HSBC Graduate Loan PPI Reclaiming? Help please.

ramenkid

Hi, I've planning to do this, claiming the mis-sold PPI, since last Nov but nothing has yet happened. I took out a graduate loan from HSBC 7 years ago which is now paid off. I wrote them 2 letters since November 2008 but no reply. At first I didn't have the loan documents anymore so I wrote to ask for a copy. I wrote to my bank account holding branch's address. The bank I first opened the account with has moved the normal customers to a different branch as they are using the building for private customer or something like that. So I send letters to both addresses in my town and no reply! The letters were sent by recorded delivery so i know they got there.
Couple weeks ago I had a big tidy up in my house and I found the paperwork! So now I can just write them a letter demanding to give me the PPI amount I paid in, but where to? Do u write to your account holding branch and the HSBC headquarter in London or what? Any fellow HSBC account holders who sucessfully claimed your money back please give me advice.
Many many many thanks in advance.

Enigma007

Hi ramekid - I just accepted HSBC's offer to settle my PPI claim on Sat! Ok, here's what I did - I wrote to my branch and received a letter confirming that they had got my correspondence - if you didn't get an acknowledgement letter to your 2 I would go straight to calling and asking why. Partcularly since you sent it recorded delivery. Try 0117 929 6570. But be warned, they apparently have quite a backlog so it may take sometime. Good Luck

ramenkid

Thanks Enigma007. I have got all the document polices together last night and have written proper letter to send out today. The last two letters I sent were asking the paperwork so I guess now I have found them I'll just write to them and complain about the mis-sold policies. Nobody has ever told me the PPI was optional! I renewed the loan twice and yes, all the salespersons dealt with me never mentioned that.

How long did it take u to claim the money back and was it any trouble in between?

Many thanks.

Enigma007

I sent the letter in October and then kept getting letters from HSBC telling me they were still looking into the matter. Finally got an offer in Jan but I wanted them to explain their calculations to me hence the further delay of a month. All in all I didn't have to do anything apart from the initial letter and then a couple of phonecalls to chase the calculations.

Main advice - if it's taking longer than you'd expect/like, don't be afraid to pick up the phone and talk to them.

Good luck and let me know how you get on!

ramenkid

Sent off the letter by recorded delivery yesterday! I am just thinking though - my mis-sold reasons were
1. I wasn't told the PPI was optional, and
2. The salespeople sold me the policies weren't selling in my best interest.

Are these 2 reasons good enough to claim any money back? I can't really remember if they told me I had to take out PPI to have the loans approved hence I didn't put that in the letter (maybe I should have put that in anyway!).I genuinely didn't know it was optional as they never mentioned it. I remembered when I got home I checked the policy and thought 'I don't really need this but I still have to pay for it!'.

I calculated roughly that I paid about £1400 for the PPI over 3 loans (all paid off). 2 of them were over 6 years old. The last one was taken out on Oct 2003 & I paid about £1000 PPI on that £5000 loan, and that's only the 3rd loan.

Would be grateful if anyone can post their experience etc and I'll keep posting to let everyone know the progress. Hopefully it won't drag on too long!

maxdp

ramenkid wrote: »

Sent off the letter by recorded delivery yesterday! I am just thinking though - my mis-sold reasons were
1. I wasn't told the PPI was optional, and
2. The salespeople sold me the policies weren't selling in my best interest.

Are these 2 reasons good enough to claim any money back? I can't really remember if they told me I had to take out PPI to have the loans approved hence I didn't put that in the letter (maybe I should have put that in anyway!).I genuinely didn't know it was optional as they never mentioned it. I remembered when I got home I checked the policy and thought 'I don't really need this but I still have to pay for it!'.

I calculated roughly that I paid about £1400 for the PPI over 3 loans (all paid off). 2 of them were over 6 years old. The last one was taken out on Oct 2003 & I paid about £1000 PPI on that £5000 loan, and that's only the 3rd loan.

Would be grateful if anyone can post their experience etc and I'll keep posting to let everyone know the progress. Hopefully it won't drag on too long!

Hi there they were probably front loaded PPI as well which would make them not good practice. You could use this as well.

Good Luck