HSBC fixed rate. Redundancy coming. Any experiences ?

TEDDYRUKSPIN

Ok. HSBC will be rubbish. The people on the phone have no clue. Warning you now. People in the branch - mortgage managers or financial planning managers are the only people can direct you. Unfortunately nothing can be done in the branch if you are scuppered regarding the loan to value ratio of your property. First port of call is the branch if you want to convert to interest only. Remember LTV of 80% though. If that does'nt help you have the dread collection department who will change your mortgage to interest only for 6 months or part interest, but.... bad credit report.

As for paymentshield, that can actually happen. Seen it happen to customers where they forget to change address but direct debit payments keep coming out.

Did you take out a new policy or just a top up on your monthly repayments?

Paymentshield upon making a claim will sway themselves from paying out. Seen it before. But if you making a paper-complaint (NOT PHONE), you will actually get a result. Slow but you will get a result.

PS. It will be faster to get a job. Just remember your redundancy pay you obtain will also increase the waiting time in which your ASU pays out.

Thishitcountry

Teddy - I was careful to only notify of change in address only - nothing else (changes to amount insured etc). Yeah i guess HSBC gonna be hopeless - have been ever since day 1 of mortgage (trying to rearrange apointments couple of hours before due, poor comms, 'advisor' setting it up in branch overfamiliar and constantly calling me "mate" etc etc)

Actually I went into branch as their 'phone team' for mortgage talk were going to take 48 hrs to get back to me and this was prior to bank hol so was in ridiculous situation of waiting something like 5 days even to speak to them (obviously they had no direct number I could contact THEM on)
Anyway i go in branch and they pushed unemployment cover on me and attempted a double whammy joke of a premium account sale into the bargain !! UN-BELIEVABLE as Alan Hansen would say. I would seriously say to any readers to stay away from this organisation. Self satisfied, un-informed, inefficient staff who quick to tell you theyre the biggest bank in the world etc etc...yeah thts as may be but that doent make them any good !!

Thishitcountry

ps - what be ASU ?

happybroker

Thishitcountry wrote: »

ps - what be ASU ?

Accident, Sickness & Unempoyment cover.

Thishitcountry

-Andy- I havent claimed on PPI just gathering info prior to redundancy. Worry with it that its been running for 10 years without breaks in my payments , yet for last 5 of those years Ive moved house and forgot to notify them. When alerted them to change after possibilty of redundancy they sent revised cert and monthly payments asked have nearly doubled.
I worried may not pay out as they judge it to be alteration to policy immediately prior to redundancy (i phoned to request NOTHING other than they amend my personal contact details i.e. address - no increase in amount covered etc )

Think I have bit of comfort that I may be OK with it as I posted similar in Insurance forum and got some constructive replies if youre intersted. Thanks for you time