PPI Reclaiming Discussion part 4

marley369

Hi just wondering if anyone can give me some advice??
My husband took a personnal loan out with HSBC in March 2002, ppi was part of the package, he was told he had to have it as part of the loan otherwise he couldn't have it!!!
3 months later I got talking to one of the girls who I played netball with, I knew she worked for HSBC so I bought this up with her, she told me it wasn't a condition of the loan and that we should contact the Bank.
We did this, and after a few letters they agreed to restart the loan without the ppi. He never received any refund and had to start paying the loan again at the original amount, even though he had paid 3 payments already.
The loan is still running.
We still have paperwork.
Also he tried to close his account but was told he couldn't because he had a loan with them???
Do we have a case? We do feel this was very underhand??
Any advice would be gratefully received
Thank You

di3004

marley369 wrote: »

Hi just wondering if anyone can give me some advice??
My husband took a personnal loan out with HSBC in March 2002, ppi was part of the package, he was told he had to have it as part of the loan otherwise he couldn't have it!!!
3 months later I got talking to one of the girls who I played netball with, I knew she worked for HSBC so I bought this up with her, she told me it wasn't a condition of the loan and that we should contact the Bank.
We did this, and after a few letters they agreed to restart the loan without the ppi. He never received any refund and had to start paying the loan again at the original amount, even though he had paid 3 payments already.
The loan is still running.
We still have paperwork.
Also he tried to close his account but was told he couldn't because he had a loan with them???
Do we have a case? We do feel this was very underhand??
Any advice would be gratefully received
Thank You

Hi there & welcome

Yes its a possible reclaim.
You can make a reclaim on what you paid of ppi to the account and interest.

Just do this by completing the reclaiming questionnaire, this replaced the template reclaim letter, send to whoever set up the policy, so if HSBC set this up you write to their main office.
Remember to keep copies of all you send and receive in case you need to refer to this at some point.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

I understand that all new ppi complaints are on hold, with this bank included, but carry on as normal with the reclaiming, they have 8 weeks to give a decision but may ask for more time, but once the 8 weeks have passed and if you've heard nothing then complain to the Financial ombudsman service (FOS).

Read the thread below for more on freezing ppi complaints, but do not let that put you off. Good luck with this.;)
https://forums.moneysavingexpert.com/discussion/2786416

shaunamary

Hey I need help please,
I took out a loan with Ulsterbank back in 2007 for 5 years with PPI, Im in the middle of claiming back these charges and I wrote a letter to cancel my PPI but they came back to say that my new loan repayments would be higher and that I am better keeping the PPI as I only have 15mths left, if i dont cancel the PPI on the current loan will this affect my claim??
Thanks :-/

marley369

Hi Thanks so much for the advice, I'll get started on a claim, wish me luck

di3004

shaunamary wrote: »

Hey I need help please,
I took out a loan with Ulsterbank back in 2007 for 5 years with PPI, Im in the middle of claiming back these charges and I wrote a letter to cancel my PPI but they came back to say that my new loan repayments would be higher and that I am better keeping the PPI as I only have 15mths left, if i dont cancel the PPI on the current loan will this affect my claim??
Thanks :-/

Hi there

I understand this have happened, but if you were to be successful in reclaiming, they must or should put you back in the position as if you did not take out ppi, so basically they should reduce the loan amount by removing the ppi, so you only then have the loan to think about.
Although your able to cancel at anytime, it seems they all have their own ways of dealing with cancellations, but maybe you could possibly hold on for an outcome of your reclaim if you want to.;)

di3004

marley369 wrote: »

Hi Thanks so much for the advice, I'll get started on a claim, wish me luck

The very best of luck.;)

Munichjoolz

Hi all. Having had a successful claim against the Halifax I have now got a reply from Santander (Formerly GE Capital) regarding the PPI on a storecard taken out in August 2000 (This date is new information to me as it was cut off the copy of the agreement I was sent)


The final decision is that the claim has been rejected. It is a very long letter so I will use their words, in as brief a way as possible:

• Athough I said that I was told that the policy was compulsory, the fact that I signed for the account cover makes it appear that it was made clear that the product was optional and I therefore must have elected to take it of my own free will.

• I would have been sent a policy document within 30 days giving me a no-quibble option of cancelling the policy. I did not choose to take up this option.

• No personal (eg employment) details were asked for other than my name and address BUT under FSA regulations they were not required to ascertain the suitability of the product for the customer at the point of sale. They point out that giving the customer a policy document allows the customer to make an educated decision on the matter themselves. All policies were sold on an officially 'unadvised' basis.

• There is no requirement to record the sales process and so there is no way of knowing what took place on the date the policy was signed for, but that If what I claimed happened is true I had 30 days in which to educate myself on the matter and cancel the policy.

• I could have cancelled or made a claim on the policy at any time during the time I was paying it (August 2000 to April 2005) as it clearly appeared on every statement I received. Also in 2003 I was sent new terms and conditions (but what these were is a mystery and they previously told me that no records have been kept prior to 2004 so this is news to me)

That all seems pretty weak to me. Their strongest defences seem to be that I cannot prove that I was missold as it took place in a shop, where there was no onus on the sales person to establish the suitability of the product, there is no proof that anything I say is true, and I could in fact have cancelled at any time – certainly not true until 2005 when I got a leaflet specifically telling me that it was now possible to do so).

