current loan iwth HSBC - with PPI - can i cancel it now???? help

[AMIN-AZ2]

i have a loan of a big amount with HSBC runnning at the pressent moment since 2005, and at the time of taking it out, i was told that i have to have PPI cover AS a MUST with the loan in order for the bank to lend me the money , so i agreed , in order to get the loan, i am payings approx £300 PM for the PPI, can i just cancel the PPi and ask for a refund of the previous payments since 2005? any help would be appreciated thnx

[di0430]

Hi there

 

I would check the policy booklet details of this, but you are entitled to cancel whenever you like, but they all deal with these matters differently, for instance, if for example you cancelled within the cooling period, then they would to my knowledge refund that month if paid in by then and reduce it down to just the loan.

But with some, its a matter of taking out a new loan without PPI to pay off the existing loan.

 

Hopefully whoever have dealt with these will post up with their own experience.

 

Remember though your entitled to then reclaim on the PPI, good luck.

[AMIN-AZ2]

ok thnx for the advice, but i couldnt cancel or never even though of it at the time , as they said it a MUST in order for me to get the loan!! hence i never though of it as the loan was important to get

[di0430]

Hi, your welcome

 

You do therefore have a good reason to reclaim, it seemed to be the case for lots in regards of the cancellation lark.

And also for them to make it a condition of the loan is a good reason to make a reclaim.

So I would give it a go anyway.

 

There are templates on this website to help you through this, or complete the FOS questionnaire that was recently issued by the FOS to make a reclaim to whom set up and mis sold you the policy, you will find the PPI questionnaire on the FOS website at the bottom of their page on link below, complete and remember to save a copy.

our complaints procedure and how to complain

 

or

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/PPI-consumer-questionnaire.doc

 

If you want to write a cover letter as well, then ask that they cancel immediately and to reduce your monthly repayments, and that you enclose a questionnaire in order to make a reclaim on the PPI you have paid, plus interest.

 

They have 8 weeks to give a decision, post by recorded delivery as well, this is your proof of posting.

 

Hope this is helpful.

[moose73]

If its like mine, you wait for ever for HSBC to finally respond, which in my case they told me to go away. I had to go the court route as FOS wouldn't help me as it was before July 2001, but you should be ok, if you want to go down that route. Just bare in mind that it will take ages. There are forms to fill in on the FOS site but only do that once you have HSBC's final word on the claim. (I would do the questionnaire now and send that one to hsbc with your prelim letter.)

[AMIN-AZ2]

my responce to OFS survey - can some one check and see if its ok,

 

"At the time of meeting with my bank manager, at my premises, i was told by the manager that my loan which i had applied for has been approved subject to some sort of payment protection plan which had to be in place, before completion. He arranged and sent some one over from the branch to see me after about a fortnight.

 

I had a call from HSBC and a chap arranged a date and time to come around to see me regarding the policy . After a fortnight chap from HSBC came and said that he has been sent from the branch in order to put a protection plan in place for the loan i am getting from the branch. he said your loan has been preliminary approved but it needs the protection plan in place before completion, and i have to have a protection policy in place so that if for any reason i am sick or suffer any severe sickness the loan will be paid off. I asked what sort of sickness it covered , to which he gave me a booklet and said read though this it explains all the aspects regarding the cover!!. I mentioned that i wasn’t keen in paying more money every month , as i will just about manage to scrape the repayments together for the loan every month. But i had no choice as the bank wanted this protection plan in place before giving me the loan. So i had to buy this policy

 

After the short 10-15min meeting , the chap got all the paper work together from his portfollio, which most of the forms were prefilled, he quickly filled the gaps in the forms and asked me to sign the documents. and said that they will be sent to the branch and after its acceptance i will get the payment from the bank.

 

Since the insurance their has been no issues with my health"

[AMIN-AZ2]

my complain comments for FOS survey "

"

At the time of meeting with my bank manager, at my premises, i was told by the manager that my loan which i had applied for has been approved subject to some sort of payment protection plan which had to be in place, before completion. He arranged and sent some one over from the branch to see me after about a fortnight.

 

I had a call from HSBC and a chap arranged a date and time to come around to see me regarding the policy . After a fortnight chap from HSBC came and said that he has been sent from the branch in order to put a protection plan in place for the loan i am getting from the branch. he said your loan has been preliminary approved but it needs the protection plan in place before completion, and i have to have a protection policy in place so that if for any reason i am sick or suffer any severe sickness the loan will be paid off. I asked what sort of sickness it covered , to which he gave me a booklet and said read though this it explains all the aspects regarding the cover!!. I mentioned that i wasn’t keen in paying more money every month , as i will just about manage to scrape the repayments together for the loan every month. But i had no choice as the bank wanted this protection plan in place before giving me the loan. So i had to buy this policy

 

After the short 10-15min meeting , the chap got all the paper work together from his portfollio, which most of the forms were prefilled, he quickly filled the gaps in the forms and asked me to sign the documents. and said that they will be sent to the branch and after its acceptance i will get the payment from the bank.

