Liz reclaiming PPI on old loan

Frith

Hello there.

I took a loan out in 2000 and took out PPI at the same time and am just starting to think about claiming the PPI back.

To complicate matters, quite a lot has changed since 2000! I went on maternity leave (twice), my now ex husband was unemployed at various times and to cut a long story short, the loan was taken over by HSBC's collection people, MCS.

I have been paying MCS varying amounts ever since.

I don't know how far I will get with this but thought I would give it a go....

Liz

Frith

Loan taken out 27th November 2000, taken over by MCS on 11th May, 2001.

di3004

Hi there

There is no harm in trying no matter how old the loan is.

Here below is a link with a ppi reclaiming guide with templates, write in your own reasons, and they have 8 weeks to respond in full.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Post by recorded delivery.

Keep on at them until you receive a final response, good luck and post up for help when required.;)

Frith

Thanks for your very speedy reply! Does this letter look OK? I'd like to get it sent off this afternoon if anyone can check it for me, I've got the bit between my teeth now!

And does anyone know if HSBC WERE fined by the FSA???

Liz

HSBC Bank plc
8 Canada Square,
London,
E14 5HQ




Dear Sir or Madam,

Account number: XXXXXXXXXX

I purchased the above policy from you on 27th October 2000 but now believe that I was mis-sold this policy for the following reasons:

This is due to the fact that Xex husbandX was unemployed when we took out the policy and I was on maternity leave and about to go have reduced earnings. I made this aware to your member of staff when the policy was sold.

This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.

This is due to the fact that I was not given the correct information when the policy was sold to me, as

• your salesperson implied that taking out the policy would assist my credit application.
• your salesperson did not tell me that the policy was optional.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

di3004

ACEY wrote: »

Thanks for your very speedy reply! Does this letter look OK? I'd like to get it sent off this afternoon if anyone can check it for me, I've got the bit between my teeth now!

And does anyone know if HSBC WERE fined by the FSA???

Liz

HSBC Bank plc
8 Canada Square,
London,
E14 5HQ




Dear Sir or Madam,

Account number: XXXXXXXXXX

I purchased the above policy from you on 27th October 2000 but now believe that I was mis-sold this policy for the following reasons:

This is due to the fact that Xex husbandXwas unemployed when we took out the policy and I was on maternity leave and about to go have reduced earnings. I made this aware to your member of staff when the policy was sold.

This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.


This is due to the fact that I was not given the correct information when the policy was sold to me, as

• your salesperson implied that taking out the policy would assist my credit application.
• your salesperson did not tell me that the policy was optional.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

This is brilliant Acey, well done.:T

And as you know safer to post by recorded delivery, where you can check on the Royal mail website "tracking".;)

Good luck, and only to say if they do not resolve this first time round, they may give you the opportunity to write back to reconsider, so keep at them and let us know how you get on, we shall try to help you until the end, all the best.

Frith

Another thing I've always wondered about - when the loan went over to MCS, I owed £13,000. But all the correspondence with MCS says when they took it over, it was £16,000. What charges are those? Do MCS add some on to make money out of it?

Liz

di3004

ACEY wrote: »

Another thing I've always wondered about - when the loan went over to MCS, I owed £13,000. But all the correspondence with MCS says when they took it over, it was £16,000. What charges are those? Do MCS add some on to make money out of it?

Liz

Hi Liz

That wouldn't surprise me.

Not too sure about the charges to be honest, but have you still got any sort of policy which "may" explain this at all?

di3004

I would in another letter write to them to ask what these charges were for and request for them to send a written breakdown, hope they send them to you, good luck.;)

Frith

On 8th May 2001, my account and loan account with HSBC were closed and taken over by MCS.

According to the statements I requested from you recently, my closing balance with HSBC was £13,290.08 overdrawn. However, when I requested all the paperwork from MCS it states that on 11th May 2001 the balance passed to them was £16,548.92.

Please could you explain how the figure of £13,290.08 increased to £16,548.92 within 3 days?

di3004

ACEY wrote: »

On 8th May 2001, my account and loan account with HSBC were closed and taken over by MCS.

According to the statements I requested from you recently, my closing balance with HSBC was £13,290.08 overdrawn. However, when I requested all the paperwork from MCS it states that on 11th May 2001 the balance passed to them was £16,548.92.

Please could you explain how the figure of £13,290.08 increased to £16,548.92 within 3 days?

Good one Liz and you have the right to know this.

I would also post on the reclaim bank charges site as well, they should be able to give you more info and advice on this actual matter.;)

Frith

That's right (about reclaiming charges). For the "normal" charges I ran up with HSBC years ago, I put in a claim at about the time everything stopped while the test cases went through court.

I would have about £500 of charges with HSBC but it has come to a standstill at the moment.

Anyway, both those letters have been sent by recorded delivery. I thought if they knocked the mysterious £3000 of charges off and MCS let me pay 50% of the total I still owe, as they offered in their most recent letter, I would almost be able to pay the loan off!

Well, perhaps the PPI is the best bit to do first.

Liz