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HSBC Loan - PPI Claim upheld but......


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My wife took out a loan with HSBC around 10 years ago.

 

This loan had a sizeable PPI fee attached to it.

 

My wife and I have been servicing a DMP for a number of years now,

during which time the outstanding debt was handed firstly to Metropolitan Collection Services and then subsequently to CL Finance.

 

She wrote to HSBC recently demanding that the unfair PPI be refunded,

and after a bit of correspondence they upheld her complaint and made an offer of payment.

 

The problem is that they have sent her a form to sign which essentially compels her to sign this figure over to Metropolitan to offset the outstanding debt.

 

It is our belief that this amount should only be passed to CL Finance as they have owned this debt for a number of years now.

 

I am also led to believe that Metropolitan are simply HSBC in a thinly disguised form.

 

It would appear that,

not content to mis-sell the policy in the first instance,

that even when caught out they still attempt to trouser the loot.

 

Hard to believe that a Major Bank could be so devious, ain't it?

 

Anyone had anything similar to contend with?

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If HSBC no longer own the debt then they cannot use the right of set-off and the refund should come to you.

 

Yes you are correct that Metropolitan are HSBC in house collection arm.

 

Are you sure that the debt was sold to CL....have you had a notice of assignment to that effect?

 

Is this debt on the credit file and if so, which company's name is next to it?

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1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

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3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

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5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

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who's your DMP with too

hope its not a fee paying one?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks for the speedy response ims21. I have some paperwork/statements dating back to April 2011 from CL Finance in relation to this debt. I have had no contact of any sort from Metropolitan since around 2006, about a year after I first commenced my DMP with the CCCS (Step Change). Since the DMP's inception I have forwarded all and any relevant paperwork to the CCCS.

I shall be contacting them first thing Monday for their advice but wondered whether this was a standard ploy on the part of HSBC.

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Ok so if CL own it then the refund should come to you.

 

It could well be that the PPI refund department of HSBC haven't picked up the fact that the account has been sold so they will need to be told and at the same time point out that you require the money to repaid to you direct.

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Thanks again. I am already formulating my response to their letter!! And greatly looking forward to posting it!! :-)

Really glad I found this site, there is so much on here that is of value to anyone that has been fleeced by the banks!

Keep up the good work!

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when you say offer is it the FULL amount?

HTH (Hope This Helps) RDM2006

 

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I have a similar issue going on. Via the FOS Hsbc agreed a refund but it was to be offset against outstanding amount. Debt was sold on years ago and I have the paperwork. It doesn't appear on my credit file either. I sent the letter off and they responded not to me but to the FOS. They are still trying to sort it out between them and I believe its going back to an adjudicator. I am confident I will eventually get my money but it looks like a delaying tactic by HSBC

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All i can say is that their favorite saying in these cases is: -

 

" We aim to put the consumer in a position that they would have been in had the bank not made this mistake/error"

therefore, you would have had the money in your pocket, to do with as you please, so that is the position they should return you to.

HTH (Hope This Helps) RDM2006

 

THE FORCE (OF CAG) IS WITH YOU

;)

 

We've Helped You To Claim - Now Help Us Remain

A live Site - Make a Donation

 

All advice and opinions given by people on this site are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.

 

However, if you have found any advice you have been given helpful.

Why not show your gratitude And

Click the * on the post you found helpful.

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