Loan Protection Payment - HSBC Graduate Loan - Claim??!

lizziebums

Hi

After going through all my statements since 2001 to put in a claim for bank charges I noticed that in Sept 2003 when I took out a graduate loan with my bank HSBC (£5,000) the very next day £600 was debited from my account titled Loan Protection. My question is - is this something I can claim back as I worked for the local authority so had a secure job so can't remember why I would have signed up for any insurances etc as I don't normally. Secondly I haven't got any of the paperwork as it was paid off 2 years later if I remember correctly - how do I go about finding out about the finer details of the loan and the protection? And if I can claim the £600 back how do I go about doing this - I warn you I am useless with the jargon and the processes when it comes to money so any help and advice welcome?

Many thanks in advance.

di3004

lizziebums wrote: »

Hi

After going through all my statements since 2001 to put in a claim for bank charges I noticed that in Sept 2003 when I took out a graduate loan with my bank HSBC (£5,000) the very next day £600 was debited from my account titled Loan Protection. My question is - is this something I can claim back as I worked for the local authority so had a secure job so can't remember why I would have signed up for any insurances etc as I don't normally. Secondly I haven't got any of the paperwork as it was paid off 2 years later if I remember correctly - how do I go about finding out about the finer details of the loan and the protection? And if I can claim the £600 back how do I go about doing this - I warn you I am useless with the jargon and the processes when it comes to money so any help and advice welcome?

Many thanks in advance.

Hi there

If you request for a Subject Access Request (SAR) for this now you may be lucky to receive everything they have on you, from when you taken out the finance, as SAR's can go back as far as 6 years in England and Wales, Scotland 5 years, not too sure about anywhere else.

They have to comply by 40 days, but there is a charge of £10 postal order or cheque payment for this request.

There may be something useful within the SAR information to help you.
http://forums.moneysavingexpert.com/showthread.html?t=1475553

And for more information on reclaiming, check the link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find some useful information and a checklist, also templates to help you through this, so if you think you have a case then you can try to reclaim.

Good luck and please post for further help if required.

Only also to say remember to post all letters by recorded delivery.;)