HSBC Success!

the_flot

I'd just like to thank Martin and everyone at the MSE team, without whom I never would have even heard about PPI, let alone be telling you about my success now. Thank you!

I took out a £3000, 5 year loan when I moved to London after uni to help me while I tried to get a job in media. I was sold £700 of PPI which went on the premium and was subject to the 12% interest charge.

When I heard about the idea of mis-selling I consulted Martin's pages and found the template letters, and remembered that I was indeed told that my loan would not be approved without paying the protection. "Gadzooks!" I thought, this is me Martin is talking about!

Anyway, I sent the first template letter, along with a copy of my bank statement showing the PPI payment, and received a reply a couple of weeks later saying my complaint had been logged and would be dealt with in 30 days etc etc. After about 29 days I wrote the second letter threatening the Ombudsman, adding to it that their response so far had not been satisfactory.

The very next day I had a call from my local branch telling me to go in the day after that and talk to someone about restructuring my loan without PPI. Ultimately I got the following result:

- Refund into my current account of the PPI paid so far, plus interest
- Restructuring of loan without PPI yet to pay, reducing my repayments by 20%
- An absorbance of extra costs by the bank, ultimately saving me about £200
- An apology

What a result! Keep plugging away and don't be put off when they ignore you or send rubbish automatic responses. The letters really do work, and they are petrified of this 'Ombudsman' guy.

Now I'm waiting to hear about my bank charges, and I'm very optimistic! Thanks again Money Saving Expert!!!

:money:

di3004

the_flot wrote: »

I'd just like to thank Martin and everyone at the MSE team, without whom I never would have even heard about PPI, let alone be telling you about my success now. Thank you!

I took out a £3000, 5 year loan when I moved to London after uni to help me while I tried to get a job in media. I was sold £700 of PPI which went on the premium and was subject to the 12% interest charge.

When I heard about the idea of mis-selling I consulted Martin's pages and found the template letters, and remembered that I was indeed told that my loan would not be approved without paying the protection. "Gadzooks!" I thought, this is me Martin is talking about!

Anyway, I sent the first template letter, along with a copy of my bank statement showing the PPI payment, and received a reply a couple of weeks later saying my complaint had been logged and would be dealt with in 30 days etc etc. After about 29 days I wrote the second letter threatening the Ombudsman, adding to it that their response so far had not been satisfactory.

The very next day I had a call from my local branch telling me to go in the day after that and talk to someone about restructuring my loan without PPI. Ultimately I got the following result:

- Refund into my current account of the PPI paid so far, plus interest
- Restructuring of loan without PPI yet to pay, reducing my repayments by 20%
- An absorbance of extra costs by the bank, ultimately saving me about £200
- An apology

What a result! Keep plugging away and don't be put off when they ignore you or send rubbish automatic responses. The letters really do work, and they are petrified of this 'Ombudsman' guy.

Now I'm waiting to hear about my bank charges, and I'm very optimistic! Thanks again Money Saving Expert!!!

:money:

Wow well done and congratulations.......:beer: :T please also post this over at the success thread. Great news.;)