Can i still Claim back my PPI ????

[majik]

i have had 3 loans from HSBC and was lead to beliee that i had to have the PPI to be approved due to being quiet young and havin little credit history.

i would like to claim this back as i have now found out that i did not have to have it however i did claim on 2 of these polices through ill health.

also i was not informed that any pre exsisting conditions would not be covered and as i broke my left leg and both arms in a motorbike smash (1st claim roughly £2,800 paid out through policy) the PPI wouldn't have covered a great deal.(PPI cost me about £5000 plus interest no refund offered due to claim)

luckly/unluckily for me i damaged my right leg (2nd claim) and was paid out £250 pounds and refused any PPI bk due to claim ( cost £5000 plus interest)

Can i still claim it was mis sold to me as i was informed what it was for but was not informed that it was not compolsory, in total i have paid around £12,000 in PPI fees plus interest and have received around £3,000 from the insurer when i could not work through ill health.

the reason i ask is that HSBC sold me the policies but all payments received when i could not work were paid to be by Norwich Union.(underwritters)

i would just like to know if i can still claim that they were mis sold and weather i would claim against HSBC or Norwich union

[ChloeJane]

Checklist

If you can answer ‘no’ to one or more of these questions, then you may have been mis-sold PPI.

• Optional Did the adviser make it clear that the insurance was optional? (if this was the case)
• Exclusions Did the adviser tell you about any significant exclusions under the policy – for example, the exclusion that says you won’t be covered for any pre-existing medical condition?
• Paying for insurance up front If you took out a loan or finance agreement, did the adviser make it clear that you would have to pay for the insurance up front in one single payment?
• Borrowing to pay for insurance If you had to pay for the insurance as a single payment, did the adviser make it clear that the insurance cost would be added to the loan and you would be paying interest on it?
• Insurance that runs out If the term of the insurance was shorter than the term of your loan or finance agreement, did the adviser make you aware of this?

Have a look at ‘PPI – the rules’and if applicable 'PPI – rules before 2005' for more detail on what they should have done.



From what you have written and the above checklist that is useful....I would say yes if you were told it was a condition of the loan.

[majik]

thanks ChloeJane for your reply however i have read through the terms and conditions etc and it states that you cannot claim you were mis-sold if you have claimed on your PPI or something along thoses lines, may state that you cannot reclaim you PPI if you made a claim.

my main query is if it was mis sold to me weather i claimed on it or not it was still mis sold, what i would like to know i guess is can i re-claim my PPI minus the claims that were paid out ?

i know it's a bit confusing so if anyone can help at all i would be very grateful.

i have approached hsbc about this and they have told me to phone them and discuss with them however the number they give me is there telephone banking number and no one seems to know which department i am meant to go through to etc

[ChloeJane]

Ah now I get you! Thats made it clearer.

No. If you have claimed on the PPI, then you have benefited from what was sold to you. I think you would have a hard time proving it was mis sold when you have used it as they will argue, if they hadn't sold it you wouldn't have benefited from it.

So, what I am trying to say in essence is...

If you are mis sold something that is wrong if there is loss, but as you gained from it, my opinion is no you could not claim. Perhaps another will add to this.

[majik]

ok so that sadly rules out the 2 big PPI i had one cost me £5,500 plus interest and they paid out £250

i will pursue hsbc for the first 3 PPI's i had.

what is the interest and how is it calculated i have 3 policies 1 from oct 2002, and 2 from feb and march 2003

Again many thanks for your quick response

[ChloeJane]

Interest is not my thing...sorry. Hopefully someone will point you in the right direction!

I hated it with my claim for Abbey though am sure someone will reply...interest and figures....hmmm...pass! Give me a legal arguement any day!

[majik]

i have a legal arguement i need help with too hun, check out the tenancy thread named Help !!!!

Many thanks again

[Goldlady]

I could help you work it out but need a lot more information. Have you still got the loan agreements showing the APR, amount borrowed, term of loan and the amount of PPI. And the monthly payments.

[majik]

No these polices were cancelled when i applied for bigger loans and then they charged for me again

they did refund some PPI each time i got a loan though, i have just requested HSBC send me the info etc, once/if i recieve them i will post details up here for some help.

Many thanks for you offer of help tho, will def need it once i get figures