HSBC Loan for travel - a case?

acsauk

Hi all,

I took out a graduate loan out for 4.5K (although with PPI it was just over 6K!) with HSBC in October 2007 to go travelling for a year. I was currently employed but did tell the guy who sold it me that this would be the primary reason for the loan and i would be leaving my job after getting the loan. Anyhow, he went through the usual speile and made it sound like if I took the PPI then i would stand a better chance of getting the loan so I agreed and signed my life away.

What I want to know is when I send my reclaim letter in should I focus on the fact that he made it sound like it would improve my chance of getting the loan or on the fact that he knew i wouldnt be able to use the insurance as i would be leaving work? Or both??

Many thanks in advance!!

di3004

acsauk wrote: »

Hi all,

I took out a graduate loan out for 4.5K (although with PPI it was just over 6K!) with HSBC in October 2007 to go travelling for a year. I was currently employed but did tell the guy who sold it me that this would be the primary reason for the loan and i would be leaving my job after getting the loan. Anyhow, he went through the usual speile and made it sound like if I took the PPI then i would stand a better chance of getting the loan so I agreed and signed my life away.

What I want to know is when I send my reclaim letter in should I focus on the fact that he made it sound like it would improve my chance of getting the loan or on the fact that he knew i wouldnt be able to use the insurance as i would be leaving work? Or both??

Many thanks in advance!!

Hi there

Are you using the template on this site?

I then then add as much information that occurs to you to help your case, it will strengthen your case, if you need any help, let us know, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

melorablack

acsauk wrote: »

Hi all,

I took out a graduate loan out for 4.5K (although with PPI it was just over 6K!) with HSBC in October 2007 to go travelling for a year. I was currently employed but did tell the guy who sold it me that this would be the primary reason for the loan and i would be leaving my job after getting the loan. Anyhow, he went through the usual speile and made it sound like if I took the PPI then i would stand a better chance of getting the loan so I agreed and signed my life away.

What I want to know is when I send my reclaim letter in should I focus on the fact that he made it sound like it would improve my chance of getting the loan or on the fact that he knew i wouldnt be able to use the insurance as i would be leaving work? Or both??

Many thanks in advance!!

I'd be careful with this because it could sound like you knew when you signed the loan agreement that you may not be able to pay it back, the bank might get funny with you about this. And it might be difficult to prove that the guy who sold it to you knew you would be going away for a year and not just for a "holiday" (which is probably what the records will say the loan was for.)