" in the managed loan!

[empowered]

You don't have to go to another site for templates - everything you need is here on THIS site! Just study the stickies at the top of the PPI forum and read up on the various stories relating to HSBC. The templates etc are all available here as well as help from other members. Good luck!

[andabar79]

You don't have to go to another site for templates - everything you need is here on THIS site! Just study the stickies at the top of the PPI forum and read up on the various stories relating to HSBC. The templates etc are all available here as well as help from other members. Good luck!

 

cool just saw all that, sorry to direct people to another site when stuff is here! right, let's go and get my PPI back then!

[hellhasnofury]

Hello and welcome to the site.

 

There is a wealth of information in the stickies at the top of the forum and also in the different threads.

 

The first thing I would do is send a S.A.R - (Subject Access Request) the full one and get all of the info they have on you. I have just put one on the thread for all to see. This costs £10, they have 40days to comply or the breach the data protection act.

 

I would also send a request for a copy of the credit agreement to see if they actually have it and if they do what it actually states. If they do not have the credit agreement, this is very much in your favour, regarding the ppi mis-selling and also the DCA

 

Send letter N with one pound postal order and put a line through your signatures, so you know it again

 

Creditors and DCAs - Letter Templates & Budget Planner

 

They have time limits on this 2 days postage, 12working days they breach the cca and then 1further month to comply or they commit a criminal offence

 

When they apply ppi to a loan, it is based on the loan amount, so the more the loan the higher the premiu,. They then charge you interest on it and this varies with each company. Some apply it to the total amount and some work it out on a monthly basis and charge you for it over the term of the loan.

 

Once you know how much the ppi and interest was, you then ask for contractual interest from the date they took it to the day the pay it back.

 

I hope this is of some help and if you need advise or help, just shout.