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I have been through the forums and can't find anyone with my specific problem.
Last year I canceled my payment protection on my loan, because I was just removing my payment protection at every point I was led to believe that the conditions of my loan were exactly the same. One of theses conditions being that I had a break every January in which I didn't pay off my loan.
All simple.
January comes and I notice the day before my pay goes into my bank a direct debt is due to come out for my loan.
I contacted the bank immediately, which led to me having to take a day off work to go into speak to someone.
They have never seen it before and my payment holiday should have come over with the previous loan.
I have been in touch with HSBC daily about this, last night I was called up by someone at the branch to say that the several teams had now looked into it and it turns out that the agreement I signed did not include the omission of the number of months for every January having a payment break(I hope that makes sense).
Their resolution to me was to take out the loan again and include the January omission. This would in turn end up costing me more money.
For obvious reasons I'm not happy about this. I really shouldn't have to pay more for something that I had already agreed to.
Could anyone shed on what my rights are here. I don't really want to end up paying more money but if that is the case then so be it.
The bank have confirmed that it is a failure on their part and the loan should have gone through exactly the same.
It is now Tuesday and they have called me up to say they can offer the loan over more months but it would end up costing me a little bit more everymonth(no more than 10 pounds)
I think they're having a laugh. PPI is an entirely seperate issue to the loan and something you should be free to cancel at any time without it having any bearing on any agreement terms.
I may be missing something here but on the face of it you shouldn't need to take out further arrangements and certainly should not be paying extra by having the loan extended. What sort of loan is this? Secured, unsecured personal?
I'd remind them that yes, it is their issue to resolve and that you've already lost working time/money to come and sort it out in branch. I'd also review your terms and conditions to see what they have reserved from a contractual point of view.
You need to remember that HSBC are a machine and you know how to deal with machines...it needs instructions. Quite often they have no idea at all what other departments are doing and frequently their staff will offer three completely different opinions for one simple question, all of course having no idea what the other two have already advised .
Can't really see what their issue is and why they insist on making it so difficult. How old is the loan and have you got the T&C's relating to the insurances? Has the bank given you any direction as to why this is difficult at all?
I don't really have issue with the PPI. I have the recent contract that I signed. The bank have said that this is so difficult because they haven't ever seen it before.
I don't really have issue with the PPI. I have the recent contract that I signed. The bank have said that this is so difficult because they haven't ever seen it before.
Sure, the PPI you may be happy with, may have been right for you and correctly detailed but if HSBC are using the fact that their own agreement is 'new to them' that's just bizarre. Am I still missing something here?!
Is the bank stating they have got confused by their own agreements? Is all of this in-house, all recommended HSBC products?
HI,
For what my comment is worth, probably very little. As I understand the situation with your original loan you had a repayment holiday every January to help you recover from the expense of Christmas? You assumed that the same terms would apply with your subsequent loan? The subsequent loan terms which you have signed do not include the original repayment holiday every January! HSBC are now wriggling as you claim, that you understood the January holiday would apply to the subsequent loan. Knowing HSBC they will try and hold you to the new terms quoting your new agreement as proof that you agreed not to have a repayment holiday.
Just to keep this updated.
I had a call from the bank manager yesterday to say they were going to try and get me to sign another loan. There Loan term would be over 75 months (I have 72 left to pay). This is a HSBC loan with HSBC.
Hi Just got got off the phone with the bank as I was in the middle of typeing that last post.
They have offered me the loan over the same period but repaying £19 more.
I think I have no choice but to accept this offer.
I think you should hold out for a better deal. If the bank led you to believe that this new loan was the same as the other then it's for them to deal with, not for you to have to pay more for. I'd negotiate myself a better deal.
HSBC Payment holiday URGENT advice please
should have come over with the previous loan.
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Originally Posted by vaughs
