HSBC Loan + PPI - Where are the complaint letters?

robert_harper_2000

I have had a HSBC loan for about 13 of the 36 months. I didn't know about the PPI and have just realised how much i'm being ripped off! :mad: About £600 .... I have heard from a couple of people who have complained and received a refund as this is mis-selling. Has anyone got one of these template letters?

Many Thanks

socmwils23

Here is the pm i got when i asked the same thing..

Complaints department
Bank's name & address

Re: account 999999999999999999999


COMPLAINT

Dear Sir or Madam,

I took out the above loan for £x,000 on dd/mm/yy. When I took it out, I signed up for Payment Protection Insurance. I phoned up on dd/mm/yy to ask to cancel it and was told that this is impossible. I am writing to complain.

Put in any of the following which apply:

[When I took out the loan, I was told that I would not have been given the loan if I did not take PPI. I have since been told that this is not true, and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate, which you did not do. I therefore consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.]

[I am self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick. My situation was known to the person who sold me the loan, however he/she did not point out that the insurance was virtually useless to me so I think that I have been mis-sold the insurance.]

[When I took out the loan, I said I did not need the PPI as my employer provides generous illness and redundancy benefits, but I was told I should still take it out. As this is not correct, I consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.]

[I wish to cancel the PPI because since taking out the loan, my employment situation has changed. I am now self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick.]

[I wish to cancel the PPI because I now have sufficient alternative insurance cover from my employer and other sources.]

[I wish to cancel the PPI because I am in financial difficulties and cannot afford it. I enclose a Statement of Affairs which shows this.]

I have been advised that I should be able to cancel the PPI contract at any time and receive a partial refund of the premium that I have paid. I would like to do this. [And in view of the way I was mis-sold the insurance, I would like to ask for a full refund of the whole premium.]

I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.

Yours faithfully,


nb There is no reason why you have to be able to prove that you cant afford the PPI before you cancel it, so in theory you should not need to send an SOA. However, I think it helps because it puts the bank morally in an even worse position if their PPI is causing you hardship.

How to compalin to the Financial Ombudsman Service is explained in detail here: http://www.financial-ombudsman.org..../complaints.htm.

GOOD LUCK!!!

Winston_the_Dog

Have you tried contacting them by phone?

I have the same situation with Bank of Scotland. I rang them last week to cancel the PPI and they said fine, just write in to us and we'll do the rest.

I think that the banks have realised they've been rumbled as the address I was given started "Insurance Cancellations".

Your "overcharge" seems low though, I think mine was something like £4800 plus interest over five years on a £12.5k loan.

robert_harper_2000

Hello
Thanks for fast response! I have tried by phone but they said well you signed it, you should have read the small print. Well no you should explain things properly lol.

Many Thanks guys and gals, Have a Faaaantastic christmas!

Old_iron_balls

some banks can be more 'helpful' than others over the phone.
TSB refused to cancel my PPI twice. I only got results through writing, writing and more writing.
Dont take no for an answer - god luck

Xbigman

Its only mis selling if the insurance is invalid for some reason. IE You are self employed and couldn't claim anyway.

Cancelling is something else. You can cancel but it can be hard going. Also look very closely at the numbers. You usually do NOT pay for these things monthly, but in a lump sum. If you cancel you get a naff rebate on insurance you no longer have but have still paid for.
Regards




X

robert_harper_2000

That's exactly what has happened, tried to cancel and offered naff rebate. I was thinking along the lines of the insuranace isn't valid - I live and work with my Dad. I wouldn't be out of a job ever lol.
I'm thinking they haven't explained it properly it was mis-sold. So should refund the lot?

Will it be invalid because of these reasons? not quite self-employed although my Dad owns the shop... What do you think?

juliag

hi having battle with household bank at the moment this is third time i have tried to cancel they say impossible as ppi is over 30 days old, will not give in,WARNING HOUSEHOLD BANK IN OUR OPINION CONMEN