Thread: HSBC Mastercard Credit Card and PPI

Hello kmac,

Hi Folks

I was wondering if anyone could give me some advice on the following please.

I have had an HSBC Mastercard credit card since 2000 with out any worries then in 2005 I receiveda phone call one night after 6pm from an asian call centre asking in me if I had a PPI on my credit card to which my response was no.

Anyway to cut a long story short I signed up for the PPI on the credit card. at first I didn't notice anything unusual the all of a sudden an insurance premium appeared on my credit card statement saying (Insurance Premium - 79p per £100.00) about 2 to 3 years ago didn't question it at all, then just recently I came across the article about mis sold PPI's.

At the time I took on this PPI I was not asked if I was in employment (was on Incapacity Benefit and had been for sometime with ongoing illness), I was not to my recollection told about third party PPI's.

I am now in a situation were I'm considering cancelling the PPI as it is adding to my credit card debt which I am trying to reduce does this constitute to been mis sold a PPI and if so is there anything I can do about it.

regards Kmac2009

Please have a look at these links which are in the stickies at the top of the forum.
PPI - Some Notes for Claimants..

For claims before 2005 and the FSA ruling from which campaign
How to tell if you’ve been mis-sold PPI

Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

Another useful site to help you reclaim missold PPI UPDATED 16 JUN 08
Reclaim your PPI premiums - payment protection insurance | This is Money

This is a little snippet from the above link....

Can I reclaim on any PPI policy?
Your claim for compensation is dependent on when you took the insurance. PPI sales only came under the jurisdiction of the FSA on 14 January 2005. Any sales made before then are not covered by the latest rules.
However, it may still be worth complaining to your lender if you feel you have been mis-sold. If you bought before January 2005 it is likely that they will have been covered by a previous regime of rules. This means that the Financial Ombudsman Service will be able to consider these complaints. If you took PPI after January 2005, your claim is subject to the latest rules.

Another Useful article on Single Premium PPI and why the FSA say it was unfair.
Payment protection insurance (PPI) – Refunds of single premiums : FSA Money made clear – Unfair contracts

Much more can be found in here.... links

Have a read through to familiarise yourself with the PPI issues. I beleive you will have a case for mis-selling you may need to get the proof of your Incapacity benefit and ongoing illness at the time the PPI started.

I always suggest starting with a Subject access request you will need to send a statutory fee of £10.00.

HSBC then has 40 days plus 2 for postage to send you all the information you request. This should include:

A true copy of your Consumer Credit Agreement with the terms and conditions that were applicable at the time the loan started.

Up to date copies of all your statements which should show the PPI charges.

A copy of a needs and wants/customer duty of care questionnaire which should have been completed at the point of sale. This should show the questions asked to ensure the product (PPI) was suitable and appropriate for you as a customer.

Copies of all correspondence letters, emails, faxes etc.

Any other data they hold on you as a data subject in whatever format they hold it on, paper, electronic, CD, Floppy disk, microfische, tape recordings of telephone conversations or transcripts of conversations or notes made during the conversations.

Once you have this you then start your claim. It will no doubt be a long haul but it is worth the effort.

aa