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Hope someone can help, i took out a loan with HSBC 2005 this was to pay off a original loan and clear some money off a credit card. On my original loan i was told if i didn't take out the PPI i wouldnt get the loan (i have managed to claim back £1500 from the original loan but had to sign a letter stating i wouldn't be able to claim off my current loan)
Now im not trying to claim any money back for the current ppi but would like to cancell it, i have wrote to the bank who have comfirmed i can cancel it but i would have to apply for a new loan which would be at the same rate and term but the monthly payments would be higher then stated on my 2005 agreement, saving only £25 a month where us as the moment im paying £95.18 a month just for the ppi.
The loan agreement shows the the loan money with the monthly payments and total amount repaid at the interest rate of 8.9% and in a seperate box shows the Credit protection insurance loan in the same way with monthly payments of 95.18 and interest rate of 8.9%
Why can they not just cancel the ppi leaving my existing loan running ?
How is this treating the customer fairly ? so when you work out i still pay back pretty much the same amount as my oringinal loan but without the ppi ?
Is this true or is there anything i can do?
The bank have said in their letter this is hsbc final decision on the matter and if im to address my concerns to the financial Ombudsman they will of course co operate fully to assist them?
:?
Has anyone else manage to cancel there ppi and keep there existing loan??
As I understand it it is unlawful for a loan to be conditional on taking out PPI but I think you need a more knowledgeable cagger like Pompeyfaith to advise you on this.
When the Liberals and Conservatives were in opposition, they both agreed that banks should pay back high bank charges to customers. Nothing seems to have happened since they came into power as a coalition. PPI Insurance has been sorted. Now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE
I was never told i could get PPI else where and and as i was lead to believe on my loan before having the ppi would mean i was more likely to get the loan i did agree to taking the ppi. But as i said before when they made me a goodwill offer on the old loans ppi i had to agree not to claim on this ppi, so there's no chance i would be able to claim any the money back, wish i put up more of a fight now but at the time i really needed the money so i agreed to the offer.
So now i would really like to cancel the ppi as its costing me £95 amonth but i cant see why i would need a new loan, when they quoted the new monthly payments it would go up, so im only saving £25 amonth by cancelling.
a sort of fire-fighting role here. Hate HFC & their past compulsory PPI ethos
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Re: Cancelling HSBC PPi
they cannot make you sign a new agreement if you cancel the PPI!
i would suspect you also had PPI on the old loan + the CC so you've been ripped of there with two lots of PPI that have been charged intererest aswell then charged more int when the new covering loan was taken out.
you really need to SAR these people and get everthing they have on you.
write them a letter cancelling the existing PPI forthwith.
dont let them tell you what to do withyour money...you TELL them!
dx
GETTING THREAT_O_TEXTS OR SPOOF BAILIFF CALL FROM M T COLLECT read here
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rather than hittting to be my friend - hit the star
Cancelling HSBC PPi
2005 this was to pay off a original loan and clear some money off a credit card. On my original loan i was told if i didn't take out the PPI
:?
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