HSBC PPI Claim(s) advise

[Stan**]

Hi all,

 

After struggling for months to obtain amounts associated to six different PPI products with HSBC, I am after some advise.

 

The first thing is, do I treat each of these as individual claims, or can I combine as one claim for the total amount?

 

Thanks in advance.

[Stan**]

111 views and no input....is there a specific PPI forum or such like I should be asking this in?

 

Thanks,

[ims21]

Thread moved to the PPI forum.

 

Were these loans or credit cards?

 

For loans that were refinanced by another loan, you can treat it as one claim and put all loans on one fos questionnaire.

 

Some more detail on these six products would be useful.

[Stan**]

Basically, HSBC have given me a big big run around for a number of months:

 

-I managed to obtain from them that there was a total of 6 PPI products on loans sold since 2001.

-From this I wrote several times requesting SAR, full transaction details of each account etc.

-They have failed to give an actual breakdown of each account

- But, I have just received a "summary", outlining the amount of PPI paid on the 6 loan products, they also returned my £10 fee!

 

Because of the lack of my own records, and information from HSBC themselves, I am unsure which of these have been refinanced etc. So really I should treat these as 6 separate claims?

 

Also, is there a limit in time that a claim can be made, e.g can a product from 2001 be claimed upon?

 

Thanks in advance.

[ims21]

Ok so they sent your £10 back.

 

What did they say in the letter they sent when they gave you your £10 back?

 

Did your SAR request ALL data they held on you?

 

If you are unsure as to whether they have been refinanced then your only option is to start by treating them as separate claims.

 

There is no time limit as such for PPI claims.

[Stan**]

Thanks for your reply!

 

Apparently- "" the loan agreements and PPI related documentation are not held electronically or in a relevant manual filing system i.e in files referenced with my name or account details, and is therefore outside of the scope of data protection act 1998. ""

 

Not sure how much to read into that. I mean, for each account I have:

 

"PPI ammounting £xxx was added to the loan of £xxxx on xx/xx/xxxx. The loan term was xx months with an APR of x.x%.Please note that £xxx of PPi was refunded when the product was cancelled on xx/xx/xxxx".

 

So I have a summary of total PPI paid for each account, do I need anything else? I cant see that I do in terms of financial figures?

[ims21]

OK so the best you can do is complete a fos consumer questionnaire for each loan and submit them with a brief covering letter.

 

If you don't have a record of the payments actually made on the loans then you won't be able to work out what the refund should be so you will be taking their word for it if and when they make an offer.

 

The fos consumer questionnaire can be downloaded from here

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

[Stan**]

Hi,

 

Would the refund not be based on the overall figure they have supplied, i.e the total PPI paid per loan? But yes, I am taking their word that this is what was actually paid.

 

Is it correct/true that they wont have copies of all transactions? If so, how the hell did they come up with the figures they have sent me?!

[Stan**]

Ok, to clarify my position and understanding (based on recent forum reading):

 

1) I have six PPI products based on personal loans

2) For each product I have a total amount of PPI

3) For each product I will make a single claim, based on the total amount of PPI paid, plus the standard 8% on just that total.

 

Does this sound reasonable?

I understand that if I delve deeper, then ultimately I will have a larger claim since interest would be based on individual payments rather than an overall figure at the the final date; but the current total claim amount would be sufficient for me to be happy.

 

Any input welcome!!

 

Thanks in advance, this forum really is a gem!

[ims21]

Hi

 

The principle of redress on a loan account is that you get back and payments you have made towards the premium plus the contractual interest paid in respect of those payments. In addition you get 8% simple interest on each payment made running from the date of payment to the date of settlement of the claim.

 

With a single premium policy, the amount of the premium is added to the loan and you pay for it over the lifetime of loan. If a loan is settled early then a rebate of PPI should be given since the overall premium is reduced because the insurable risk no longer exists. However, the rebates given are not normally correct and there is usually and overpayment of PPI at the point of settlement which also should come back to you. This will also attract 8% interest as above.

 

Banks are required to hold on to data for six years after the account was closed but we do know that they keep records for a lot longer and when they have been pressed, data suddenly appears which they have previously said they do not hold.

 

If you feel that you have not received all of the data you are entitled to under a SAR then you could send them the failed SAR letter from the CAG library. It has been the case where some have had to threaten legal action to force the bank to release their data. The other thing is to lodge a complaint with the Information Commissioner's Office (ICO).

