Mis sold a loan

[emzy72]

Hi im new here & i would like some info on what the hsbc bank is doing/not doing for me.

Its a bit long winded so pls bare with me. Anyhow received a phone call at work (yes from HSBC call center) asking for me by name, luckily it was me who answered they asked if i would like a bank loan ummed & arhed about for a few days & hubby & me finally decided yes do up the house. went to the bank sorted it all out including ppi insurance(not knowing i could shop else where at the time to get it cheaper but i do now) Well 2 and a half years ago we sold our old property for a bigger one got a good return & wanted to pay off our loan (which we were told we could but with a payment penaty & we were entitled to 2 payment hols too very nice man) so went to bank had good many ££££'s in the bank wanted to pay off loan told no we cant do this. We can restruct or pay of a little lump sum but not pay it off. Well that extra £307.00 a month we were paying was going towards our new mortgage. so as times were ok and hubby doing plenty of hrs not to worry. well the credit crunch comes along hubby looses upto if not more than 20 hrs a week around £140.00 a week. bank cancells DD of mortgage we are hugely over drawn but they wouldnt think of cancelling the loan DD. Nearly loose house but manage to keep it anyhow. I am now so P**sed off with the HSBC at the moment tried to take Payment holiday told we are only allowed 1 in january but then it classes as a default. tried to ask them to just put a hold on the loan just for one month thats all i was asking 1 poxy month nope no can do. Every single hurdle i come to, to try to get ourselves out of finacial difficulty the bank is knocking us back @ every hurdle. & as for charges they have had over £500.00 so far so i complained & they re-imbursed me a poxy £75.00 where am i going wrong. Even to the point of ringing the bank today asking exactly how many months was left to pay back they were very cagey saying you have 20 months left (this is a seven year loan interest rate hasnt changed on it either which i think is very strange) asked how much we actually took out again only told that the overall figure we have to pay back is £19350.00 i think it was a 12,000 grand loan. Is it just me or are we being treated as a pair of numpties

Any info would be great

And sorry about the length of the post

 

Em

[VVB]

Hello! my brother was mis sold PPI on 2 occasions by Alliance and Leicester, I was mortified when explained his situation, The reasons we gave for the mis sale was the staff member advised him at the time of application that the PPI sale would help lower the interest rate of the loan and also give him a better credit rating.

 

He is just about to receive a full refund of ppi and also reduction in the monthly payment.

 

I would speak to Service Quality on 08456 039093 and see if they can help, they seem to be a bit more human!

 

Good luck

[VVB]

Also, what is quite strange is you have been told the complete opposite to me with regards to loan, I was informed that I cannot make overpayments and can pay all loan off early! Seems a big ploy to keep us making payments as much as possible.

 

I was bullied by HSBC to take the loan out last year to cover all my other HSBC debts and has suddenly dawned on me today that I could infact have had them all written off under a legal loop hole!

 

I have requested from Service Quality a copy of the original signed documents from the previous debts to check the legal loop hole. If you Loan was taken out before 2007 you should check your paper work for the loophole, am not too sure about the full details but think someone else may post on here!!

 

Good luck

[Castlebest]

You need to get copies of the actual signed credit agreements from the bank so you can read what you actualy signed up to and not rely on some snot nosed desk jocky saying "the computer says no" .

 

There are two ways to do this, the first is a Consumer Credit Act section 78 letter, it will cost you a pound per agreement and should take 14 days to receive the information. (letter N in this thread)

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20758-creditors-dcas-letter-templates.html

 

The second and actualy what I would personaly recomend is a full Data Protection Act SAR this will cost you £10 and should take 40 days to receive the information but one letter will cover all of your accounts and loans with the bank and you should recive copies of everything they hold that has anything to do with you, not just account agreements. I think thats a bargain . heres the thread

 

http://www.consumerforums.com/resources/templates-library/48-bank-templates/110--data-protection-act-1998-subject-access-request-

 

pete

[emzy72]

hi

thanks for your replies im going to go for the full data protection act SAR letter(cheers Pete) so in the long run I will have everything I will need to claim anything I can back. I am definitely going to claim back the ppi which we have been paying for the last 5 years & 2 months. I think I have got a good case for that as I have an old back injury (broke it when I was 15) and they never asked if I had any passed accidents /injuries & I can almost guarantee that this wouldn’t have been covered in the ppi. Also I have only just found out by reading in this site that you can buy ppi insurance from any other company if its a better deal than having to take their own insurance out. Now that’s a bit of info they keep to themselves! VVB that’s what we were told, that we could pay the loan back early but when we were sat in the office at the bank the young lass said we weren't allowed, they are nothing but a load of new age high way men but paying all that money into their own big fat pockets & not giving it back to the poor. Well I am going to try to take them for everything I can get away with and on that note does anybody know of a decent honest bank out there or does one exist & please don’t say the Halifax as I have dealt with them in the passed & I think they are one of the worst lol:p

[Castlebest]

Hiya emzy unfortunately in this day and age a bank is a bank and it doesn't really matter what sign is over the door they are all large companies with very similar rules and regulations.

 

I think the level of service you get has more to do with the actual people who staff and manage each individual branch and you just have to take pot luck which one you transfer to unless you can get a personal recommendation from someone in your area.

 

pete