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Claim against HSBC, advice please

Hi,

I am about to start making a claim against HSBC for PPI on a loan taken out in October 2007, total around £1250 + interest that was dded to the total of the loan. I am going to use the follow reasons from the template;

This is due to the fact that I was not given the correct information when the policy was sold to me, as
  • your salesperson was very pushy in selling me the policy so that I felt I could not say no.
  • i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
Do people think this is sufficent reasoning to claim it back? Also does any one know how the usual process with HSBC goes, do they dig their heels in?

Some advice would be appreciated before sending off the letter. Would be a great help to claim it back though.
«1

Comments

  • di3004
    di3004 Posts: 42,579 Forumite
    Mudd14 wrote: »
    Hi,

    I am about to start making a claim against HSBC for PPI on a loan taken out in October 2007, total around £1250 + interest that was dded to the total of the loan. I am going to use the follow reasons from the template;


    This is due to the fact that I was not given the correct information when the policy was sold to me, as
    • your salesperson was very pushy in selling me the policy so that I felt I could not say no.
    • i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
    Do people think this is sufficent reasoning to claim it back? Also does any one know how the usual process with HSBC goes, do they dig their heels in?

    Some advice would be appreciated before sending off the letter. Would be a great help to claim it back though.


    Hi there

    I would like to wish you good luck with your reclaim.;)

    There are many who have had dealings with these, so hopefully they will post up with their own experience as well.

    Bascially as you know they have 8 weeks, they more or less told you that you had to take out PPI, it sounds like this was pressurised onto you, so you do have a good case here.
    And with not having the policy explained to you, this is not giving you much to go by giving you the option to take this out or not, so yes this is fine.

    Keep at them and please keep us posted, good luck.;)
    The one and only "Dizzy Di" :D
  • petermb_2
    petermb_2 Posts: 1,565 Forumite
    Mudd14 wrote: »
    Hi,

    I am about to start making a claim against HSBC for PPI on a loan taken out in October 2007, total around £1250 + interest that was dded to the total of the loan. I am going to use the follow reasons from the template;

    This is due to the fact that I was not given the correct information when the policy was sold to me, as
    • your salesperson was very pushy in selling me the policy so that I felt I could not say no.
    • i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
    Do people think this is sufficent reasoning to claim it back? Also does any one know how the usual process with HSBC goes, do they dig their heels in?

    Some advice would be appreciated before sending off the letter. Would be a great help to claim it back though.

    I dont think the points you raise will be enough.
    It does not take much to get it right though.
    Were you given the option of monthly payments. Were these discussed?
    Were you advised that the premium would attract interest and this would be paid throughout the term of the loan?
    Were you given the impression that the ppi was compulsory?
    Was there an implication that by taking out the insurance your would stand a better chance of getting the loan and at a better rate?

    I am sure that you will give a positive answer to at least one of these points.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
  • Mudd14
    Mudd14 Posts: 856 Forumite
    Hi petermb thank you for your advice.

    In answers to your questions;


    Were you given the option of monthly payments. Were these discussed? No!
    Were you advised that the premium would attract interest and this would be paid throughout the term of the loan? No!
    Were you given the impression that the ppi was compulsory? Not compulsary but something that was needed really.
    Was there an implication that by taking out the insurance your would stand a better chance of getting the loan and at a better rate? No this was never implied

    Thank you for your help in advance.
  • di3004
    di3004 Posts: 42,579 Forumite
    Mudd14 wrote: »
    Hi petermb thank you for your advice.

    In answers to your questions;


    Were you given the option of monthly payments. Were these discussed? No!
    Were you advised that the premium would attract interest and this would be paid throughout the term of the loan? No!
    Were you given the impression that the ppi was compulsory? Not compulsary but something that was needed really.
    Was there an implication that by taking out the insurance your would stand a better chance of getting the loan and at a better rate? No this was never implied

    Thank you for your help in advance.


    Hi there

    If you have not sent your letter yet, if you want to what you have posted here, you could actually add that in so many words as well, just to make your complaint stronger.
    It's just a suggestion, but sure it will help your case.

    I'm sure Peter will be back at some point as well.
    Good luck with this.;)
    The one and only "Dizzy Di" :D
  • Mudd14
    Mudd14 Posts: 856 Forumite
    Just an update for you all, we recieved a letter at the start of Ocotber saying they are investigating matters.

    Received another letter yesterday offering a full refund + interest of payments made and someone will be in touch from our local branch to restructure the rest of the loan withiout PPI.

    Thanks for all the advice and thanks to this website for the templates!!
  • rcms26
    rcms26 Posts: 15 Forumite
    Mudd14 wrote: »
    Just an update for you all, we recieved a letter at the start of Ocotber saying they are investigating matters.

    Received another letter yesterday offering a full refund + interest of payments made and someone will be in touch from our local branch to restructure the rest of the loan withiout PPI.

    Thanks for all the advice and thanks to this website for the templates!!

    Hi, did you use the reasons at the begining of your post or did you use others?
    i wrote to HSBC and they have refused my complaint because they say i was sent all the inforamtion and i could have cancelled at any time. i am not sure what to do now. getting the letter of refusal felt like a kick in the teeth!! any advise would be great?:confused:
  • di3004
    di3004 Posts: 42,579 Forumite
    Mudd14 wrote: »
    Just an update for you all, we recieved a letter at the start of Ocotber saying they are investigating matters.

    Received another letter yesterday offering a full refund + interest of payments made and someone will be in touch from our local branch to restructure the rest of the loan withiout PPI.

    Thanks for all the advice and thanks to this website for the templates!!

    Brilliant, well done Mudd14 :T:T
    Congratulations.
    :beer::beer:
    The one and only "Dizzy Di" :D
  • di3004
    di3004 Posts: 42,579 Forumite
    rcms26 wrote: »
    Hi, did you use the reasons at the begining of your post or did you use others?
    i wrote to HSBC and they have refused my complaint because they say i was sent all the inforamtion and i could have cancelled at any time. i am not sure what to do now. getting the letter of refusal felt like a kick in the teeth!! any advise would be great?:confused:


    Hi there
    If this was not the final response, you need to write to them again, keep at them until they issue you with the final decision which should also include details of the FOS.
    Do not give up yet.

    Good luck.;)
    The one and only "Dizzy Di" :D
  • Mudd14
    Mudd14 Posts: 856 Forumite
    rcms26 wrote: »
    Hi, did you use the reasons at the begining of your post or did you use others?
    i wrote to HSBC and they have refused my complaint because they say i was sent all the inforamtion and i could have cancelled at any time. i am not sure what to do now. getting the letter of refusal felt like a kick in the teeth!! any advise would be great?:confused:

    I used the reasons I originally put. Maybe its because the PPi was sold over the counter in a branch they could not say the person selling it was not giving bad advice so had no case?
  • rcms26
    rcms26 Posts: 15 Forumite
    di3004 wrote: »
    Hi there
    If this was not the final response, you need to write to them again, keep at them until they issue you with the final decision which should also include details of the FOS.
    Do not give up yet.

    Good luck.;)

    Thanks, I have sent them the second letter and given them 14 days to reply.:confused:
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