Hsbc Ppi

[hutchy1980]

I am new to this and wondering if anyone can give me any advice. I took a loan out with HSBC in April 2004, the PPI on this was £6690. In March 2007 I paid off that loan with another loan fron HSBC for which the PPI is £5098. I never got a refund from the first loan's PPI and on both occasions I was told by the bank that I could only have these loans if I took out the PPI.

 

I now feel I was mis sold PPI and would I be eligable to claim this back?

How would I go about claiming it back?

How will it affect the laon I have taken out now?

 

Any help would be gratefully recieved.

Thank you.

[Paintball]

Hi Hutchy

 

I would suggest that you start with sending HSBC a SAR request so that you can obtain all the information they hold on you for the loan accounts. Don't forget to include your £10 cheque or postal order (this is the statutory fee for obtaining information on as many accounts as you have or have had). Send the letter by first class signed for post and keep a copy for your records.

 

You can tweak the template here Full S.A.R - (Subject Access Request) for ppi to include a pararaph requesting true copies of the Credit Agreements as signed by you for each loan, a true copy of the Terms & Conditions of each loan including those relating to the PPI element. The latter will reflect any exclusion clauses and should contain a clause telling you how much you would be refunded for early repayment/settlement of the loan. Also request transcripts of the sales telephone conversations for each loan, if these took place.

 

Do have a particular reason for thinking that once the loan was paid off you would receive a refund of PPI if no claim was made on it during the lifetime of the loan?

 

If the loans were sold to you over the telephone then the sales transcripts will indicate whether the seller told you that you could only have the loan if you took out the PPI and provide you with valuable proof for the next stage of your claim.

[hutchy1980]

I thought that settling the loan 3yrs early I would get some sort of refund.

 

Also I never actually handled the loan over the phone, it was in my local branch.

 

I was having trouble getting the loan, even though I'd not missed any payments on my original one, therefore I was told that if I took out the PPI then I could have the loan (I was told to take PPI on the original loan as it was over a certain amount and would ensure it would go through).

 

I've also still got the copies of both agreements that I signed, should I still send off for an S.A.R?

[Paintball]

Hi Hutchy

 

Do you have the Terms & Conditions for the loans too? These may stipulate any refunds you were/are entitled to.

 

I am of the opinion (speaking from personal experience) that a customer will often feel that the lender is hedging on giving the loan, then as soon as PPI is mentioned and signed up for, hey presto! the loan is agreed ...

 

When you went through the loan process, did the salesperson discuss PPI options, alternative products available to you and their comparative prices? Did you feel that you had made an informed decision about the PPI product and that it suited your own personal needs and circumstances? Did the salesperson go through any exclusion clauses with you? If you had known the sizeable chunk of money that would be added to the loan, and that there were much cheaper PPI options available to you, would you have signed up or it or even taken out the loan in the irst place?

 

What I'm getting at here is the unscrupulous methods used by banks in getting customers to sign up for PPI. Lenders are regulated in their selling practices by the FSA and by the Banking Code, and they are obliged to make all of this information available to you ...

[tinkerbell20]

make a complaint to the FOS

[Paintball]

That's a good suggestion, but before this Hutchy needs to have all his/her information to hand and be clear about the case for mis-selling, hence me asking clarifying Qs.

 

If you escalate a complaint to the FOS or make a claim in court, you need to be able to demonstrate that you have given the lender every opportunity to provide proof that mis-selling did not take place.

 

[hutchy1980]

I have the terms and conditions here too.

 

It was never explained how much the actual total would be or that interest would be added, I was never told of any exclusions. Also I was never told that I could have this PPI privately.

 

I was just asked if I wanted it to help my loan application and it would cover me if I was off work ill.

[Paintball]

Can you tell us what the Terms & Conditions of the loan and the PPI element of the loan are, i.e., what exclusions are mentioned and if there is a clause that states a refund can be obtained and if so how much ...

 

I realise that they salesperson may not have provided you with all the information they should have done to enable you to make an informed choice about taking the PPI, but the lender may argue that they provided information on the cost element in the documentation they sent to you.