The internal investigation is closed but if I am dissatisfied I can take it up with

The Finance and Leasing Association,
Imperial House,
15–19 Kingsway,
London WC2B 6UN.

What about the Ombudsman? Were GE Capital covered by the FSA in 2000?

I'm doing this from Germany but that makes no difference to me and they've basically said I'm trying it on so even for the couple of hundred pounds they reckon I've paid in I do want to take it further if possible. I”m sorry this is so long but hope it helps someone else (as well as me!) in the end. Many Thanks for reading !! joolz:)

di3004

Munichjoolz wrote: »

Hi all. Having had a successful claim against the Halifax I have now got a reply from Santander (Formerly GE Capital) regarding the PPI on a storecard taken out in August 2000 (This date is new information to me as it was cut off the copy of the agreement I was sent)


The final decision is that the claim has been rejected. It is a very long letter so I will use their words, in as brief a way as possible:

• Athough I said that I was told that the policy was compulsory, the fact that I signed for the account cover makes it appear that it was made clear that the product was optional and I therefore must have elected to take it of my own free will.

• I would have been sent a policy document within 30 days giving me a no-quibble option of cancelling the policy. I did not choose to take up this option.

• No personal (eg employment) details were asked for other than my name and address BUT under FSA regulations they were not required to ascertain the suitability of the product for the customer at the point of sale. They point out that giving the customer a policy document allows the customer to make an educated decision on the matter themselves. All policies were sold on an officially 'unadvised' basis.

• There is no requirement to record the sales process and so there is no way of knowing what took place on the date the policy was signed for, but that If what I claimed happened is true I had 30 days in which to educate myself on the matter and cancel the policy.

• I could have cancelled or made a claim on the policy at any time during the time I was paying it (August 2000 to April 2005) as it clearly appeared on every statement I received. Also in 2003 I was sent new terms and conditions (but what these were is a mystery and they previously told me that no records have been kept prior to 2004 so this is news to me)

That all seems pretty weak to me. Their strongest defences seem to be that I cannot prove that I was missold as it took place in a shop, where there was no onus on the sales person to establish the suitability of the product, there is no proof that anything I say is true, and I could in fact have cancelled at any time – certainly not true until 2005 when I got a leaflet specifically telling me that it was now possible to do so).

The internal investigation is closed but if I am dissatisfied I can take it up with

The Finance and Leasing Association,
Imperial House,
15–19 Kingsway,
London WC2B 6UN.

What about the Ombudsman? Were GE Capital covered by the FSA in 2000?

I'm doing this from Germany but that makes no difference to me and they've basically said I'm trying it on so even for the couple of hundred pounds they reckon I've paid in I do want to take it further if possible. I”m sorry this is so long but hope it helps someone else (as well as me!) in the end. Many Thanks for reading !! joolz:)

Hi

First of all well done on your Halifax success :beer:

I am not sure if GE were covered by the FSA at that time you taken out the account with them, but you can always check this out by contacting the FOS to be sure, they will then confirm.
http://www.financial-ombudsman.org.uk/contact/index.html

I understand that the FLA are not helpful either, but you can always get in touch with them to make sure as well, but the FOS may suggest another avenue otherwise, like they have done so with many of us on here.
Usually the underwriter/insurer of the company in another way of trying to get your money back to you.

It does seem pretty basic with the response you received, and its probably a template letter they use for all fob offs, in my opinion it would have been maybe a favourable decision if they were regulated by the FOS.

Do as above and see what the FOS suggest, please let us know how you get on, thanks and good luck.:)

Beckstar

Hi there,

I sent letters off on the 24th September to HSBC, Mint, Egg, Sainsbury's bank and Capital One, requesting information on all of the insurance and charges which have been added to current and previous loans and credit cards.

I enclosed postal orders for £1 in all of the letters (appart from Egg and Sainsbury's where £10 was included for SAR).

I've received a letter from Capital One today saying they can provide detials, however I need to pay £5 for this. They also have stated that the £1 send orignally is being credited to my account- obviously they've not read the letter I originally sent, as it was clear that the £1 was for the cost of the information!!

Can they really request £5 for this? I was under the impression that £1 would cover it- especially as I'm still a customer with them.

Also, how long should this information take to come through- I posted all on the 24th September, and so far have only had this response from Capital One!

Thanks loads in advance

amersall

shaunamary wrote: »

Hey I need help please,
I took out a loan with Ulsterbank back in 2007 for 5 years with PPI, Im in the middle of claiming back these charges and I wrote a letter to cancel my PPI but they came back to say that my new loan repayments would be higher and that I am better keeping the PPI as I only have 15mths left, if i dont cancel the PPI on the current loan will this affect my claim??
Thanks :-/

Hi there, you are better off leaving this loan with ppi as is is.If you cancel the ppi you have to take a new loan at a longer term and sometimes higher interest, leaving the loan as it is will have no effect on your claim at all.Good luck with this and keep us posted x.