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PPI on HSBC Loan - Do I have a case?


tstobbs001
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Hi all.

 

I took out a consolidation loan with the bank in October 2005. You guessed it - the loan included a Personal Protection Plan Loan, making up an extra 19% on top of the amount I borrowed!

 

I wouldn't have taken out payment protection if I had known this wasn't compulsory - I have accident/illness insurances elsewhere, and it's an unnecessary cost to me. Given that I took the loan out to re-organise my finances, i feel it would have been a "not-too-intelligent" thing to do.

 

Thing is, I only found out the other day that PPI is not compulsory.

 

My loan contract is clearly laid out, and the PPI costs are included separately, including interest, toal charge for credit and interest payable etc. I even had to sign to say I understand that I am purchasing the product. BUT When I signed up for the loan, when the salesperson went through all the details, hilighting the costs etc, regarding the PPI (loan), she said "that's just something you need". If it wasn't those exact words, it was something similar that meant the same thing. Also, she printed the loan agreement out before she went through it and did not discuss whether I would require PPI. So of course I signed everything, and didn't question it.

 

I am in permanent employment (not self employed), and don't have any illnesses or disabilities, so I can't say that the policy was missold on the grounds that I wouldn't be eligible for any payouts.

 

I believe the policy was missold to me - but how can I prove this? Do I have a case? What do I do next?

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Hi all.

 

I took out a consolidation loan with the bank in October 2005. You guessed it - the loan included a Personal Protection Plan Loan, making up an extra 19% on top of the amount I borrowed!

 

I wouldn't have taken out payment protection if I had known this wasn't compulsory - I have accident/illness insurances elsewhere, and it's an unnecessary cost to me. Given that I took the loan out to re-organise my finances, i feel it would have been a "not-too-intelligent" thing to do.

 

Thing is, I only found out the other day that PPI is not compulsory.

 

My loan contract is clearly laid out, and the PPI costs are included separately, including interest, toal charge for credit and interest payable etc. I even had to sign to say I understand that I am purchasing the product. BUT When I signed up for the loan, when the salesperson went through all the details, hilighting the costs etc, regarding the PPI (loan), she said "that's just something you need". If it wasn't those exact words, it was something similar that meant the same thing. Also, she printed the loan agreement out before she went through it and did not discuss whether I would require PPI. So of course I signed everything, and didn't question it.

 

I am in permanent employment (not self employed), and don't have any illnesses or disabilities, so I can't say that the policy was missold on the grounds that I wouldn't be eligible for any payouts.

 

I believe the policy was missold to me - but how can I prove this? Do I have a case? What do I do next?

 

 

Hello and welcome to our forum,

 

If you believe the policy was mis-sold to you, you have to reclaim it back.

 

Please read the following sticky which give you valuable info

 

PPI - Some Notes for Claimants..

 

Also read around the different threads on the forum to give you an idea of what to expect, probably denial of mis-selling and a fight to get what they have deceived you into taking your money.

 

There is a lot of information on the threads to help you follow claim for mis-selling of ppi.

 

These companies have deceived us, because we were ignorant, but now we no better and now it is our time for justice

 

If you need help, we are all here to help, just ask

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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If you were lead to believe that PPI was a Condition of the Loan and not in Fact an Optional Extra then you have a case for Mis-selling.

 

Have a look through the Notes that Sandbro posted above, Notes for Claimants, Hopefully they will help you Understand a bit more about how to recalim your PPI Cost plus Interest.

 

If you nead Help Just Shout

 

Good Luck

 

Ian

Lloyds TSB -PPI - Full refund . 05/09/06 :D:p (As Seen on TV) :p

Halifax settled in Full.. :D 22/09/06

TSB First Claim SETTLED IN FULL 19/10/06 :D

Second Claim to Lloyds TSB - Settled in Full

Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07

PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.

 

 

 

If my post has helped you, please click the scales! :grin:

 

Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.

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  • 3 weeks later...

I am in the exact same boat - was told that no PPI = No loan from them, even though I made it clear it did not in fact want the PPI if I did not have to have it.

 

I am in the process of gathering all the information on my loan to proceed with making a complaint.

 

Good luck with your claim!

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These Companies make me so ^^^%^%$$& Annoyed,

 

They prey on you at at time you are vulnrable and in a weak possition, they know that the only way you have gone to them for a loan is that you are probabbly desperate and will agree to almost anything to get the loan.

 

And do they actually care that with adding the PPI that they are actually increasing your overaul debt, do they Hell.. Its all about Profit, Targets and commisions Im afraid.

 

Well maybe some day soon they will get what is due to them big time.

 

Good Luck and as always be prepared for a fight..

 

Ian

Lloyds TSB -PPI - Full refund . 05/09/06 :D:p (As Seen on TV) :p

Halifax settled in Full.. :D 22/09/06

TSB First Claim SETTLED IN FULL 19/10/06 :D

Second Claim to Lloyds TSB - Settled in Full

Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07

PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.

 

 

 

If my post has helped you, please click the scales! :grin:

 

Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.

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