Hsbc ppi

[WFLOSS]

Hi

I asked my bank for the terms of the PPI I pay on a flexiloan account. I have also sent a SAR to them.

They rang today from my branch to ask me when I thought I took the loan with them.

I don't know the answer but it may be when I opened the account with them 20+ years ago.

They are going to write and send me the current terms and will try to track my original agreement, together with the address for claiming back PPI.

 

Some advice please on how to progress this -

 

1. How far back could I claim e.g if this has been running for 20 years can I claim back until then?

2. As the loan is still current , my understanding is they should be able to provide me with a copy of the signed agreement - am I correct?

3. This payment is not added to the loan each month , so interest is not added to the payment . Can I claim interest on the payment at 8% from the time I started this?

 

Thanks

W

[citizenB]

Hmm, if the loan is still current, then I think they have to restructure the loan by taking off the PPI and refunding either to you or back to the loan the PPI plus interest on that. That should be the interest at which they were charging you on the loan.

 

I suggest you have a read of the thread in respect of Single Premium policies that is linked in my signature. Probably most of your questions will be answered and there are spreadsheets included as well

[ims21]

Hi

I asked my bank for the terms of the PPI I pay on a flexiloan account. I have also sent a SAR to them.

They rang today from my branch to ask me when I thought I took the loan with them.

I don't know the answer but it may be when I opened the account with them 20+ years ago.

They are going to write and send me the current terms and will try to track my original agreement, together with the address for claiming back PPI.

 

Some advice please on how to progress this -

 

1. How far back could I claim e.g if this has been running for 20 years can I claim back until then?

 

There is no time limit

 

2. As the loan is still current , my understanding is they should be able to provide me with a copy of the signed agreement - am I correct?

 

They should but on a flexi loan for the ppi you won't need it

3. This payment is not added to the loan each month , so interest is not added to the payment . Can I claim interest on the payment at 8% from the time I started this?

 

A flexi loan is a revolving credt agreement and you are charged ppi monthly, the amount of the charge depends on the outstanding balance on a month to month basis. If you were in credit then there would be no PPI charge for that month. The fact that you have had premiums put on the account suggests that the account shows a debit balance and if that is the case you have been charged interest. This ppi claim would therefore be the same as for a credit card....i.e. the process would be the same.

Thanks

W

 

 

Regards

 

ims

[WFLOSS]

Thanks for the advice everyone.

IMS

Just to clarify on the interest on PPI - They charge the payment protection to my current account and it is the same amount every month irrespective of the balance on the flexi-loan which is a seperate account. So they don't add the PPI to the flexi loan account.

 

I have requested details in a SAR for the loan account, but I am unsure whether they will have them right back to when I took out this agreement , but we shall see whther they can go back to the mid 1980's!

My intention is to claim back until then and see what happens.

 

Regards

W

[ims21]

Thanks for the advice everyone.

IMS

Just to clarify on the interest on PPI - They charge the payment protection to my current account and it is the same amount every month irrespective of the balance on the flexi-loan which is a seperate account. So they don't add the PPI to the flexi loan account.

 

I have requested details in a SAR for the loan account, but I am unsure whether they will have them right back to when I took out this agreement , but we shall see whther they can go back to the mid 1980's!

My intention is to claim back until then and see what happens.

 

Regards

W

 

Hi

 

Well thats a novel way of doing it!

 

In which case you need to know the dates of payment of these set amounts which will feature on your current account statements because you will need to claim them back plus 8% interest.

 

If you haven't got all of your current account statements you'll need to SAR to get them and of they don' go back all the way you will have to estimate the payment dates which is perfectly acceptable.

 

Regards

 

ims

[WFLOSS]

IMS

Thanks that is really helpful.

I will update on progress

Regards

W

[WFLOSS]

An update -

Received my SAR today and copies of various agreements . It's really exciting when they arrive.

They have managed to dig out a copy of my agreement , signed in 1990 which shows that I ticked a box saying I did not want the account protection.

They have not provided copies of any policy documents.

I am putting in a claim for 21 years of PPI plus 8% interest , the premium was taken from my current account so no other interest to add.

Can't believe I have been paying this without question for this long!

 

I am very confident with this as this was never explained to me, I said I didn't want it, no policy documents, I worked in a job with paid sick pay etc , so in theory this should be straightforward.

That might be famous last words , let's hope not.

 

Regards

W

[ims21]

Hi

 

This is good news.

 

If you need a spreadsheet to calculate your 8% there is one in the last post of No.1 in my signature.

 

Regards

 

ims

[WFLOSS]

Hi IMS

Thanks for the advice.

Aready done the spreadsheet , I prepared in advance , just needed the date I started the agreement.

 

All set to post tomorrow , on to Santander now.

 

Regards

W

[ims21]

[WFLOSS]

Hi

HSBC wrote to apologise for the delay in dealing with my complaint. They explained they are dealing with complaints in the order they received them.

 

The 12 weeks is up on 13 Jan 2012 , so they have some time yet.

 

I dont see many HSBC claims . so does anyone know whether they are dealing with their complaints within 12 weeks?