 

In the meantime you could just file your is-selling complaints as explained earlier and then chase the data after submission of your claim. You don't need to submit any figures with your claim although you might like to attach a copy of the document you received outlining the products and the PPI amounts.

[Hortz]

Ok, to clarify my position and understanding (based on recent forum reading):

 

1) I have six PPI products based on personal loans

2) For each product I have a total amount of PPI

3) For each product I will make a single claim, based on the total amount of PPI paid, plus the standard 8% on just that total.

 

Does this sound reasonable?

I understand that if I delve deeper, then ultimately I will have a larger claim since interest would be based on individual payments rather than an overall figure at the the final date; but the current total claim amount would be sufficient for me to be happy.

 

Any input welcome!!

 

Thanks in advance, this forum really is a gem!

 

What is it that you actually think has been done wrong, by who and when?

 

Without this info anyone trying to assist is stabbing in the dark a to some extent.

[Stan**]

Hi

 

The principle of redress on a loan account is that you get back and payments you have made towards the premium plus the contractual interest paid in respect of those payments. In addition you get 8% simple interest on each payment made running from the date of payment to the date of settlement of the claim.

 

With a single premium policy, the amount of the premium is added to the loan and you pay for it over the lifetime of loan. If a loan is settled early then a rebate of PPI should be given since the overall premium is reduced because the insurable risk no longer exists. However, the rebates given are not normally correct and there is usually and overpayment of PPI at the point of settlement which also should come back to you. This will also attract 8% interest as above.

 

Banks are required to hold on to data for six years after the account was closed but we do know that they keep records for a lot longer and when they have been pressed, data suddenly appears which they have previously said they do not hold.

 

If you feel that you have not received all of the data you are entitled to under a SAR then you could send them the failed SAR letter from the CAG library. It has been the case where some have had to threaten legal action to force the bank to release their data. The other thing is to lodge a complaint with the Information Commissioner's Office (ICO).

 

In the meantime you could just file your is-selling complaints as explained earlier and then chase the data after submission of your claim. You don't need to submit any figures with your claim although you might like to attach a copy of the document you received outlining the products and the PPI amounts.

 

Hi, thanks for the reply.

 

My point is, if I have a single figure from a single premium policy, then ultimately in terms of financial data this is all I need for a "basic" claim?

i.e. a larger claim could be made if I had the monthly breakdown from the beginning of the term, but if I am willing to settle for a lesser amount, then the breakdown isn't strictly required?

Though I appreciate I am then taking their word that all figures are true and correct RE overpayment etc.

 

For the record, this "lesser" amount is more than enough for me to clear my current debts, which is the main aim of this exercise.

Edited July 22, 2013 by Stan**

[ims21]

You have enough information to lodge a claim, yes.

 

There is no "larger" or "smaller" claim.

 

The bank will work out the refund due from their record of payments made against each product (if they still have them) and that calculation will be done using the FSA/FCA rules of redress for mis-selling.

 

It would then be up to the claimant to check those figures are correct if they have doubts and that can only be done if there are records available.

 

I would suggest getting the claims in and await the response.

[Stan**]

Thanks for the info!

 

Is there a guide anywhere on the full PPI reclaim process? Ive looked but cant see anything...I may be missing the obvious!

[ims21]

Thanks for the info!

 

Is there a guide anywhere on the full PPI reclaim process? Ive looked but cant see anything...I may be missing the obvious!

 

 

Post #7 above

[Stan**]

Wow I really was missing the obvious

[ims21]

[Stan**]

Hi all,

 

Received a letter from HSBC today, which basically says we need to fill out an attached questionnaire - Im assuming this is just a stalling tactic?

 

So, what to do - fill out the complaint form for each loan account, or is there another better approach?

 

Thanks in advance...

[ims21]

Did you not already do a fos questionnaire as in post #3?

[Stan**]

Thanks for the prompt reply.

Nope....we only wrote to HSBC outlining figures and requesting refund.

 

SO that answers my question, we should fill in this questionnaire?

[ims21]

Yes but you might like to download the version from the fos website here

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

Just in case the one you have been sent by the bank has been weighted in their favour.

[Stan**]

Thanks for the info

[Stan**]

Hi all,

 

How do I go about making a complaint regarding non compliance of SAR? Is this direct to HSBC or another body?

 

Thanks

[dx100uk]

you complain to the Information Commissioners Office.

 

were these HFC loans par chance?

 

dx

[Stan**]

Thanks for the reply.

Sorry, what is HFC?

 

Is there a letter template I can use as a guide?