All,

After a successful battle with Barclays Partner Finance over charges and a PPI reclaim with Aqua that proved successful (thanks to the great people on here and MSE) I have gone through the little paperwork I still have, to see what else I could look at. I have placed claims with HFC on another thread for some retail loans on electrical goods but also found the policy number of my Mortgage PPI through HSBC

As a background I opened my old student account with Midland in 94 and did all my banking with them for years including all loans, my credit card and then mortgage when I got married in 2000. I do not have the detail for this policy, but rather for my single policy that was opened when I bought my house in 2003 after my divorce.

My mortgage was in my name only and the paperwork was made out with a "sign here, here and here" attitude in the bank.

Mortgage PPI was set up, which I just thought was the norm - exactly as had happed 3 years earlier. At the time I had 6 months full and 6 months half pay, working for a company I had been with for 3 years and are the biggest brand in the world (not much chance of losing my job). I had life and critical income cover and an income protection policy - all through HSBC Life.

If I'm honest, looking back I think it is far too much cover, but I have been told that it sounds about right from some people. After changing mortgage in 2006 I discovered that MPPI is not a necessary part of buying a mortgage, nor does it have to be with the organisation that sells the mortgage either if chosen.

The policy ran through till 2007 when I cancelled it (stupidly presumed that it would be cancelled at the time my mortgage with them ended) and I've not had MPPI now for 4 1/2 years and I've never had it questioned by my mortgage provider (changed again in 2008)

I suppose i'm asking if people think I have a valid argument for complaining to HSBC that the MPPI wasn't necesserily in my best interests based on the cover I already had with them?

Thanks

I have no idea why it doesn't set this out in paragraphs on posting, despite me typing it out in them! Sorry!

Hi

I have formatted the post for you to make it easier to read.

Yes you can claim. I guess the premiums were a fixed amount eacc month?

Do you have the statements showing the amounts and the dates of payment.

Short answer is yes you can reclaim this.

ims

Hi IMS, most appreciated (again!!) No idea, why it wont format when I post, even after I edit. Might be due to work internet? Anyway all I have was a letter than showed the policy account number and the payment owed when I cancelled the DD in December 2007. I had no paperwork for the policy, couldn't get any sense out of anyone at HSBC Life, so cancelled the DD with a view to getting a reponse. It showed the premium that was outstanding - £29.72, so I'm guessing that the monthly payment wont be too different to that figure each month previosuly from 2003. The premium was obviously paid each month.

Hi

If it were me I'd SAR HSBC to see what information you can get. There's not a lot to go on as it stands so anything else you can get would probably be useful.

ims

I was thinking the same. Based on a figure between £25-£30 per month then i'm pretty sure I paid over £1k for this cover, that wasn't necessary in my opinion. I'd like any redress (if there is one) to be acurate. Based on the sums and time frame then there should be a hefty chunk of interest to go on top of that too. Do you think my claim is a valid one and my opinion of a miss-sell is correct? I was already covered, no option to go somewhere else for cover if required, paperwork drawn up at same time and told to sign (i'm aware this is very hard to prove) hence the fact I had so many other insurances through HSBC at the same time is what I would rather focus on

Hi

Yes I would put in a claim...you were not given all the facts, the true cost not explained etc etc.

Go for it.

Get that SAR done first though

ims

Well it looks like I haven't needed to SAR them. I'd actually posted the FOS form in Nov to them, and was expecting a wait. Thought i'd get some info from the SAR in anticipation for an intial rejection, as seems to be the case with MPPI.

However a letter arrived yesterday with an offer that was almost double what I was expecting with 8% stat on top. This would be a massive help in paying off a loan and paying off an overdraft. Would put me around £200 a month better off, which is perfect timing as I am about to move back into my home (after 2 years in different parts of the UK and my house rented out). I don't have a breakdown of payment unfortunately but it looks like it covers payment back to 2000 on the old MPPI I had with my ex wife. I've just run my almost £30 payment back to 2003 then the same back to Feb 2000 (but at half the rate) and its near as damn it to what they have offered. Shame the tax man gets £500 but can't complain too much!

This is good news but have you checked their offer using a spreadsheet just to make sure you are not being short-changed?

ims

Hi IMS

Yes i've put into a spreadsheet going back to 2000 when i bought my first house. For the first bit i've guessed at around £13 (half of what I expect the premium would have been) and then put in the £29 from June 2003 through till Nov 2007. It seems to work out pretty much what they have offered and the interest works out about right too. I only paid MPPI with HSBC in that time, so don't see how it could be wrong. Maybe a couple of £'s wrong at the most. Very happy indeed, and all for the cost of 5min to fill in and a stamp. At least i'm vindicated in the belief HSBC tried to sell me so many thing I didn't need, and being young(er) at the time, bought it!

Good luck to anyone in a similar position. Lets hope HFC are as generous, as i have exactly the same reasons in place - Income protection policy with HSBC covered me

Ok

When you actually receive the money let us know and we can change the title of the thread to refelct your success.

Well done.

ims

Thanks IMS, although I feel guilty about a well done, when I didn't really do anything, lol. As soon as money is banked (they took bank details so wont get cheque thank god!) i'll let you know. For the first time in a few years i will have some breathing space each month. Can't wait!!!!

Cheers

All,Money landed in account today. 2 weeks after they received my acceptance. I did check my account at 9:30 this morning and it wasn't there, however after spending 30min on the phone (The 2 tel numbers on the letter didn't work!) and eventually speaking to someone in the relevant department, he told me that my payment had been made on the 3rd and had I checked my account. Low and behold the money was there now! Very pleased. Loads of bills paid this afternoon

Great news

Enjoy your windfall

Thread being marked as a success

Regards

ims

Hi joncow75

I am in the process of trying to claim PPI from HSBC and noticed that you have had success from a very similar start date. Would you be willing to share the process you went through / letters you sent? Was your policy charged to your account as HSBC life? The basic scenario in my case is that I was sold this as compulsory in order to get my mortgage and the cover provided was offered through my employer!

Thank you for any help or advice you can give

Naith

[EDIT]

Hi Naith

I would start you own thread on this and we can help you through the process.

ims