After 3yrs Paying, Ppi Refused

anh167

Can anyone help/offer advise please.
I was made redundant in January 2009 and with thousands of other people facing the same situation each day, I thought one of the first things to do would be to make sure finances were in order.
I took out a personal loan towards the end of 2005 with HSBC and at the same time had PPI added to the loan. Hoped I would never have to use it, but then this happened so I gave them a call to make a claim.
I was told that even though I was in full time employment, because the wording of the contract was that it was a temporary ongoing position, the cover was void. Funny that ( well not really ), seeing as that was exactly the same type of employment ( with another company ) I was in when I took out the loan, and the bank was fully aware of this as I had to show proof of income and employment etc when applying. I have paid out £1500 over the 3 years ( with no previous claims ),towards the PPI, plus the loan repayments, and now with no money coming in, the banks only offer of help is to suspend 1 months payment, and then refinance the loan ( increase the costs and repayments ) thereafter. Still waiting for JSA claim to be assessed as well so literally nothing coming in......HELP!

robpw2

claim your ppi back , martin will show you how

anh167

Thanks for your reply. I have made an official complaint to my bank HSBC ( House of Slimey Bl**dy Crooks ), and been told that their investigation into my complaint should be completed within 4 weeks but could take up to 8. Thats fine, but loan still has to be paid as do the normal bills that we all have to pay.
Looking at martins claim advice, if it has to go to the Financial Ombudsman, than can take up to a year. Not being funny......I need help now.
Final wage packet went out on bills and loan payments for February, no benefit ( JSA ) as yet, and only 3 weeks to go before payments have to go out again.
I am in a very deep hole with no idea which way to turn. If I had hair, I would be tairing it out now:(

eclipse99

Hi anh 167,
The miss-selling of PPI is a national scandal! Its estimated there are 20 million policies out there, earning the banks around 4 Billion every year. The CAD has carried out a survey and discovered that only 15% of claims were paid out on personal loans and 11% on credit cards.

You probably were miss-sold PPI in 2005. If so, your agreement may be 'unenforceable'. You should be able to claim the PPI back, you may be entitled to compensation and the lender may be unable to enforce the debt on you. You are well within your right to do this under the 'comsumer credit act of 1974'.

Hope this help you.

eclipse99

marshallka

anh167 wrote: »

Thanks for your reply. I have made an official complaint to my bank HSBC ( House of Slimey Bl**dy Crooks ), and been told that their investigation into my complaint should be completed within 4 weeks but could take up to 8. Thats fine, but loan still has to be paid as do the normal bills that we all have to pay.
Looking at martins claim advice, if it has to go to the Financial Ombudsman, than can take up to a year. Not being funny......I need help now.
Final wage packet went out on bills and loan payments for February, no benefit ( JSA ) as yet, and only 3 weeks to go before payments have to go out again.
I am in a very deep hole with no idea which way to turn. If I had hair, I would be tairing it out now:(

Could you perhaps get the citizens advice to put a hold on the payments on the loan until this is sorted. Its best as they could put you in touch with someone that will help now.
Also if the complaint is turned down then perhaps ask for the fast track with the OMbudsman too.

Good luck

anh167

marshallka wrote: »

Could you perhaps get the citizens advice to put a hold on the payments on the loan until this is sorted. Its best as they could put you in touch with someone that will help now.
Also if the complaint is turned down then perhaps ask for the fast track with the OMbudsman too.

Good luck

I have spoken to CAB and yes they may be able to arrange with the bank to have payments temporarily suspended BUT.......that is an offer already made by the 'collections dept' @ HSBC, and they will include the added bonus of increasining future payments, together with costs etc for refinancing the loan agreement. Please excuse my sarcasm.
Chased up bank today to see what progress was being made regarding complaint over PPI refusal......no news yet.
Oh well, it could be worse......the 0% interest rate card could finish the 0% period and start loading the repayments. Oooops....silly me they have. Knock a man when he's down :0(

mikegilbert

Hi, in simmilar starights as you, refused payment when claimed and now going down misspelling road. If you read Martins tips and from what I can see you have an excellent chance of getting it all back. I understand your concerns and worries over money issues. Please contact C.A.B. and ask them to get a short term freeze on payments without incurring penalties, it is not an unreasonable request. Also you will have to be like me and chase chase chase JSA and social benifits, explain that you are suffering severe financial hardships. I have now learnt to my costs that sometimes phone calls aint good enough. Please document all calls time date and content and back up with letters. Please keep us posted, a few days ago I was in same position but decided to claim PPI back, dont fart about with banks umming aand ahhing get your claim letter in, you have absolutely nothing to lose and all to gain..If like me you are still paying whilst out of work and unable to claim , they must be laughing their heads off at us, GO GET EM

Jimbo65

If insurance fails is the seller,once proved miss-sold, liable for losses? I had a period of 15 months out of work through illness, insurance failed and had to rely on a family member to service payments each month, to the cost of over £5000 and a lot of distress, prospect of losing the family home etc.

Is there anyway to prove liability on the miss- seller and sue for losses and distress?