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HSBC Mortgage PPI Claim


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one of simple facts about PPI is -

 

if 'whatever' that had PPI associated with it

is settled early...by 'whatever' method,

that PPI should be rebated in cash, and NOT carried over into 'whatever' settled 'whatever' that had the PPI.

 

dx

 

So if the £618 PPI was paid in Sept 2002

then consolidated into the mortgage in say Jan 2003

and paid no further PPI on the mortgage what do I calculate for my claim?

 

Do I also need to include the interest that was applied to my mortgage from the time it was consolidated plus the 8% interest?

 

Also is the 8% interest per year?

 

I then switched mortgage supplier in Jan 2005 so this £618 was again carried into this mortgage and any subsequent mortgages to this day

- I'm guessing I can only claim additional interest up until the time I switched my mortgage from HSBC but can still include the 8%?

 

Any help with these calculations would be greatly appreciated as it's getting a bit confusing?!!

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i'll reply later

 

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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you'll need to do this

workout the % of your PPI PCM on the first mortgage

 

total cash price ppi / total cash price of mortgage * 100 = xx%

 

then workout what xx% is your monthly payment on that mortgage was

 

then enter that figure FOR EVERY MONTH YOU ACTUALLY PAID the mortgage.

 

also take the settlemnt figure and workout what xx% is of that.

 

that will tell you WHAT PPI as carried over .

 

next step when you are ready.

 

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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Just looked at my Mortgage Repayment Protector Policy and my employment history

- I was employed via an emploment agency on 30th April 2001 and took the motgage and the payment protection out in Aug 2001

so I had been employed via this agency for a max of 4 months.

 

The policy states that in order to be eligible for cover I must be in employment but if I'm employed on a fixed term contract then I'm still eligible for cover apart from:

"This policy does not cover any unemployment which results from the natural expiry of a fixed term contract unless,

immediately prior to the claim, you are employed on an annual contract which has been renewed at least once,

or you have been employed by the same employer for a period of 24 months"

 

They also clarify that Temporary Employment is

"Employment for an indefinite period which is not intended to be permanent.

Employment of this nature via an employment agency is coonsidered to be temporary work."

 

I was working for a firm via an agency on a 6 month contact that only had a 1 week notice

so it wasn't a fixed term contract with the employer it was with the agency.

 

Plus as I was only with the agency for 4 months (not at least 24 months continuous employment)

so they would have never paid out for any period of unemployment.

 

Also was this worked classed as a fixed term contract or temporary work

- if it is temporary work I dont bellieve I would have been covered in the 1st place.

 

These recommendations (advice to take up Mortgage Repayment Protection & Mortgage Protection Plan with Critical Illness and Income Protection

(although as previously stated my parents were made to be gaurantors)

were made at a financial planning review held face to face with HSBC.

 

They will know from my Bank statements that I started working for this new employement agency in April 2001

as it would show on my HSBC accounts so it can be proven

 

however, I'm not sure if it would be classed as a Fixed Term Contract or Temporary work?!

 

I also not sure if my employemt status would be a reason claim for the Mortgage Protection Plan with Critical illness cover and Income Protection aswell

as the Mortgage Repayment Protection Plan.

 

Any advice guys?

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pers i wouldn't worry too much about justifying your reclaim.

 

you were told you had to have it to get the mortgage - end of.

 

go get 'em and lump in that useless CI & IP.

 

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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pers i wouldn't worry too much about justifying your reclaim.

 

you were told you had to have it to get the mortgage - end of.

 

go get 'em and lump in that useless CI & IP.

 

dx

Why are the CI and IP useless (sorry for being a bit thick) but I can find nowhere in the policy that links them to employment status at the time of taking out the policy?

 

I can claim based on that I was told that they had to be taken out to secure the mortgage

 

but just wondered if I wasn't eligible for them in the 1st place?

 

Do you think that at least on the Mortgage Repayment Protection that I have a good claim?

 

Thanks dx!

