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I am about to begin the process of reclaiming my PPI for a loan I took out with the HSBC in Nov 05 – I know I definitely have a case because I was mis-sold and pressured into taking out PPI on my loan. At the time I was in a pretty bad state financially, credit cards all over the place, store cards – you know the story! I also had a pre-existing loan with the HSBC, so I went into my branch to see about increasing this loan and consolidating all of my debts into 1 payment. I was told that simply increasing the loan was not an option, but instead I could take out a brand new loan which would pay off the existing one, and also incorporate all of my other debts. As my finances were in a pretty poor condition, the lady dealing with me told me that due to my credit situation they wouldn’t be able to go ahead with a loan unless I took out payment insurance. So me being a young and naïve (and probably a bit stupid!) 19 year old agreed to this and signed up for the new loan over a 5 year period including the PPI. Now I know I was mis-sold the PPI on this loan, because as I’ve read from these boards, the PPI made no difference to my application at all regardless of my credit situation at the time.
Now, what I’m unsure about is whether or not the PPI was mis-sold on the previous loan that I paid off with the new loan? I don’t have the original documentation from the 1st loan, and to be honest I have absolutely no idea how the PPI was sold to me as it was so long ago and I can’t remember! I know my job at the time was very safe and had generous sick-pay entitlements should I be forced out of work for a long period, and so I probably wouldn’t have needed PPI back then – is that enough for me to say that I was mis-sold the PPI on the 1st loan?? I know up until very recently I had absolutely no idea that PPI could be taken out with companies other than the one selling me a loan – is that also another way of mis-selling, in not telling me that I didn’t have to take out PPI with the HSBC and could’ve in fact gone elsewhere for it had I needed it??
I am definitely pressing ahead with a claim on my current loan which I have been repaying for the 42 months, but do I have a case on the 1st original loan too? Or should I just leave that one alone and go ahead with just the 1 claim against my current loan??
Also, do many people have success with the HSBC? Have had a quick scan through the forum and don’t see many cases against them?
Further to my post yesterday, I’ve drafted up my letter to the HSBC which I will be sending off later today. I’d appreciate it if somebody would have a read over it and see whether they agree with contents? Anything you’d add or remove from the letter??
Cheers!
Thermo
**whoa, letter went mental! Will re-post in a sec!!**
Repost of letter after original formatting went crazy!
Dear Sir/Madam,
Account number: ********
I purchased loan payment insurance on the above loan from you in November 2005 but now believe that I was mis-sold this policy due to the fact that I was not given the correct information when the policy was sold to me, as
• your salesperson implied that taking out the policy would assist my credit application as I already had a pre-existing loan with yourselves, as well as numerous credit cards and other debts with other companies meaning my credit rating wasn’t very good.
• your salesperson did not tell me that the policy was optional
• your salesperson implied that taking out the policy was essential for me to get the associated credit
• I was not made aware that I could in fact obtain insurance elsewhere should I have needed it, rather than purchasing directly from the HSBC
Had I know the insurance was in fact optional, and wouldn’t help my application for the loan, I would never have taken out the insurance policy as I work in a very stable line of work and my employers provided sufficient cover should I have required a long period of time off work. I believe your employee took advantage of the fact I was in a poor state financially, and also the fact I obviously didn’t have a great deal of financial knowledge, and manipulated me into taking out an insurance policy that I didn’t, and would never need.
Unless you can satisfactorily justify to me that the policy was sold fairly and reasonably I am requesting a full refund of all premiums that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.
To date I have made 48 payments on my loan, each including £48.60 for the loan insurance. Therefore, my calculations show that I have paid a total of £2041.20 which I am requesting a refund of. On top of this figure, I also expect statutory interest of 8%, which equates to £163.30 bringing my total request to £2204.50. I request that you pay this sum directly into my HSBC Bank account (Account no: ********) or alternatively, once the loan protection has been removed from my loan, I would accept the payment being made directly into my loan account and deducted from the remaining balance of my loan.
I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.
Thermopolese Vs HSBC
for a loan I took out with the HSBC
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