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Final Decision letter - HSBC/PPI


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I initially sent off a standard letter to HSBC explaining that I wanted to make a complaint about the misspelling of PPI on my loan and I got a letter back with the PPI reference numbers of two loans (I thought I only had one loan with them but then remembered that I have taken one out previously, paid that off then got another one) with a questionnaire.

 

I completed the questionnaire to the best of my ability as I hardly have any information of the loans now and I also mentioned that I have a credit card with them although I don't know the PPI reference number to that. A few days ago I got this response (in summary) ......having taken the opportunity to review the records we hold in relation to this matter, unfortunately I am unable to support your complaint.

 

Our records show that in xxxxxxx you applied for an unsecured Personal Loan. The monthly payments included an optional Personal Loan Protection plan which is designed to repay your monthly loan repayments in the event of sickness, accident or redundancy.

 

It goes on to say that I received a product information pack which confirmed that the plan was optional and I had a period of 30 day in which I could have cancelled so they believe that adequate steps had been taken to make me aware of the PPI on my loan. In regards to the second loan.....while I do not agree with the points you made and will not be upholding your complaint, I am conscious that the premiums you paid totals £342.32........

 

I am prepared to offer to refund this premium as a gesture of goodwill.........as I am offering to refund the premium it is not my intention to respond specifically to the individual issues raised. Nothing was mentioned about my credit card but the last paragraph states that .......this is our final decision letter.

 

if you remain dissatisfied you have the right to refer this matter to the fos .Is it too late to do what I should have done first and request for a SAR? I am still none the wiser as to the details of the loans and when I actually took out the credit card which is more than ten years ago. Things are just quite tight and depressing at the moment but I have this sinking feeling that this is going to be a long drawn battle.

Edited by citizenB
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the reason I gave were that I don't remember it being explained to me at the time and also that I was a student at the time so not sure it was appropriate for me but the date given for when I took out the loan shows that I had already left full time education so I think I have made a serious mistake there

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Not necessarily... you may have not had a job having just left education?

 

In any event, not being given all of the information to make an informed decision is a good pointer to a mis-sale.

 

In addition, the handbook published by the FSA (as it was) clearly states that simply giving people a 30 day cancellation period is not sufficient to cement a good sale.

 

This is from that handbook....

 

3.3.6 G The firm should not reject a complaint because the complainant failed to exercise

the right to cancel the policy.

 

Have a nose through Appendix 1 of the handbook which you can find in the PPI stickies. There will be some more useful information which you can use to challenge their decision.

 

When you write to them with your challenge tell them that of they do not refund all of your money and the appropriate interest you will be lodging a formal complaint with fos which will cost them another £850

 

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thank you for this information but could you please help clarify a few things which I need to do. Should I still contact HSBC even though they have issued their final decision letter? Also, there was no mention of the credit card PPI, should I ask for details of this and deal with this separately? thank you for your prompt responses.

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If it were me I would challenge the bank first. We have seen cases on here where they have changed their minds following people sticking to their guns. If they refuse to look at the matter again or indeed say that they are sticking by their decision then get the complaint in to fos.

 

The credit card PPI is technically a distinct claim from the loans and should be treated as a separate issue. Is their 8 weeks up for the investigation of the card PPI? If it is then you can go to fos or give the bank a stiff reminder reminder that they have failed under the time limits set by the regulator and that you demand a response in 7 days.

 

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On the questionnaire sent to me by the bank.

 

I mentioned the two loans and the credit card reference numbers together, which was more than 8 weeks ago

but not clear whether the credit card was overlooked as there was no mention of it in their response.

 

However, I feel that I need to tread carefully considering I hardly have any documentary evidence to date as I currently have a DMP in place

which has been running since 2006.

 

Also the bank has only offered to refund the paid premium of one of the loans and not the other.

 

A lot of questions are going through my head and I do apologise for bombarding you with my numerous questions but before I go any further,

should I ask the bank for details of both loans and credit card details if necessary sending them a £10 fee?

 

Also as the loans and credit card are two different aspects will I have to send separate fees for these?

 

I am ever so grateful for your generous and quick advice to my thread. thank you

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If you are sending a Subject Access Request and all the loans/credit cards are with the one Bank, then it is just the one £10.00 fee.

 

The more information you can give them the better, so if you have ALL the account numbers - supply them. However, they should be able to retrieve this data, with just your name and address or just one account number.

 

Don't be concerned about asking lots of questions.. best to be absolutely sure of what you are doing, before you do it :)

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Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

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5: Fair Treatment for Credit Card Holders and Borrowers - COBS

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:D

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Thank you for that. I just have one more question (for now!), where do I send the letter to? Is it the complaint section of the bank or to their registered office? thanks

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hope your DMP is not a fee paying one?

 

sent the sar to the data compliance address

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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DMP is with the CCCS so not fee paying, I will find HSBC's data compliance address and send SAR, once received I will let you know what I find before going further with complaint. Thanks heaps for all the help.

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HSBClink3.gif BANK PLC

8 CANADA SQUARE

LONDON

E14 5HQ

 

For Subject Access Requests, head your letters to the Data Compliance Team or Manager

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 1 month later...

UPDATE ON SAR SENT TO HSBC

 

I recieved a phone call from HSBC confirming that they had recieved my SAR and wanted to know what I needed the information for.

 

I told them that I wanted to have some records of the accounts I held with them and more importantly when the accounts were opened (credit cards and loans)

 

the gentleman said that they could supply that information at no cost to me and that my postal order would be returned.

 

Two days ago I received a letter stating that they no longer had a copy of my signed agreement (credit card)

but they enclosed a copy of the terms and conditions of the card that I had taken out at the time

and on their letter it stated that the credit card was taken out in 1994.

 

I have kept the account up to date until 2006, when I had to go on a DMP due to personal reasons but this is still being paid.

 

I have not recieved the postal order neither have I received any details of the 2 loans that I took out.

 

What should I do now.

 

please help,

 

if there is any chance that I could claim something back then it will be worth chasing up or I should put it down to just my luck.

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all you simply do is click on the link at the top of your alert emails to reply [yes you got it right]

 

you really should not be conversing on the phone

 

that's what causes these issues.

 

anyhow

 

still got his name and number?

 

you need to state quite clearly that an SAR is an official legal request

 

and must be complied with.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Got myself in a right mess now. Number given was a switchboard. When I finally got through,told that the letter sent had advised that they did not hold any info beyond 6 years. i told the man that I shouldnt have to explain myself to him but basiically, the SAR had requested for all documentations on the account not limited to a specific time period. He then said I should write in again explaining that the information sent was insufficient. Writing the letter now.

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