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the only thing that is typically compulsory on a mortgage is building insurance

 

the rest your were spoofed into taking

and

that adviser made a healthy hidden commission out of you too for each one.

 

you were told you had to have them.

 

end of. only reason you need.

 

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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the only thing that is typically compulsory on a mortgage is building insurance

 

the rest your were spoofed into taking

and

that adviser made a healthy hidden commission out of you too for each one.

 

you were told you had to have them.

 

end of. only reason you need.

 

dx

Thanks dx! I'm probably looking far too deep into this half expecting an refusal from HSBC and just looking at other reasons I can hit them back with - I think if they do refuse I have a few good reasons for contesting their decision.

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please dont send anything off till we get those spreadsheets done and checked

 

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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please dont send anything off till we get those spreadsheets done and checked

 

dx

 

dx Now that I have got everyting in order I now have the following 3 seperate claims with HSBC:

 

1. Original mortgage taken out in Aug 2001 - claim put in for mis-sold Mortgage Protection Plan inc critical illness & Mortgage Repayment Protector

2. Original mortgage taken out in Aug 2001 - claim put in for mis-sold Individual Income Protection

3. Personal Loan taken out in Sept 2002 which then got consolidated into a remortgage with HSBC in Jan/ Feb 2003 and I don't remember receiving a rebate of the PPI - PPI was £610.00, total charge for credit was £291.36 so total that would have been consolidated into re-mortgage would have been £901.36 if this was not rebated. This was then consolidated into the Remortgage and would have incurred 4.75% APR until I left HSBC in Feb 2005. Will prob need help with how I calculate this one.

 

I will dig out all of my paperwork and tackle each claim on a seperate spreadsheet and post it up on here with the info to see if I have completed the spreadsheet correctly. Thanks dx your help is invaluable! Will post on here tonight once the kids let me have the use of the laptop lol!

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i'd lump 1+2 together as one claim [sOC]

using one figure for ALL the stuff charged for monthly and call it protection or something

 

detail those in your FOS CQ or the covering letter if you wish

 

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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dx

Mortgage Protection Plan and Mortgage Protection was cancelled when I took out the remortgage in Jan/ Feb 2003 (Claim 1).

 

Income Protection (Claim 2 was continued (rightly or wrongly) and my last payment was in 2009.

 

So I thought it would make it easier to do 2 seperate spreadsheets for these.

 

Just had a response in the post from HSBC and it looks like they have now seperated out the claim 1 into 2 seperate claims.

 

When I raised the claim back in July they only included the Mortgage Protection plan inc critical illness

so I phoned them to ensure that they would also include the Mortgage Payment Protection

- now they have seperated this one out on a seperate claim and given themselves another 8 weeks for this one.

 

They only have 2 weeks left for claim 1

 

but it looks like that will now only include the Mortgage Protection plan inc critical illness.

 

Cheeky buggers!

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well as long as they are all covered then sorry

i forgot you'd already submited a claim

 

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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well as long as they are all covered then sorry

i forgot you'd already submited a claim

 

dx

dx yes all are being investigated and after I phoned them today they have ensured me that all will be investigated and responded to in the 8 weeks since I raised the 2st claim back in July so only 2 weeks to wait. However, I want to complete the spreadsheets and get them looked at so that if they do uphold my complaint I can verify their offer and if they reject I can respond with my arguements and put in my calculations before taking it to the FOS. I have perhaps jumped the gun in making a claim before doing my calcs but am keen to have the back up for any outcome - their response has a deadline of 11th Sept for all claims. Will look to do the spreadsheets tonight if you would be kind enough to cast your eye over them? Thanks

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scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

or

convert existing PC files to PDF [office has an installable print to PDF option]

.

'

BUT......

ENSURE: remove all pers info inc barcodes etc using paint program

but leave all figures and dates.

.

goto one of the many free online pdf converter websites

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

.

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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dx

I'm confident that I can identify the PPI figures in the agreements

and have bank statements that show the payments going out

 

- so if I can just detail the payment terms i.e amount for PPI taken each month,

first payment date and for how long up until last PPI paid

then I could just fill out the spreadsheets and put them on here to review and check I've got the calculations correct?