 

Regards

W

[citizenB]

My OH got caught up in the "extra time" they had been allowed.. which was to 16 weeks. They did in fact finalise the complaint in 16 weeks + 1 day then took 4 weeks to issue a cheque

 

I would think that unless there are any complications you will hear within the 12 weeks

[WFLOSS]

Hi

Thanks ,

I wondered whether this was a build up to them saying this would not be completed in 12 weeks. But at least they have written to me twice updating me of progress (or lack of).

I will stay positive on this one as I am also dealing with Barclays , who are hopeless!

 

But really 4 weeks to issue a cheque by a bank, perhaps they ran out of chequebooks.

 

Regards

W

[WFLOSS]

Hi

HSBC have responded.

They do not accept liability , but as a gesture of goodwill will refund the premiums paid plus 8% interest but only for the peiod they hold records, which guess what is 6 years exactly - January 2005.

But if I can provide evidence prior to that date they will consider increasing their goodwill gesture.

This is their full and final response.

 

Well of course I do not have anything earlier and have nothing to support the earlier period which dates from opening the account.

 

I am dithering about this as this premoum was only charged if there was a balance on my flexiloan , the same amount irrespective of the balance. My feeling is that there was nearly always a balance but I have no way of proving this.

 

I sort of don't feel confident about taking this to FOS , plus there is the 2 year wait.

 

I do have the original application for my account where I have not selected the account protection, so I can't really understand why they are doing this as a gesture of goodwill.

 

Wondering whether it is worthwhile writing back sending a copy of the apllication without the tick and saying that I don't think it is unreasonable to estimate the previous years based on the average of the last 6 years.

 

All advice appreciated

 

Thanks

W

[candyapple1]

What did you receive when you got the info in response to your SAR? Did you get statements, or a transaction history? I know the six year law thing, but especially in todays age of computers, you can not tell me they can't get full histories for current accounts??? I sent the Compound Interest spreadsheet sheet to HSBC yesterday, for our cc they are saying the six year thing, so ijust averaged the ppi onthly, and then applied that total to every month from 1993!!!!! Realise I probably will not get that, but I don't think it is any more unreasonable than them saying "yes, we have done wrong, but will only go back six years because we can hide behind the law"!!!!! Why don't you just do that, calculate the average monthly figure from the info you do have, and apply that to each month since loan began. Also, as with a cc, should they not reconfigure loan and work out if/when it would have been in credit without the ppi payments?

 

Did they say why it was not miss-sold?

[ims21]

Hi

 

The goodwill nonsense is an attempt at a get out so officially they don't accept responsibility but they are doing you a favour by making an offer. What does that tell you....IMHO of course its an admission of responsibility.

 

Now what all of these cases come down to is what makes you happy and how far you want to push it. It is known that a lot of these banks have data going back further than six years despite their protestations to the contrary.

 

Its whether you want to force the issue by suing for non compliance in that they haven't sent you stuff beyond six years.

 

Also whether you want to push through fos or court for PPI beyond what they have offered.

 

Maybe challenge them on the earlier years by simple letter and see what they say.

 

ims

[WFLOSS]

Hi

Thanks to you both for the advice.

I did SAR them for this account so I probably have a few more months worth of statements beyond 6 years.

 

So I think I will write back and send them a copy of my acccount application form which shows that I did not ask for account cover , given they start their letter by saying that they do not accept the allegations I have set out - which was one allegation that I did not ask for PPI.

 

Say that under the circumstances if they do not hold any more data and cannot locate the transaction history I think that 6 years is a good repesentation of how I operate my account so they should use this as a basis for the earlier periods.

 

See where that takes me as I do not want to go the court route or FOS given the time it will take but might change my mind , given they have not offered redress for the other 14 years PPI I have paid .

 

Just a bit fed up today as going round in circles with FOS and Barclays on other complaints and it would be nice if one of the big banks would play fair.

 

Regards

W

[ims21]

I don't think the words "Play Fair" and "Banks" can be used in the same sentence

Edited January 12, 2012 by ims21

[WFLOSS]

Totally agree IMS , pretty annoyed with HSBC , might even take my overdraft elsewhere.

 

Just dug out my application form and it is one of the opt out or we charge you which I think I recall FSa and FOS take a dim view of so I will add that to my letter.

 

Regards

W

[candyapple1]

Good luck, keep us updated, funny we are both dealing with HSBC and BC, and oh they certainly do play fair, don't they? Bet if it was money we owed them they would find the records to prove it.

[ims21]

[candyapple1]

Did you call the data compliance tem, any luck?

[WFLOSS]

Hi

Sorry not been on here for a while.

Rang Data Compliance today and they insist that they do not have any data beyond 6 years , no transaction or balance data held on bank statements, or the flexiloan account. All destroyed paper and fiche.

I said that people were obtaining data and she simply reiterated that they don't have it.

Feel like I have no choice but to accept their goodwill gesture as I can't see where I can go with this and seems unlikely FOS will do anything if I cannot evidence this.

 

Regards

W