Thread: HSBC Loans/PPI

There is some useful information in the 'stickies' in the PPI forum heres a link to one of them

http://www.consumeractiongroup.co.uk...claimants.html

Will move your thread.

With HSBC looking at getting my current loan ( With PPI attached ) re-structured this week, there have been various reasons why i believe that the PPI was mis-sold - Not told that i could look for alternatives elsewhere, not told that it was "Single Premium" & i would be paying up front & that it would be to my benefit if i took the PPI with the loan so, i believe that HSBC have a hidden agenda to get me to take out another loan without the PPI attached but at a higher rate of interest, any advice in what i can do? Am i able to claim back what i have already paid out with regards to the PPI? (yes cancel the PPI take out PPI to give you cover via a cheaper online quoteand then reclaim the PPI from HSBC Loans

I am sure I have already posted to you mangle. But you should check out all of the threads and links in the stickies to get all the information you need to reclaim your mis-sold PPI. The stickies are at the top of the PPI forum

aa

Just to get you back on the subject with your own thread.

Loan Payment Protection Insurance - mortgage Payment Protection Insurance : Paymentcare UK


see the above link reference cheaper PPI.

Please try and keep all of your posts in your own thread it makes it much easier to keep a track on how your own particular issue is proceding.

aa

22nd June, 2009

Complaint

Loan Account Number :

Dear Sir / Madam,

I currently have a loan agreement with yourselves which has Personal Protection Insurance ( PPI ) attached to it, I have recently found out information in regards to the mis-selling of loan protection & believe that this on more than one occasion has been the case with your bank & myself in regards to several loans that I have had. Firstly I will address the issue that I have with my current loan, in November of last year I received a letter ( Please Find attached ) from yourselves asking me to get in contact with my local branch, I made an appointment & attended the brief meeting where I was “offered” initially to replace the PPI ( Which I pay £xxxxx per month ) with “Life Choices” but, after a few calculations by the financial advisor it would have been a lot more expensive due to the fact that the APR when I took out the loan was 8.9% ( Even though my agreement states 15.9% ) & if the PPI was to be removed now then this APR would then go up to 18.9%! I am led to believe that I have been given incorrect information in this regard & that the APR should stay the same due to the fact that the credit agreement that still exists & is effectively still the same. I then arranged another meeting with another financial advisor where I asked if I could cancel the PPI but again I was told that I would only be saving £2.00 per month! Firstly can you please confirm that the above information is correct?
Secondly, with regards to the loan(s) that I have & have had with yourselves I was instructed that it would help with my loan application if I took out the PPI as it would aid my loan application & I also should have been made aware of alternative options available, or comparative costs of similar PPI products from other suppliers, which information as a well known financial institution, you would most certainly have had access to. I assert that I have been deprived of the right to choose PPI when taking out the loan, and that you have taken advantage of my lack of knowledge.
I reposed absolute trust in your ability as a respected financial institution to provide a reasonable level of care and skill in ensuring that my best interests were met when taking out a financial product with your organisation. This has not been the case and I am extremely shocked and disappointed.
I would further suggest that the Principles of Business which are legally binding on the HSBC under the Financial Services and Markets Act 2000 and which are contained in the FSA Handbook, have not been followed. Therefore you are in breach of regulations.
I would remind you that the FSA takes the mis-selling of PPI extremely seriously and you will be aware that recent investigations by both the FSA and the Competition Commission have found that lenders continue to engage in "poor sales practices" and that "customers were not informed orally of both the monthly and total cost of their PPI". (FSA report, 30 September 2008.)
I request the return of £1625.39 plus interest within 14 days of receipt of this letter by you. If you do not comply with my request, I will have no option but to escalate my claim to the courts. I should remind you that the fos (FSA The FOS will deal with complaints if you go that route rather than court but the FSA are the ones that impose the fines)take the issue of mis-selling of PPI extremely seriously and in many cases, have imposed large fines on financial institutions who are in breach of regulations.

Yours faithfully,

Other than red changes the letter looks to be fine

aa

Originally Posted by mangle101

Letter received today with a list of 5 loans that i have had & my current one all listed, basically letter states that their sorry that i have found it necessary to complain blah blah a regulated complaints officer will be investigating & once the investigations are complete a full response will be issued, hopefully within 4 weeks but, may take 8! 8 is all they have

With regards to the PPI it has been confirmed that i need to re-visit my local branch to restructure my current loan with a new loan without the PPI with the same basis with the interest rate being honoured as per when i took out the loan, & heres a "Listening To Your Comments" leaflet for good measure! You must ensure the loan term does not start from scratch again ie if you have 15 months remaining on a 60 monthe loan then the restructured loan should also only have 15 months remaining if they try to extend it to a new full period tell them to have a serious rethink before you bang in complaints to the fos, ICO, OFT. BBA and any other authorities you can dig up using google.

Does this seem all above board?

Not quite see my comments above do not be duped by a restructure offer.

Make sure it fits the bill.

aa

Originally Posted by mangle101

I have in writing that the loan will be restructured to the length of the remainder of my current loan, so now just awaiting for their response. Do you think that i should send an SAR in readiness for claiming on the previous loans that i have had with them?

Your SAR should cover all data that is relevant to you and therefore all loans not just the current loan but all data they hold and not just for six years you can insist they supply everything they have.

see this....

For legal issues relating to Data Protection check this link...Lots of very useful info in understandable terms.
Data Protection | OUT-LAW.COM

it includes the following and much much more
Negotiating with the Data Subject (This should be important to Banks)

At this stage, it is advisable to negotiate with the data subject. The location information the data subject will have already given will give a clue as to what it is the data subject really wants to have information about. The benefit of the Data Protection Act 1998 is that it allows data controllers to negotiate with data subjects to get the data subject to specify the exact information he or she wishes to receive.

The data controller is entitled to ask for a fee of £10 and two further pieces of information. Firstly, the data controller must satisfy himself that the person making the request is, in fact, the data subject. The use of a Subject access request form is advised, since the greatest breach of a data controller's security is for the data controller to satisfy a Subject access request made by a person impersonating the data subject. The use of the form goes towards proving that the data controller has adequate identification and verification procedures in place. Secondly, the data controller is entitled to ask the data subject for further information to enable the data controller to locate the information which that person seeks.

When the last of these three pieces of information has been obtained, the forty day period starts to run. It is advisable to put procedures in place to ensure that the receipt of the request and the further information is correctly dated so that an organisation knows how long it has to satisfy the subject access request.

However, if the data subject is adamant that he or she wishes to receive a copy of everything the data controller holds on him or her, then there is very little the data controller can do about this, and a completely exhaustive search of the computerised and manually held data in the organisation will be required. (nice to know what you see in the Act is what you get)

Press them on this issue and you can in fact ask for a visit to you bank to ensure you can see everything,

aa

Thanks for the assistance so far AA , as i only have the details for my current loan i am thinking that i will request an Subject access request to help me with the other 5 previous loans that i have had with HSBC for future claims, do i need to list down all account numbers on this to receive all of the information or just my main account number? Also, some of the loans were taken out to pay off an existing loan so do i have to specify the i require the amount paid off the loan at the time of taking out the next loan?

Yes when you submit the SAR you should list all of the account numbers or you can cite the information on your statements showing direct debits for the monthly payments on these accounts and let them work out the details.

You should request everything ie all of the refinancing loans should appear on your statements and in fact should show details of how much was rebated on each loan. You can insist that this information is forwarded to you as part of your SAR.

If you ask and they do not provide then you can complain to the Information Commissioners Office.

aa