Mortgage Repayment Protector Policy HSBC

[allison6564]

Hi again

I have just been going through some old paperwork

and found a Mortgage Repayment Protector Policy

that my DH had with our bank HSBC from May 2005 to Nov 2006.

 

I had forgot about this as I thought all our policies were life cover for the mortgages.

 

Is this the same as PPI?

If it is then my husband was self employed at the time and had all his business banking for his market stall with HSBC also.

 

There is a full set of paperwork with it that has been completed by someone at the bank going though our needs etc

and then at the end a signed advise form recomending this product.

 

Can I possibly claim this back?

I cna scan and put the forms on here if needed.

[dx100uk]

sounds like it...

 

yes you can reclaim I

 

you say they made you take out life as well?

 

urm..

 

the Only insurance you must have is buildings ins.

 

dx

[theoldrouge]

Hi again

I have just been going through some old paperwork and found a Mortgage Repayment Protector Policy that my DH had with our bank HSBC from May 2005 to Nov 2006. I had forgot about this as I thought all our policies were life cover for the mortgages.

 

Is this the same as PPI? If it is then my husband was self employed at the time and had all his business banking for his market stall with HSBC also. There is a full set of paperwork with it that has been completed by someone at the bank going though our needs etc and then at the end a signed advise form recomending this product. Can I possibly claim this back?

I cna scan and put the forms on here if needed.

 

Yes this was mortgage ppi and is def to be reclaimed

[allison6564]

oh gosh another one to tackle then.

 

... re the life policy's we have they would pay out though wouldn't they if anything ever happend to either of us?

They are not connected to being employed or self employed are they?

 

The only thing that worries me a little about this claim is that on the final sheet there is a declaration that we both signed

and one of the ticked boxes is that the exclusins had been explained!

 

At no time was we told that he wouldn't even be able to claim though,

I only know that from this forum,

and anyone in their right mind wouldn't bother taking out a policy if they knew they couldn't claim would they?

[allison6564]

Could you guys take a look at this and then let me know what you think? In particular the end bit where we both signed. Thx

[dx100uk]

l bet you were told in a closed room you had to have it

 

and the life policies

 

that rep made one hell of a commission out of you

 

dx

[dx100uk]

that last sentence is WRONG

 

life ins does NOT protect or pay you mortgage!!

 

dx

[allison6564]

yes it was in a meeting room lol

 

what about the life policies though,

 

we would be able to claim off them if any happend wouldn't we?

 

After what happened to my DH brother in 2010

its always been on my mind that we would be covered as you just never know.

[allison6564]

which last sentence DX?

[dx100uk]

the one on pdf 4

 

I bet they'd wriggle out of it

there are so many many clauses

dx

[theoldrouge]

This is serious mis-selling on all counts, purely done for reps commission and HSBC profits.

 

To charge 10% of the mortgage repayment for life ins is unbelieveable.

 

What you should have been offered is Decreasing Term Life Insurance which for the amount borrowed and at your ages should have cost around £4.50 per month.

 

Are you still paying this?

 

Were the policies whole life for a term of 24 yrs with no cash in value?

 

Do you have the t&cs for the MRP?

 

On the face of it I would be gunning for HSBC over the total advice

[allison6564]

Hi Oldrougue

we have about 4/5 life policies all with HSBC that we have always been told to take when taking either the initial mortgage on our house

or later on over the years when we have bought other property.

 

I have all the agreements etc in a file at work but thought that these were all ok...now you got me thinking again!

 

Some are decreasing ones etc but I will dig them all out on MOnday at the office and post up.

 

Sounds like I may have to do a full SAR to HSBC....

 

I did send them one for the credit card that I am claiming back the PPI on with them (other link)

but said that all I needed was just the details on that.

 

We have been with HSBC since 1992 and I can't help but think that we may of been done over more than once by them.

 

We are still paying ALL the life polcies with exception to this mortgage payment protection as we cancelled that.

[allison6564]

you know been thinking and remember sop many meetings at the bank over the years with various advisors as such and they all said we needed to take out the insurances!!!

[theoldrouge]

Yes you need to review all of the policies that HSBC sold you.

 

Are any endowment or are they all whole life?

 

You need to consider whether you need the amount of cover in relation to your mortgage which is decreasing,

it would pay to get some free online quotes to see whether you could save on your monthly premiums,

 

also post up the MRP t&cs if you have them, on your evidence to date you have received apalling advice from HSBC purely driven by greed

[allison6564]

Ths oldrougue yes will have a good look into all this on Monday as all the paperwork at the office

but have to say feeling very dubious now about EVERYTHING HSBC have sold us over the years!

 

I know we have had loans etc and paid them off,

 

well al sorts as they have been our only bank since 1992..

..so much for customer loyalty !!!

 

Will get onto it on Monday Thx again

[dx100uk]

mighty big reclaim coming then

 

I got over £15 out of scittish widows for a relative

 

exactly the same scenario.

[allison6564]

£15???? is that a typo??

[dx100uk]

hehe yea £15k

 

dx

[allison6564]

Lol thought you meant that haha

[allison6564]

Right going to work on the letter and spreadsheet and get this one off

as I think it could be more straight forward.

 

I paid 12 x half price premiums at £26 then 7 months at full cost £53

so which spreadsheet do I use and what interest rate?

 

Also if any of you very clever letter writers can advise how to word my claim

in my letter it would be a huge help as I'm useless at letter writing!!!!

Thx

[dx100uk]

put all the payments and dates etc in the statint sheet

 

it does the rest

 

dx

[allison6564]

Sorry DX do you have alink by any chance I'm at work and mad busy so trying to sqeeze it in between calls xx

[dx100uk]

sri

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

dx

[allison6564]

this is what I have come up to put on the FOS questionnaire.

..does it sound ok?

 

We were sold this mortgage payment protection policy in a meeting

with N Goodman on 20/05/2005 at Preston Fishergate Branch.

 

I enclose copies of full notes made by N Goodman at the meeting

they specifically advised myself to take out this payment protection due to being self employed

which is clearly states in the notes that N Goodman made.

 

As this was a meeting with a bank advisor,

and we assumed an expert in these matters,

we at no time realised that due to being self employed

I would not of been able to make a claim on the policy

and so therefore it was totally unsuitable for me and therefore misold.

[theoldrouge]

Right going to work on the letter and spreadsheet and get this one off as I think it could be more straight forward. I paid 12 x half price premiums at £26 then 7 months at full cost £53 so which spreadsheet do I use and what interest rate?

Also if any of you very clever letter writers can advise how to word my claim in my letter it would be a huge help as I'm useless at letter writing!!!!

Thx

If the t&cs are the same for MRP re self employment as they are for PPI use most of my letter in post no8 on your other HSBC thread and adjust to suit Did you continually pay for the MRP from your overdraft, if so use the int rate they charged you on the OD as you had to borrow the money to pay it