HSBC - Failed PPI claim

[Poster]

Got my letter today stating that HSBC will not be paying out because they have the original copy of my "tick" next to PPI.

 

I tried to cancel the PPI after 6 months and they told me I would have to apply for a new loan which I didn't want to do in case I failed the credit check. They told me in the letter that what I was told verbally didn't matter as this was not proceedure.

 

What can I do? (if anything?!)

[Old Cogger]

Got my letter today stating that HSBC will not be paying out because they have the original copy of my "tick" next to PPI.

 

I tried to cancel the PPI after 6 months and they told me I would have to apply for a new loan which I didn't want to do in case I failed the credit check. They told me in the letter that what I was told verbally didn't matter as this was not proceedure.

 

What can I do? (if anything?!)

 

Bit of a sticky wicket here, nothing in writing, trouble early days a PPI was added to loan at the outset of the loan as I remember, not a monthly add on, you requested it as per application form by ticking box, could be difficult to claim back, having said that can you think of a reason for PPI being issued i.e. self employment, not in work, or any other reason you may not of been covered?? sure others will advise you on this subject this is only my thought as I tried once?

[Poster]

I'm actually doing it on behalf of my Mum. It was added to the loan as a lump sum at the start of the loan and taken out the same day. She said she was lead to believe her application would fail without PPI being selected which is why she ticked the box.

[Old Cogger]

I'm actually doing it on behalf of my Mum. It was added to the loan as a lump sum at the start of the loan and taken out the same day. She said she was lead to believe her application would fail without PPI being selected which is why she ticked the box.

 

If she was told that part of the loan then she would I think have a good case, but difficult if she only thought herself it might be a condition of the loan, if she was actualy told it was a necessary add on well FOS time I would say, sure others may comment soon on this as well so see what is further suggested??

[oriental1]

Hi. I had sort of the same problem, If it was me, I would pursue the claim as I am very sure although your mum ticked the box, I bet that it was not explained to her adequately and as she believes that she would not get the loan without it, that in itself is mis selling

[ims21]

Hi

 

There are many criteria for mis-selling....you have identified one..."you won't/may not get the loan without it". There are usually three or more that are relevant so check them out.

 

Did you send a fos questionnaire with the claim?

 

Was your Mum employed, self employed, suffering pre-existing medical conditions etc.

 

Matters not if the box was ticked....if it wasn't explained fully to her or she didin't understand it then it was mis-sold.

 

Did their letter say it was their final response?

 

ims

[Poster]

I am collecting the letter from her on Sunday to have a better look.

 

The main issue here (or maybe not) is that she was employed by the HSBC at the time. I can't imagine all of their staff HAVE to be clued up on loan and ppi agreements though.

 

She tried to cancel the PPI 6 months later and was told a new loan would need to be applied for without PPI which got her a bit scared I think so she didn't do it.

[Old Cogger]

I am collecting the letter from her on Sunday to have a better look.

 

The main issue here (or maybe not) is that she was employed by the HSBC at the time. I can't imagine all of their staff HAVE to be clued up on loan and ppi agreements though.

 

She tried to cancel the PPI 6 months later and was told a new loan would need to be applied for without PPI which got her a bit scared I think so she didn't do it.

 

 

Actually happened to me told it would need a new loan to cancel PPI, but I left it as it was as the loan would start again at a higher level due to added on PPI.

[Poster]

Back to this a year later...

 

I took things further with the FOB and they agreed with us rather than HSBC and wrote to HSBC telling them to pay my Mum or respond by the 16th of October (2012) if they disagreed with the FOBs decision.

 

Well that deadline has now passed by nearly a month and still no response. I have called the FOB twice and they have heard nothing either.

 

What's the next step? Do I chase HSBC directly? Surely they are in breach by not responding in the time period set by the FOB?

 

Thanks

[ims21]

If fos are handling this case I think you ought to be putting the pressure on them to get a resolution.

 

Remind them that the bank has to pay interest up to the date of settlement so each day costs them more and that you are also seeking compensation for the delay, stress and inconvenience that this is causing you.

 

Fos don't award vast sums of compo but of you get £100 or £200 it is better than a poke in the eye.

[Poster]

And after 18 months wait and lots of fighting, HSBC have finally caved and sent me the offer letter!

[Old Cogger]

8% rate no doubt?

[Poster]

Yep plus 8% interest and the original interest. They deducted an amount which was a claim my mum used the ppi for for 6 weeks while she was off work ill.

[Old Cogger]

Yep plus 8% interest and the original interest. They deducted an amount which was a claim my mum used the ppi for for 6 weeks while she was off work ill.

 

any claim they do take off - fair enough!