PPI Reclaiming Discussion part 4

cooko82

Hi all,

First time on here. I took out a loan with HSBC in 2005 to cover debt I had accrued from Uni and living in Manchester. I had just started working at a large organisation in the north west. I later increased the loan to buy a car. The total loan was for £9000 (£10,580 inc PP). I I went to the branch and was taken through everything with a sales advisor. I do not recall the exact conversation but I have only recently discovered that I was being charged the PPI. I know that I would not have taken on this cost had I been aware of the cost per month.

I rang HSBC today to ask for an address. They fobbed me off by saying I would have to go to the branch and would need a solicitor??????

I was wondering if anyone else has had any luck with HSBC. Also what are my chances of getting anythin back (i know my cause is slightly hampered as I was in full time employment at the time).

Any advice would be greatly appreciated

cheers

Pete

di3004

cooko82 wrote: »

Hi all,

First time on here. I took out a loan with HSBC in 2005 to cover debt I had accrued from Uni and living in Manchester. I had just started working at a large organisation in the north west. I later increased the loan to buy a car. The total loan was for £9000 (£10,580 inc PP). I I went to the branch and was taken through everything with a sales advisor. I do not recall the exact conversation but I have only recently discovered that I was being charged the PPI. I know that I would not have taken on this cost had I been aware of the cost per month.

I rang HSBC today to ask for an address. They fobbed me off by saying I would have to go to the branch and would need a solicitor??????

I was wondering if anyone else has had any luck with HSBC. Also what are my chances of getting anythin back (i know my cause is slightly hampered as I was in full time employment at the time).

Any advice would be greatly appreciated

cheers

Pete

Hi Pete and welcome

You do not require a solicitor, and you can make a reclaim by just completing the reclaim questionnaire as on step 3 below, as long as you have your reasons and your account number you can continue to make a reclaim.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

Do everything in writing now, and keep copies of everything in case you need to go back to it again at some point.
Allow 8 weeks for a decision.

Send to Head office of if they have a complaints dept, but not the branch.
Good luck.

I would email the Chief Executive Officer (ICO) and make him aware of what you have been told, its possible he will pass it down to his Customer Service team to deal with.

[EMAIL="managingdirectoruk@hsbc.com"]managingdirectoruk@hsbc.com[/EMAIL]

RONMILNES

Hi all

I took out a cc account in 2004 (ish) with ppi. The cc account is still active but I cancelled the ppi in 2008. How do i get the policy number for the ppi, as Ive no statements or documents.

Dirks_Engine_Room

RONMILNES wrote: »

Hi all

I took out a cc account in 2004 (ish) with ppi. The cc account is still active but I cancelled the ppi in 2008. How do i get the policy number for the ppi, as Ive no statements or documents.

When I complained I did not have my PPI number for my loan but I used the loan account number and they found it quite easily.

I would just use cc account for now.

di3004

RONMILNES wrote: »

Hi all

I took out a cc account in 2004 (ish) with ppi. The cc account is still active but I cancelled the ppi in 2008. How do i get the policy number for the ppi, as Ive no statements or documents.

Hiya
As Dirks Engine Room says, you can still make a reclaim as long as you have the account number, you do not actually need the paperwork as such, so long then as you have your reasons for making a reclaim on the PPI.

However, as your account is still active, you can write a short letter of request for a copy of your agreement, give them your account number, enclose £1 cheque or postal order, and ask they supply by 12 days.
This will show any details of PPI taken.
But that is optional of course.


For more on reclaiming.
http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance

http://www.moneysavingexpert.com/reclaim/ppi-credit-card-insurance#step3

This takes you to a questionnaire to make a reclaim, complete and send to whoever sold you the account, head office or complaints dept if they have one.
Remember to keep copies of everything in case you have to come back to this again at some stage, and allow 8 weeks for a decision, good luck.

RONMILNES

di3004 wrote: »

Hiya
As Dirks Engine Room says, you can still make a reclaim as long as you have the account number, you do not actually need the paperwork as such, so long then as you have your reasons for making a reclaim on the PPI.


