HSBC & PPI can they do this?

jmass

Hi,
need a bit of advice, HSBC have offered to settle on my PPI claim, (without admitting liability ) inc's interest ....excellent very happy!

however.... they want to use this to first clear off the remainder of the loan (has about 18months to go) of course I want the cash and am happy to continue to pay the loan monthly.
Can they insist on this?
Whats the chances if I push back and hold out for the cash?
point to mention, the loan went into arrears last yr, but been on time etc since then. Guessing that could be why they're saying this.

whatcha reckon??

cheers
Jay

di3004

jmass wrote: »

Hi,
need a bit of advice, HSBC have offered to settle on my PPI claim, (without admitting liability ) inc's interest ....excellent very happy!

however.... they want to use this to first clear off the remainder of the loan (has about 18months to go) of course I want the cash and am happy to continue to pay the loan monthly.
Can they insist on this?
Whats the chances if I push back and hold out for the cash?
point to mention, the loan went into arrears last yr, but been on time etc since then. Guessing that could be why they're saying this.

whatcha reckon??

cheers
Jay

Hi Jay

I know this tends to happen with some of them now, but as you've no arrears now, and require the cash, ask if you have an option with this.;)
Good luck.

turboscool

hi jmass

may i ask what steps you took to make the claim?

ive been to branch today but its as clear as mud, I want to cancel my policy but they say the only way is to re-structure a new loan for me without PPI. having read fsa unfaior contracts it seem i should be able to cancel with no fuss and maybe get a rebate.

Any advice/help appreciated.

Cheers

di3004

turboscool wrote: »

hi jmass

may i ask what steps you took to make the claim?

ive been to branch today but its as clear as mud, I want to cancel my policy but they say the only way is to re-structure a new loan for me without PPI. having read fsa unfaior contracts it seem i should be able to cancel with no fuss and maybe get a rebate.

Any advice/help appreciated.

Cheers

Hi there

I would check your terms and conds as well if you have these.

This also seems to be the case now unfortunately for some loan companies, if PPI was in the original loan and you want to cancel, a new loan would be taken out which should be either at a lower rate or that equal to your existing loan - without the PPI.

If you do this make sure you also get your letter in if you were mis sold the PPI, because you can still reclaim on what they don't return to you, to my knowledge, and ask for a written breakdown of calculations of the existing loan to the new loan, to make sure nothing is amiss, good luck.

mangle101

Hi there

I would check your terms and conds as well if you have these.

This also seems to be the case now unfortunately for some loan companies, if PPI was in the original loan and you want to cancel, a new loan would be taken out which should be either at a lower rate or that equal to your existing loan - without the PPI.

If you do this make sure you also get your letter in if you were mis sold the PPI, because you can still reclaim on what they don't return to you, to my knowledge, and ask for a written breakdown of calculations of the existing loan to the new loan, to make sure nothing is amiss, good luck.

I've just come from having a meeting at my local branch to see if i wanted "Life Choices" instead of my PPI, they would have to finish my current loan with my special rate 8.9% & start up a new loan at a whopping 18.9%, i did not take up the option!

di3004

mangle101 wrote: »

Hi there

I would check your terms and conds as well if you have these.

This also seems to be the case now unfortunately for some loan companies, if PPI was in the original loan and you want to cancel, a new loan would be taken out which should be either at a lower rate or that equal to your existing loan - without the PPI.

If you do this make sure you also get your letter in if you were mis sold the PPI, because you can still reclaim on what they don't return to you, to my knowledge, and ask for a written breakdown of calculations of the existing loan to the new loan, to make sure nothing is amiss, good luck.

I've just come from having a meeting at my local branch to see if i wanted "Life Choices" instead of my PPI, they would have to finish my current loan with my special rate 8.9% & start up a new loan at a whopping 18.9%, i did not take up the option!

Golly thats a very high rate.........:eek: I don't blame you, it does not seem fair does it?