Thread: Strange one !!

Hi i have a strange one that im hoping someone can help on.

I was mis-sold PPI by HSBC as i was lead to beleive i had to have the cover to get the loan. I paid around £6,000 to protect my loan for about 6 years i think, sadly i had to have 2 weeks off work so had to claim £260ish pounds, i then cancelled the loan altogther.

I have asked for the ppi back and this was refused due to claim, my question is i paid for cover for 6 years and only used 2 if that. can i go back to HSBC and say fine if you won't refund the money then reinstate my policy for the remaining 4 years as thats what i paid for ?

Dan

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i still have a loan and its still with HSBC but i have my PPI with someone else now as its around £80 per month cheaper.

my claim was that i was mis sold it because it was automatically included when i requested a loan and i was not given an option i.e here's what it would cost with PPI and here's what it would cost without.

i was told it would cost £x amount per month.

i had full sick pay benifits from my work so it wasn't needed as such i also had pre-exsiting condition which i was never asked about or informed that they would be excluded etc.

In which case the PPI was missold as i already had/have ppi running form previous HSBC loans !!!

So when you had to make a claim under this policy, did you also make claims under the other PPI policies and received the direct benefits of the settment payments?

If so, there is an argument in refunding the claim payment under the allegedly mis-sold PPI and going for a refund of all premiums and interest under this one.

The counter argument explained above is that how can something be mis-sold if you have claimed on it?

H

When i made the claim i was only paid out under the policy i had running with the current loan, received no benifit from the other 3 polices that should have also still been running if they run for the term agreed.

However i have had 5 loans with HSBC always took out PPI as i was never offered loans without and and always for 5 years etc.usually got a new loan each year replacing the old one.

so if ppi continues for term you have paid for e.g 5 years they mis sold it to me time and time again. as i have had to pay for 5 seperate ppi polices however the first policy would only just be coming to an end if that makes sense.

ie:
loan in 2001 for 5 years with ppi
loan in 2002 for 5 years with ppi (previous policy has 4 years to run ! MIS SOLD)
loan in 2003 for 5 years with ppi (previous policy has 4 years to run policy before has 3 years to run ! MIS SOLD)

I understand the suggestion that i wasn't mis sold as i claimed but my arguement isn't that i didn't know what it was as i did, what i was never informed of was that it was optional and if i didn't take it it wouldn't effect the chance of me getting the loan etc.

hope that helps make things a little clearer.

Lump sum and added to loan at the beginning.

They credited me back between 10% and 30% of the PPI on the first 3 but nothing on the last 2 as i made claims.

Also just seen there terms and conditions and was charged £5097.62 for ppi on my last loan with them even though i was signed off work following a rta, was never asked about pre exsiting conditions etc. surely that has been mis sold ! i even remeber the sales assistant saying that the cover would come in handy as i was on crutches at the time. Also as i shattered my left leg and both arms i had very little i could really claim for.

Many thanks for your help ppl.

i did claim miss-selling and HSBC have informed me that they do not beleive i was miss-sold.

i have only just checked the dates though so will be telephoning them and writting back to them informing them that i was signed off work at the time the loan was taken out and was not asked about pre-exsisting conditions to see if that helps.

thing i don't understand is they paid out for the first 3 loans no problem just over £2500 in total then i remembered/found the remaining 2 loans which i had with HSBC.

i understand that i did claim however i paid over £5k for lppi and was paid out £460ish according to my online statements.

i woudl be happy if they said ok u did claim but was small and offer me £2k etc, mite put that in my reply letter to them.

Ok, I heard a rumour that banks were just agreeing with things under £4k and ones over that were looking into.

first claim only had a letter confirming receipt and then a letter 8 weeks later with the offer, this time i have had 3-4 letters saying they are still looking into it etc and hope to get back to me shortly.

I am trying to claim back my PPI as i believe it was mis-sold (was under impression that it was compulsory) and that i never needed it.(second policy only)

Basically in January 2004 i took a loan with PPI for 60 months(i believed it was compulsory), had major RTA (April 2004 and April 2005) and had to claim etc and then re-fianaced the loan with same provider in August 2005 when again they added PPI for 60 months (i believed it was compulsory) and had to claim again due to another operation from original RTA (March 2007). I went to a different provider in May 2007

Neither occasion did i receive a refund of PPI when paying off loan early due to making a claim however i believe that i never needed the second PPI Policy as the first policy had 42 months remaing on it and the loans were for a similliar amount (about £40 per month differance in payments for loan),i never requested the original PPI to be cancelled or received anything stating it had been cancelled.

I have imformed HSBC that i believed it was mis-sold etc and after 3 letters to them and them refusing i have now forwarded it to the fos

Has anyone else encountered this and if so how can i prove i didn't need the second policy. Also when the policies paid out i only ever received 1 payment so they cannot claim that both policies were active etc.

Also the PPI paperwork they have sent which i signed stating that i fully understood everything etc has been filled in by someone else and just signed by me.

Any advice or help would be great Lads and Ladies

bump

quick update here, if i signed an agreement for PPI for 60 months and was given no written or verbal advice that it was cancelled then can i claim breach of contract/agreement against the bank.

Basically the bank have now said that when i signed the new PPI paperwork that the previous one was cancelled but i never agreed to this or knew it was cancelled. there was still around 40 months to run on previous policy and the payout was paid from the new policy and only the new policy.

Anyone ???

Hi majik

Firstly, if you have made a complaint to the fos you are going to have to wait until the adjudication. If they come back and say they can't (won't) help, then you have the option of taking HSBC to court.

However, on what basis do you think it was mis-sold?

The PPI on the first loan was presumably added to the loan and paid off monthly from January 2004 onwards. You then claimed on the PPI in April 2004 (?) and the policy covered your loan payments until August 2005 (?) During this time you presumably made no payments off the loan (and no further PPI payments)

If this is the case, I don't think you can claim that this first policy was mis-sold, not if you claimed on it, especially after only a few payments.

You then refinanced the loan in August 2005, again with PPI. You claim that you didn't need this as there was still 42 months left on the first one, even though you had made no payments since April 2004. You made a claim on this 2nd policy in March 2007.

If my summary is correct, then IMO you have been treated more than fairly by HSBC and got your monies worth from the PPI. You don't have a case for mis-selling PPI. In fact, the PPI could well have saved you from default and a CCJ. Sorry.

Sorry my mistake PPI was front loaded so was paid for in full at begining of loan and i was off work from April 2004 until September 2004 then returned to work for 6 months then had a further 2 weeks off in April 2005.

I believe it was Mis-sold as i was led to believe i had to have it to get the original loan, Also the second policy was of little use to be honest as i injured my left leg and both arms in the RTA so i had pre-exsisting conditions that the bank were well aware off but i was never asked/informed that they could effect any claims etc.
So effectivly the bank would only pay out on an injury to my right leg as i broke my leg leg, right wrist and lost feeling in left arm in RTA.
Also i would not have been working full time for the previous 12 months which is a condition in most PPI's