Hi,

I wrote to HSBC bank informing them that I had been miss-sold PPI on a personal loan.

I stated my reasons.

1. I am self employed partner in a business, so if I am off sick the business still keeps going so technicaly I do not loose money so a claim could not be made.

2. I have pre-existing medical conditions which I was not asked about when the PPI was sold. Also the person selling the loan and PPI knew I was registered as disabled but never questioned my condition. So I could NOT make a claim if I became ill or had a flare up.

3. I was led to believe that I had to take this PPI out or I would not get a loan.

I think there were a coupe of other reasons but I can not remember them now.

I had a bad year last year and could not repay my loan which had been running for 4 years so I defaulted. I visited my local branch and was told they could not do anything for me and I had to phone a number to talk about it.

I did this and got treated like a criminal. I offered reduced payments but they would not have them. Next Metropolitan collections threatened me, again ignored my letters to them offering reduced payments. Now a firm called DG Solicitors.

Now I have had a letter from HSBC offering me £2,532.21.

I nearly said "WHOOPEE", then I read the terms they are trying to impose.

They say they make the offer without prejudice and accept no blame etc, etc. Then it says I have to sign a form agreeing to them paying the money over to the DCA to be taken off of my outstanding balance. I have 6 weeks to resond.

I wrote them a letter back the same day. I stated that I did not wish them to pay the full amount to the DCA on the grounds that this refund was for a miss-sold PPI. The money they offer is the repayment of 4 years worth of PPI premiums + interest at 8%

This refund is NOT the refund of the original loan amount.

Hope that makes sense.

I told them that I would agree to them paying 60% towards my outstanding loan and the other 40% to be sent to me via cheque.

It is now at least a month and they have failed to respond in any way.

Today I had another threatening letter from DG Solicitors. I wrote straight back to them with a copy of the offer and all other correspondence and told them that I am prepared to make monthly payment only once the refund has been made as this will alter the balance considerably.

I also found an email address for HSBC Complaints compliance officer, who signed the offer to me, so I emailed her a letter informing her that she had failed to respond to my request and I was giving her 7 days in which to respond.

What should I do next?????

Any advice most welcome.

Hello and Welcome,

I'll move this thread to the PPI Forum.

Regards.

Scott.

Thank you, was not sure where to put it.

Will go and find the PPI forums now.

Hi

Since the DCA is now the proud owner of that debt, HSBC is obligated to ensure that the DCA is not prejudiced by the fact that the debt they bought is having its balance reduced by a simple goodwill gesture, and HSBC are legally bound to make that refund to the DCA.

I know its not what you want to hear but i think you will be banging your head against the wall with this one.

But is th DCA the proud owner of the debt?? It is no longer with Metropolitan collections but with DG Solicitors apparently acting on behalf of HSBC.

I have nothing in writing to state that they own the debt. In fact HSBC are now and have been charging me bank charges every month for a failed direct debit to themselves. That is another debt which they are now creating and if the debt is no longer with them, what are they playing at???

Sorry if this sounds confusing, but it is confusing me

Just another query,

My understanding is that if they sold off the debt to the DCA them they are legally bound to pay the refund to me as they never took the premiums from the DCA.

The repayment they are offering to me is the actual paid premiums plus interest. It is not just a gesture of goodwill.

urm...

have your received a default notice from HSBC & a letter informing you they had sold the debt & have you had a letter from the DCA called notice of assignment?

if not the DCA are only collecting.

HSBC can take ARREARS only from the refund, not set-off the whole amount if this is thae case.

my take on it

dx

I had a default letter a while back from HSBC but I have never had a letter informing me that they have sold the debt.

I have never had a letter from the DCA called a notice of assignment either.

then the refund is yours BAR whatever is in arrears.

tell them that and do not accept the terms.

dx

Thanks for that,

I am now wondering about the arrears. The sum the dca is trying to get from me is the total outstanding amount. This figure I believe to be the total left to pay on the loan including PPI + Interest.

Hope you can understand what I am saying.

The offer was for PPI + interest up till 19/06/2009. So the outstanding balance includes another 9 months of PPI + interest. which calculates at £35.59 per month x 9 = £320.31p + interest. So surely that should now be deducted from the balance.

Can you see what I mean ?

If I am right does this mean yet another letter to HSBC and DCA to get the balance put right?

i'll see if i can work on this over easter w/end is no-one else gives you a figure.

dx

Hi DX,

Thank you.

I am no good with figures but it is nice to find some one who is and that understands what I am saying.

Letter writing seems to be my thing.

it would be nice if you can scan up the agreement, removing all pers info,barcodes, numbers...but leave the figures on.

dx

Hi DX,

Sorry no longer got it, we have moved house since then and I have not got a clue where it is. I have already gone through every thing.

I did try to get a copy from bank last year but they were no helpful.

I can find the total balance left outstanding on letters but nothing else.

I will send you that in a private message if that will help. I know what the repayments were as well, but these included PPI premiums + interest.

Will send you a private message now.

ok well i'll try over easter

dx

thank you

having played with your est figures, and not really getting any concrete 'link' between what theyhave refunded and my figures.

i would say that you need to write back to hsbc refusing the offer, asking the A/C be put on hold until they fwd you a copy of the agreement

either

as an CCA request

or even better

an SAR.

i would also request they give a detailed breakdown of how they calculated it.

pers i'd go for the sar [look in the stickies up the top for the PPI version of the full SAR request]

that way you will get everything they hold on you and it might reveal more than you expect.

pers i think it foolhardy to accept any refund without the full facts esp the agreement.

they must have it because they have calculated the refund.

and you are legally entitled to it

dx

Hi dx,

Thank you. I will sort a letter to them over the weekend. I am not too sure where to send it to though as the letters are coming from different address's and not my local branch.

I shall send it to the address I have in Bristol where the offer came from.

Once again thank you your help is very much appreciated.

Have a nice Easter.

this ad is in the hsbc stickies:

UK Data Protection Compliance

HSBC Bank plc

Griffin House

4-01, 41 Silver Street Head

Sheffield

S1 3GG

send sar to above,

write a sep letter to the writers ad, tell them you refuse until the sar return and also want calc so you can check the refund value etcetc & that sar has been sent to data protection ad.

dx

Thank you

any news on the agreement before i start playing with your figures tonight?

dx

you mention a figure of 35.59 PPI PCM

where has this come from?

is it their calc?

please show me the calc if you have it and its theirs.

dx

It is my figure. I divided what they say I have paid in premiums by the total amount of months they say the premium was paid for.

Got letter back telling me that no way are they going to pay anything to me personally. They say they have the right as I broke the terms of the loan and they say they have a legal right to demand full payment straight away of the outstanding sum and can therefore pay all the refund to the dca.

has the agreement turned up yet?

dx

been playing with this:

Loan Repayment Calculators – Free APR & Loan Repayment Calculators

cant make things work for the figures we have........

a payment of £210 for 60mts = 12,600

35.59 x 60 = 2135

12600 - 2135 = 10464.60

using the site

7400 apr 7.9 over 60mts = 10447.60

repayment of 148.73

210-148.73= 61.27

for the ppi figure then on the site: that makes no sense at all.

we need that agreement.

dx