 

Is that ok or do you need the originl agreements?

 

If it is ok how do I just insert the excel spreadsheet?

 

Thanks

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as in the guide

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

.

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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Share on other sites

  • 2 weeks later...
the only thing that is typically compulsory on a mortgage is building insurance

 

the rest your were spoofed into taking

and

that adviser made a healthy hidden commission out of you too for each one.

 

you were told you had to have them.

 

end of. only reason you need.

 

dx

Quick question dx - House Insurance (Buildings & Contents) was taken out with HSBC at the same time as the mortgage at the same Financial Planning Review where I was miss-sold these MPPIs - if this was also advised that I must take this policy out to get the mortgage can I also claim for that (even thought it was needed - although not necessarily with HSBC)? Thanks

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they should have advised that it as only necessary to have building insurance

 

and that the 'others' have alterntives outside of HSBC and were not compulsory.

 

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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  • 2 weeks later...

Update

 

  • Non PPI claim (Mortgage Protection Plan inc Critical Illness Cover & Individual Income Protection Plan) both rejected! 3 Page response very detailed and accurate findings seeing it was back in Aug 2001. When I get a chance I will post the response on here for you guys to take a look and advise if there is still a chance via the FOS.
  • Mortgage PPI - still awaiting response - nearly 9 weeks now - have phoned and they have assured me that this will be completed this week,
  • Loan PPI - claim upheld - awaiting letter and breakdown of payments etc. I will post details once I receive the letter.

Thanks for all your help so far!

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no bother.

 

i bet the letter of rejection waffles on about 'hw' the process had in built checks etc to ensure it was correct for you.

 

the bottom line is:

 

he can specuate WHAT HE LIKES. he WAS NOT THERE, you were alone in the room with the advisor.

 

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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no bother.

 

i bet the letter of rejection waffles on about 'hw' the process had in built checks etc to ensure it was correct for you.

 

the bottom line is:

 

he can specuate WHAT HE LIKES. he WAS NOT THERE, you were alone in the room with the advisor.

 

dx

DX the response that I received was very detailed from HSBC rejecting my claims against the Mortgage Protection Plan inc Critical Illness and Individual Income Protection. This was a very thorough report considering it was back in 2001 that I took the mortgage out and I must say the reasons behind why these policies were suitable for myself and my circumstances at the time all seem reasonable. However, conveniently they found no evidence of my parents being gaurantors on the mortgage (funny that - it appears on my Mortgage Contract) however, they did state that the advisor is well within their rights to ask for additional security depending on an individuals circumstances. They also go on to state that their process has built in checks and that the policies would not have been stated as compulsory with the mortgage etc etc. I will post up the full response later in the week once I have scanned it in.

 

I am still waiting to hear back about the Mortgage Payment Protector (MPPI) but I have had my HSBC Loan Protector claim upheld so am hopeful of the same with the MPPI as it was all to do with being a temporary worker. Hopefully might have some good news arriving on my doorstep today in regards to the Loan PPI.

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but they are skirting the real issue aren't they i bet.

 

you in a closed room, with no-one else present were told you HAD to have all these extras.

 

he can speculate what he likes

 

HE WAS NOT THERE!

 

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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I have received my offer letter in regards to the Personal Loan Protection

and I just have a few queries as I'm not sure how they got to that figure?!

 

The PPI Premium Redress value doesn't stack up with the value or time period I was thinking.

 

They give me no further breakdown of how they came to this figure

- do they have to provide me with a breakdown i.e Monthly Premium paid, dates and months paid etc.

 

As this loan was repaid early and consolidated into a remortgage would this value be a settlement figure that I had to pay for repaying early and the remaining was rebated?

 

Also they did not investigate my claim that I did not receive any rebate nor did they consider interest payments incurred for any PPI carried over into the Re-mortgage.

 

Any suggestions?

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