 

Since the insurance their has been no issues with my health"

[AMIN-AZ2]

sturggling on the FOS survery - question about why i am unhappy with the PPI insurance!! any comments what i can put down please..any help much appreciated

[di0430]

Hi

 

I would write to the best of your knowlegde of why you are not happy, obviously its all down to the reasons on how you were mis sold the policy.

 

Check more info/checklist as well to make sure nothing is missed, good luck with this.

Quick check: were you mis-sold? - How to tell if you've been mis-sold PPI - Your money - Which? Advice

[Old Cogger]

If PPI was taken out at that time it probably was added to loan as one off payment which means you cannot cancel as it is not a monthly add on repayment; BUT make a formal complaint to HSBC regarding the events leading up to granting the loan, i.e. had to be part of loan, etc etc. They will write back probably and say investigating your complaint, they are likely to repay the PPI because of the nature of making it part of the loan agreement which they and others have been ordered to stop, How do I know this I have been there and got refund, but make sure all events appertaining to prior taking loan out recorded part of complaint/claim. Hope this helps you.

Edited June 21, 2010 by Old Cogger

[dj1971]

Hi Amin AZ2,

 

In my opinion you should really take some time to read the stickys at the top of the forum page relating to PPI in order to get a better understanding of PPI and how/when you can cancel/ apply for a refund. It is better to have a clear understanding of what you are doing before you start sending letters off to HSBC.

 

The short answer to your original question is yes you can cancel the PPI and ask for refund of previous payments made since 2005. In face should it get to that stage, the FOS will insist on the PPI policy being cancelled.

 

I do suggest however that you consider getting adequate cover from elsewhere, which will be much cheaper than HSBC have been charging.

 

When you come to completing the FOS form, your reasons for being unhappy with the PPI policy are that you were not made aware you could obtain cover much cheaper elsewhere, that the ppi policy was made a condition of the loan. Also consider did you fully understand what would be covered under this policy and did the bank ask about any pre-existing conditions when applying for the PPI? Another thing to consider would be did you understand and realise that the policy would be bought in one lump sum, but that you would be paying interest on this for the duration of the loan?

 

So as I said originally, much better to be pre informed before writing anything to HSBC. There is a wealth of information on this site particularly in the sticky headed "information for new claimants" and some very knowledgeable people on here as well who will be only too happy to help.

 

Best of luck

 

DJ

[mangle101]

If its like mine, you wait for ever for HSBC to finally respond, which in my case they told me to go away. I had to go the court route as FOS wouldn't help me as it was before July 2001, but you should be ok, if you want to go down that route. Just bare in mind that it will take ages. There are forms to fill in on the FOS site but only do that once you have HSBC's final word on the claim. (I would do the questionnaire now and send that one to hsbc with your prelim letter.)

 

 

Took me just over 3 months to get my money back from HSBC. Sent the 1st letter explaining why i believed that the PPI was mis-sold, received a letter stating they would get back to me in 4 weeks, then received a letter 4 weeks later stating that they were still investigating & will take a further 4 weeks, i received a letter 4 weeks later detailing all the PPI amounts that i had previously had on several loans dating back to 1999 & the amounts + 8% interest that they were going to pay back. If you need any help, just ask.

[AMIN-AZ2]

thanks DJ & mangle, i actually sent my PPI and FCA requests off to hsbxc, and filled the FOS questioneair- with coments as below-

 

section E: about your complaint

 

 

At the time of meeting with my bank manager, at my premises, i was told by the manager that my loan which i had applied for has been approved subject to some sort of payment protection plan which had to be in place, before completion. I was told in no uncertain terms that my loan approval was subject to me signing up for this protection plan. He arranged and sent some one over from the branch to see me after about a fortnight.

