why cant hsbc do this

marshallka

Sound to me like the OP does not understand what a single premium actually is so could this have been missold?

Also by offering the loan at a higher interest rate is not really fair and this is often the stance that the FSA would also take. They should treat you fairly when cancelling a single premium and this clearly is not. I would get onto the FSA about it and make a complaint if you are not going for the misselling.

http://www.fsa.gov.uk/pages/Doing/Regulated/consumer/tackle/ppi.shtml

di3004

marshallka wrote: »

Sound to me like the OP does not understand what a single premium actually is so could this have been missold?

Also by offering the loan at a higher interest rate is not really fair and this is often the stance that the FSA would also take. They should treat you fairly when cancelling a single premium and this clearly is not. I would get onto the FSA about it and make a complaint if you are not going for the misselling.

http://www.fsa.gov.uk/pages/Doing/Regulated/consumer/tackle/ppi.shtml

I thought that as well Marshallka, I agree.;)

davefez

Thank you all for your replys you have been a great help

i asked hsbc too send me a letter saying that the ppi isnt set up as a single premium i will also be looking into contacting the Fsa but 1st im going too find out as much info as i can and ill keep everyone up dated

mangle101

davefez - I recently went to HSBC to enquire about having the PPI taken off my loan ( Paying £33.00 per month ) & was also told that i would have to have the loan re-structured & that the APR would go up from 8.9% to 18.9%! Basically if the PPI was removed i would be saving £2.00 per month! Told then that i was led to believe that this was incorrect & that i would return. Wrote a letter to HSBC concerning my queries about the loan & PPI & asked them to put in writing that the APR must be changed to the current rate, they replied stating that the financial advisor that i spoke to gave me incorrect information & that the APR will stay the same as when i took out the original loan & that the re-structured loan will not include the PPI. Also ensure that the amount of time that you have left to pay off your loan is the length of time that any new re-structured loan is for & not for a longer term!

Hope this helps!

davefez

update

I sent a letter too hsbc asking them too confirm in writing that the loan protection wasnt put on too my loan as a single premium like i was told when i was at the branch

I have recived a letter a letter from hsbc saying that the loan protection isnt a single premium and is a month by month premium

does this now mean i should be able too cancel loan protection separately ?

di3004

davefez wrote: »

update

I sent a letter too hsbc asking them too confirm in writing that the loan protection wasnt put on too my loan as a single premium like i was told when i was at the branch

I have recived a letter a letter from hsbc saying that the loan protection isnt a single premium and is a month by month premium

does this now mean i should be able too cancel loan protection separately ?

Hi there

I take it would be easier to cancel, even though you have the right to cancel anyway.;)

davefez

cheers

Thank you for your help


I best get writing too hsbc :eek: