PPI Claim - where do I start

[AnnaA]

Another sad tale of being totally ignorant of the PPI situation until it came on the news today so here's my story.

 

It will be seven years on September that I took out a loan with HSBC for £25000.00 to consolidate credit card debts just to get them paid off and I do remember that the advisor in the Bank said that my best option would be a fully protected loan.At the time I was just relieved that they could arrange such a large loan to clear my debts.

At the time I took the loan out I was self employed but gave up the business in 2003 when it was taken back into Company control and I was retained as the Manager, I had no Company debts and other than this loan no other debts at all.

I have paid the sum of £489.09 for the past seven years and have only four payments left until it is fully paid but have worked past my retirement age in order to clear this ( I will be 64 in November).

 

The interest rate was 7% and I have worked out that over seven years I will have paid back £41839.56 but have no idea how much of this would have been PPI but if I could recover any of it I would be able to settle into retirement.

 

I have read a few of the many threads on here and have copied the SAR letter that I think should be sent to my Bank but would appreciate any advice as to whether my claim would be valid before I begin on such a stressful cause of action.

[ims21]

Hi Anna

 

Can you clarify dates please. Seven years ago in Spetember is 2004 but your narrative suggests you gave up self employment in 2003?

 

What is the basis of your claim for refund of PPI. What were the circumstances of it being mis-sold? Hence my question about the dates you mention.

 

Have a look at the stickies and other threads to verify that you feel you were mis-sold....there's a whole lot of stuff on here about it.

 

If you feel that you were mis-sold then go get 'em for your PPI plus interest.

 

You will get pleanty of help here but first do your reading to find out if you have a valid claim.

 

Hope this helps

 

ims

[AnnaA]

The dates are correct,when I gave up self employment in 2003 I managed to pay my credit card bills for almost a year but found that I was struggling to keep them up on my salary,this was when I went to the Bank for help.

 

Reading through some of the threads and from what I have heard on TV I believe the PPI was missold as I wasn't told anything about it at the time,the first I realised that there was PPI on the loan was when it came on the news a few days ago.

I was not asked whether I had any other insurance which would cover the loan nor was I told that I could buy PPI elsewhere to cover the loan .

 

 

To be honest,at the time I was just so relieved that the Bank were willing to consolidate my cards into one bill I just signed all the paperwork and took their word for it that it was my best option.

Edited May 9, 2011 by AnnaA
additional info

[ims21]

Hi Anna

 

Ok so you were unaware of PPI being on the loan and it wasn't made clear to you at the time what this was all about.

 

Do you have the statements for the loan? Was the PPI a single premium or was it added month by month depending on the outstanding balance?

 

ims

[AnnaA]

Hi Anna

 

Ok so you were unaware of PPI being on the loan and it wasn't made clear to you at the time what this was all about.

 

Do you have the statements for the loan? Was the PPI a single premium or was it added month by month depending on the outstanding balance?

 

ims

 

Sorry, this is where I start getting lost!

 

At the moment I don't have any paperwork at all,I have never received any statements against the loan, it just appears on my normal Bank statement each month at the set amount of £498.09.

[ims21]

Ok Anna

 

I take it that you don't have the loan agreement either then. So at this point you don't have any idea as to an amount you can claim back. So, the first thing I would do is send a CCA request to HSBC which should furnish you with the agreement. You will need to send them £1 to cover the cost and they have 12+2 days to respond. If it is a single premium then it should feature on the agreement.

 

If it doesn't, you can ask the bank to send you statements (I thought they had to send you statements regularly anyway). If they say thay can't or won't then the easiest way is then to send them a SAR which will cost you £10 but will get you every bit of information they have on you in respect of your dealings with the bank and that will include statements.

 

I would start with the CCA request though. There are templates in the library on this site that you can tailor to your requirements. When you get the agreement, post it up here so you can be helped further. When you post it up here, make sure you remove all personal information, bar codes etc so that it cannot be used to identify you.

 

ims

[AnnaA]

Thank you Ims, I'll find the CCA template and get it sent off tomorrow.

 

I'll come back as soon as the Bank respond,thanks again.

[westendwendy]

I am thrilled to tell you that I have just received an offer from HSBC for £8490.00!!

 

I wrote to them with a feint heart thinking that I could never be that lucky but I have it now in black and white,needless to say that I'm ecstatic.

 

The personal loan finished in September last year so I did think I was pushing my luck but thanks to your advice I thought that I'd try anyway.

 

Many,many thanks for your help and advice and I would urge anyone who felt like me to just write that letter,there was no fuss or arguement, just my money WOO WOO!!!

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?304781-PPI-Claim-where-do-I-start

[dx100uk]

well done

how does this figure compare to the figure of your SOC?

 

dx

[AnnaA]

Sorry to be ignorant - Whatis SOC?

[dx100uk]

schedule of charges [spreadsheet]

 

dx

[westendwendy]

To be honest I get really bamboozled with all of the figures and haven't even attempted to work out how much I should have been repaid.

 

I just wrote to the HO of the Bank after making three requests for a copy of the original loan (which I never received).I really didn't think it was going anywhere and was amazed to receive their offer letter today.

[westendwendy]

To be honest I get really bamboozled with all of the figures and haven't even attempted to work out how much I should have been repaid.

 

I just wrote to the HO of the Bank after making three requests for a copy of the original loan (which I never received).I really didn't think it was going anywhere and was amazed to receive their offer letter today.

[dx100uk]

i have moved these posts to your existing thread.

 

great payout

but how do you KNOW they have paidout properly?

 

dx