 

I had a call from HSBC and a chap arranged a date and time to come around to see me regarding the policy . After a fortnight chap from HSBC came and said that he has been sent from the branch in order to put a protection plan in place for the loan i am getting from the branch. he said your loan has been preliminary approved but it needs the protection plan in place before completion, and i have to have a protection policy in place so that if for any reason i am sick or suffer any severe sickness the loan will be paid off. I asked what sort of sickness it covered , to which he gave me a booklet and said read though this it explains all the aspects regarding the cover!!. I mentioned that i wasn’t keen in paying more money every month , as i will just about manage to scrape the repayments together for the loan every month. But i had no choice as the bank wanted this protection plan in place before giving me the loan. I was in a way forced to take this policy. So i had to buy this policy

 

After the short 10-15min meeting , the chap got all the paper work together from his portfollio, which most of the forms were prefilled, he quickly filled the gaps in the forms and asked me to sign the documents. and said that they will be sent to the branch and after its acceptance i will get the payment from the bank.

 

 

 

And finally, please tell us why you are now unhappy with the insurance -

"When i was signing up for the loan i was not aware that is was against the law for the bank to force me into taking out a ppi plan. I have since been made aware of this and feel that i have been cheated and by somebody who I put my trust in.

 

I am a simple businessman and I do not understand why the bank who I have been giving business to for the past 6 years has been cheating me out of about £365 every month.

[AMIN-AZ2]

thanks mike ive sent off the questionaire to FOS - see what they say - should i draft aletter to HSBC aswell or wait for FOS to reply?

[moose73]

FOS will not do anything until HSBC have give you their final word on the matter or a specified time limit has passed (Can't remember how long this is)

[AMIN-AZ2]

thnks moose,, should i also write to HSBC?

[Old Cogger]

You should wait to get HSBC final response, anyway we will see what FOS say, but all the dealings I have had with them points to them not reading evidence apertaining to complaint, accepting Banks lies, and asking for further information on a subject to prove what I have written ( which they already have/ which proves they do not go through the correspondece even when the letters are itemised). A complete waist of time they are. the deadline they give to re-contact them with updates etc is suspect.

Edited June 23, 2010 by Old Cogger

[AMIN-AZ2]

thanks miuke - how long do FOS usually take? do i need ot do anything else like write to HSBC aswell or just sit back and wait? thnx

[Old Cogger]

thanks miuke - how long do FOS usually take? do i need ot do anything else like write to HSBC aswell or just sit back and wait? thnx

 

They usually acknowledge and may give you a time limit to response from them if I remember correctly, see what HSBC come back with?.

Edited June 28, 2010 by Old Cogger

[di0430]

Hi

 

Sorry if you mis understood my post as posted a few days ago above.

 

The questionnaire are recently new and issued by the FOS so you can use to send to the loan company/bank this can be used instead of writing a letter, you give them 8 weeks to respond, sometimes they will request for extra time, but once the 8 weeks have gone by, your in your right to complain to the FOS, so its therefore useful to keep a copy of the questionnaire just in case...so they end up having a copy to enclose with a complaints form, alongside with the final response given from the bank.

 

There is also a complaints form on the FOS website that you complete if you do end up complaining to these, for instance if your not happy with the final decision given by the bank.

 

Also the bank will enclose details of when you can complain to the FOS with a leaflet with details.

 

Hope I have made this more clearer this time.

 

Good luck.

[AMIN-AZ2]

Hi

 

Sorry if you mis understood my post as posted a few days ago above.

 

The questionnaire are recently new and issued by the FOS so you can use to send to the loan company/bank this can be used instead of writing a letter, you give them 8 weeks to respond, sometimes they will request for extra time, but once the 8 weeks have gone by, your in your right to complain to the FOS, so its therefore useful to keep a copy of the questionnaire just in case...so they end up having a copy to enclose with a complaints form, alongside with the final response given from the bank.

 

There is also a complaints form on the FOS website that you complete if you do end up complaining to these, for instance if your not happy with the final decision given by the bank.

 

Also the bank will enclose details of when you can complain to the FOS with a leaflet with details.

 

Hope I have made this more clearer this time.

 

Good luck.

 

bugger!!! - ive sent it to FOS !!! deoes it matter?? or should i send a copy of it to HSBC - let me know please

[di0430]

Hi there

 

Yes, if youv'e kept a copy, then post that off to HSBC, the FOS may just write to say they are unable to deal with it until you hear a response from the bank.

 

Good luck with this.

[AMIN-AZ2]

HELP !! Got a REPLY fromt HSBC - after i sent them an SAR and letter for my agreements - they want a form filled out in order to process my appliation- do i sign the document??? - sorry i may sound dumb, just wana do everything right!

form045.pdf

form2046.pdf

form3047.pdf

Edited June 25, 2010 by AMIN-AZ2

[di0430]

Hi

 

Is this for a new loan application?

[AMIN-AZ2]

they are asking me to fill the form in!!

Edited June 24, 2010 by AMIN-AZ2