HSBC Flexi Loan APR ?

[rebel11]

Hi ICY

 

Have you got copies of the documents? Have you sent them a SAR request?

 

Have you got a copy of the loan agreement?

 

Basically you are saying you didn't ask for it, they just added it onto the loan. In their response they are talking about 'cancelling the PPI' which doesn't address your complaint, it seems like a conveinent excuse. They are saying the PPI payments were deducted from your current account.

[rebel11]

Hi ICY

 

Send them a SAR request, they have 40 days to respond, it will cost you £10. Once you get the documentation, tell us what it says on the loan agreement, etc.

 

Build you case to lodge a complaint with the FOS.

 

No we dont

[rebel11]

The FOS should be next, get the SAR info, see what that throws up.

 

In response to the points they have sent, they have admitted that Flexi loan was taken out in Feb 06, they have also stated that the Flexi Loan account included the optional insurance, this was not explained at the time, the benefits were not explained, they claim that this information is in the policy document and product information pack, which we do not have, no assessment was made at the time as to whether this policy was suitable or not, or what procedures were in place from employer in the event of sickness etc, the employment contract covers full pay for the first 6 months, and after that SSP, if there had been a problem after this, family would have helped out to make sure things were paid until things got back to normal, HSBC believe that this wasn't sufficient cover, the employment position is a senior management role, and carried funding responsibilities for the organisation, which are always awarded a year ahead, so had there become a funding issue putting the organisation at risk or employment at risk my wife would have been the first person to know about it, and would have had a year to source alternative funding, or look for alternative employment, redundancy would not suddenly appear, this contract was in place at the time of agreeing the Flexi Loan, had the Protection Plan been explained along with its benefits etc then it would have been instantly apparent that this would be much use.

The letter I have states that sufficient cover was not in place and therefor the Loan Protection Plan was suitable, this insinuates that there was a mandatory requirement to have such cover in place, which as far as I can see is not the case.

 

They also use the defense that the premiums have appeared on the bank statement, throughout the period this has been in force, and while its true that there were regular monthly payments in place, they came out of a current account not the Flexi Loan account, its only when looking through the bank statement that figured out what "Loan Protection" on the statement was for, underneath this was a reference number, finally figured out that this was the sortcode and account number for the Flexi Loan, I have just discovered a copy of a SAR request that was sent in April 2013, I have received nothing from this SAR, and have only just remembered it was sent, unfortunately there isn't a recorded delivery receipt with this SAR request so wouldn't be able to prove they have received it

 

 

I am wondering if this is worth using the court route due to FOS delays, I will write a response to the letter, and include a copy of the SAR and see if they respond to it.

[rebel11]

Had a Google, a customer stating it was 16.5%.

 

Try internet archive.