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PPI on HSBC mortgage and remortgage
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# 1
rachyp
Old 09-05-2011, 4:05 PM
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Join Date: Oct 2006
Posts: 54
Default PPI on HSBC mortgage and remortgage

Hello all- this PPI reclaiming seems to have passed me by so far so if anyone could help me that would be great.

I currently have a mortgage and a remortgage with HSBC. There are 4 payments that go out of my account associated with this: two income protection policies and 2 mortgage payment protection policies; all with HSBC.

I have no idea if I can reclaim on these. I remember arranging them but can't remember if I chose to have them- I seem to remember the salesman telling me I HAD to have the MPPI, but that the income protection one was a good idea to have too.

Will I have signed for these to say I agreed to them?
I was very young when I got my mortgage and was excited to be buying somewhere.

I would also like to point out that I now live in the UAE so I am presuming these policies will be invalid if I wanted to claim on them?
If they are invalid, I am happy to cancel them, but will I still be able to claim the money back if I have cancelled them?

To recap-
-can I claim back on these policies?
- should I assume the policies are invalid anyway as I live abroad?
Has anyone had any success with HSBC mortgage PPI refunds?

Thanks for any help
CC debt 4389/12000 slowly chipping away helps
Aiming to be DEBT FREE by May 2012
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# 2
di3004
Old 09-05-2011, 4:12 PM
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Join Date: Jun 2007
Location: South Wales (Gwent)
Posts: 42,529
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Hiya

Will leave this for Dunstonh and MagpieCottage who I'm sure will be able to help, good luck.
The one and only "Dizzy Di"
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# 3
dunstonh
Old 09-05-2011, 5:23 PM
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Join Date: Apr 2004
Location: Norfolk
Posts: 73,841
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Quote:
There are 4 payments that go out of my account associated with this: two income protection policies and 2 mortgage payment protection policies; all with HSBC.
Good. That sounds like it is set up correctly for maximum cover (PPI covers upto 12 months and PHI kicks in after that. All have to be individual plans, hence 4.

Quote:
I have no idea if I can reclaim on these.
What makes you think you have reasons to reclaim them?

Quote:
I seem to remember the salesman telling me I HAD to have the MPPI, but that the income protection one was a good idea to have too.
That is unlikely unless it was a 1990s mortgage or earlier or the MPPI had to be bought to get a certain mortgage deal. If not, balance of probability would go with the adviser as it would be unlikely to say one is optional but not the other.

Quote:
I would also like to point out that I now live in the UAE so I am presuming these policies will be invalid if I wanted to claim on them?
Probably.

Quote:
f they are invalid, I am happy to cancel them, but will I still be able to claim the money back if I have cancelled them?
You should make the insurer aware of the date you left the UK. Its possible that they will refund from that point if they do not cover you. The insurer is likely to ask for evidence of non-residence.
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 4
rachyp
Old 09-05-2011, 5:26 PM
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Join Date: Oct 2006
Posts: 54
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Thanks for the reply. I have tried to phone up to see if it is valid or not but I have to make an appointment at a branch which I can't do until July. I have proof of non-residency so no problems there. I will head to my branch as soon as the summer holidays start and see what they can do!
CC debt 4389/12000 slowly chipping away helps
Aiming to be DEBT FREE by May 2012
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