Thread: Hsbc Loan

Originally Posted by NORTHERNGUY

My friend has a £4k loan with HSBC with insurance of around £800 ish . Question is he is not english took the loan out in 2006 , when they gave him a graduate loan and account (dunno why as he's not at uni , on a student visa)and working part time . I read the insurance and can't see how it would be of any use to him. The loan is half way through the term .
Would he be able to cancel the insurance and claim the insuance back ?
When they offered him the loan he had only been in the uk 10 months - I can't believe how easy it was to get !
Any advice?

Hello NG

Tell you friend to send a SAR to get all of the info HSBC have on him.

Costs £10 and they have 40days to come up with it.

There are two ways to go for the PPI and don't forget the interest they applied to it. If the ppi cost £800ish probably about £400ish in interest(dependant on the interest rate and the term that it ran for)

1. your friend writes to them telling them that they wish to cancel the ppi, and any rebate from it, will be paid into the loan balance, therefore reducing the balance owed. Do not under any circumstances agree to sign a new credit agreement. They don't have to.

Also ask them to give you a Breakdown of the rebate. Once this is done, you friend goes for the remaining ppi that they have paid.

2. your friend can wait for the information to come and go for the whole lot it one.

Read about the stickies and thread for more info and if you don't know, have a question just ask
Good luck and keep us posted

Just thought I would give an update - I wrote for my friend complaining , HSBC have now come back and offered a refund of the premiums! Result -

Originally Posted by NORTHERNGUY

Just thought I would give an update - I wrote for my friend complaining , HSBC have now come back and offered a refund of the premiums! Result -

Excellent result Could not have happened to a nicer bank, they deserve it