I just applied for the cc with a form i picked up in the bank, will this affect my case

di3004

RONMILNES wrote: »

di3004 wrote: »

Hiya
As Dirks Engine Room says, you can still make a reclaim as long as you have the account number, you do not actually need the paperwork as such, so long then as you have your reasons for making a reclaim on the PPI.


I just applied for the cc with a form i picked up in the bank, will this affect my case

They have a duty to treat customers fairly, and making a reclaim on being mis sold ppi is only the right thing to do, and it should not affect your case.

tilley441

this is a link to why i asked the Q. below

http://www.bbc.co.uk/news/business-13265128


Quote:
Originally Posted by tilley441

also i heard that you could claim more if you could prove that you were getting in more and more debt ( i.e take out a loan to cover a loan) due to the apr being higher, is there any truth in this?




if you dont want to read i have C+P the bit here

Assessing losses

Start putting together a very careful assessment of what your PPI policy has really cost you.

This will take time and a lot of thought and it will not be immediately obvious.

You have lost your PPI premiums. Claim them back. That bit is easy.
But hang on, if you had not had to pay, say, £5,000 in PPI premiums, then you might have been able to borrow £5,000 less than you did at, say, 15% interest.

It is only fair that you should claim back that unnecessary loan interest as well.

That is not the end of it.

What if the additional mis-sold PPI burden undermined your ability to repay the loan?

Did this lead to you defaulting on the loan and damaging your credit rating?

Did you have to pay more for credit than might otherwise have been the case, been unable to get a mortgage on a house, or even lost your home?

---

i hope this is is poss i also hope i didnt take the offer and thats all i get lol

di3004

tilley441 wrote: »

this is a link to why i asked the Q. below

http://www.bbc.co.uk/news/business-13265128


Quote:
Originally Posted by tilley441

also i heard that you could claim more if you could prove that you were getting in more and more debt ( i.e take out a loan to cover a loan) due to the apr being higher, is there any truth in this?




if you dont want to read i have C+P the bit here

Assessing losses

Start putting together a very careful assessment of what your PPI policy has really cost you.

This will take time and a lot of thought and it will not be immediately obvious.

You have lost your PPI premiums. Claim them back. That bit is easy.
But hang on, if you had not had to pay, say, £5,000 in PPI premiums, then you might have been able to borrow £5,000 less than you did at, say, 15% interest.

It is only fair that you should claim back that unnecessary loan interest as well.

That is not the end of it.

What if the additional mis-sold PPI burden undermined your ability to repay the loan?

Did this lead to you defaulting on the loan and damaging your credit rating?

Did you have to pay more for credit than might otherwise have been the case, been unable to get a mortgage on a house, or even lost your home?

---

i hope this is is poss i also hope i didnt take the offer and thats all i get lol

Hiya

Thanks for adding the info above, its very useful, and a good point made too.

You can always give it a try and if this also applies to you then you could put this argument to them.

If you don't try you will never know.

Back last year, we received payouts with Lloyds, they upheld and we accepted, so we signed and accepted for what they offered - to put us back in the position as if we did not take out any PPI.

And unexpectedly a few months on we received a further cheque from them, they stated they underpaid.

So no harm in giving it a go.

Good luck.;)

The_Marksman

Visted my branch of Lloyds tsb yesterday as i couldnt get any information on my loan accounts via the telephone banking service, Lloyds insurance helpline and even the dedicated ppi claim line. Each time i was told that they couldnt find any loan details or they were too old to be on their system, which only goes back to 2000. ( I was trying to obtain account numbers etc).

Anyways, long story short after 2 hours of going round in circles in the branch and Lloyds telling me nothing was on there system and the lloyds rep playing at not knowing what ppi even was! (no joke). I demanded to see the branch manger, 30sec's flat the rep printed out all the information on my 6 loan accounts!

may be alot of hot air above but if your in the same situation, may help you out:rotfl:

1. quick question, i had 6 loans all with ppi starting from 1994 til 2003 being the last ones start date. would you do one questionnaire for each loan or one questionnaire for all 6?

Many thanks:D