Hsbc ppi

[[iD]]

Hi and I must say it's a lovely forum.

I took a loan out with HSBC back in Oct 2006 and I believe I was mis-sold since I wasn't made aware of certain terms. I have already paid the loan+ppi back in 2009.

 

I contacted HSBC yesterday to get some information about my PPI and they don't seem to be able to tell me how much I paid for that. All they told me was the reference number and account number for the loan.

If I'm correct for the starter I have to send them a letter expressing that the PPI was mis-sold and I need my money back; I've written a letter and would really appreciate if anyone can have a look and advice.

 

Do I have to pay them any fee with this letter or just the letter would do and should I sign the letter by hand or get one of those electronic signatures that never look like mine? Also, could you kindly check if the address is correct.

 

Loan was applied and approved online but I had to go to a branch to sign the documents.

Thanks in advance

below is the letter I've written (or rather copied from another site lol)

 

 

 

HSBC


Regulated Sales Complaints


Redcliff Quay
120

Redcliff Street


Bristol


BS1 6HU

 

Dear Sir/Madam,

Re: Sort Code: 99-99-99 Account No: 9999999, Payment Protection Policy No: ABCD78273982

 

I purchased the above policy from you in October 2006 in connection with the Personal Loan referenced above.

 

I believe that I was mis-sold this policy for the reasons given below, and wish you to investigate my complaint according to your normal complaint procedures.

 

The policy exclusions were not explained to me either before or at the time I took out the insurance. I was therefore unable to make an informed decision as to whether this insurance was appropriate for me.

 

I now believe the insurance was unsuitable for me as I was suffering from severe Psoriasis at the time I took out the policy and was not made aware of the specific exclusion which relates to pre-existing medical conditions.

 

It was not explained to me that the policy premium would be paid upfront as a single premium and would be added to my debt and attract interest.

 

If my complaint is upheld I require a refund of all premiums paid to the policy, plus any additional interest charged to me because of the PPI. I would also like to claim statutory compensation in view of the fact that I have been deprived of the use of this money.

 

Please investigate my complaint within the eight weeks allowed to you.

 

Yours faithfully

Edited June 4, 2011 by [iD]

[ims21]

Hi

 

You might be best to also download and complete the questionaire from the fos website and send that along with your letter (which looks OK to me).

 

There is no fee for this letter....just an 8 week wait.

 

They will probably refuse the payment and then its up to you whether you go to fos or court.

 

ims

[[iD]]

Nice one! I have just sent the letter with the questionnaire. Let's see what they say

I'm pretty sure they'll refuse the claim straight away

 

Is there any way I can get a rough estimate of how much I paid since my bank wouldn't tell me the actual amount for PPI

[ims21]

;3436758']Nice one! I have just sent the letter with the questionnaire. Let's see what they say

I'm pretty sure they'll refuse the claim straight away

 

Is there any way I can get a rough estimate of how much I paid since my bank wouldn't tell me the actual amount for PPI

 

I guess you don't have the loan agreement but did you make any notes anywhere about the figures on it?

 

if not, and you want to calculate what you should be getting back, I would send a sar to the bank. Template for this is in the library....link at the top of the page. It will cost you £10 and they will have 40 days to comply. Amongst other things it will yeild a copy of your agreement (or at the very least all the figures on it) and all the bank statements/transactions. From that information you can work out what you should be getting back.

 

On a loan it will a single premium ppi and would have been added to the loan amount. Thus a proportion of your monthly payment will have ppi in it. Your claim will be for each of those monthly ppi payments + statutory interest at a rate of 8% on each of them running from the date they were paid to the date of your claim.

 

ims

[[iD]]

Loan amount I took out was £5000 and I was told by bank that I paid back £7195.75 in total, Now I'm not sure if thats including loan protection as they wouldn't tell me.

I guess I'll send a SAR request as well just to see how much the actual amount is and if it's worth the hassel really.

 

Thank you for your advice

[ims21]

;3436792']Loan amount I took out was £5000 and I was told by bank that I paid back £7195.75 in total, Now I'm not sure if thats including loan protection as they wouldn't tell me.

I guess I'll send a SAR request as well just to see how much the actual amount is and if it's worth the hassel really.

 

Thank you for your advice

 

Every little helps as they say!

 

Keep us posted as to your progress.

 

ims