HSBC again against PPI charges

jocker01

Hi and welcome to everybody. Today I've been in HSBC branch, I have made apponintment for tommorow to disscus my PPI removed from my personal loan. I was told already that I gonna have to take another loan, a bit fackts:
I took a loan at 5th July 2007 and was told that have to take a PPI with it otherwise will not be given. Loan has been taken on 12,9%APR for 48 months, amout of a loan was £11.900 + 1902.14 PPI. Total amout to repay was £14987,06, I been paid £11900 and I've paid £1902,14 PPI from my account is that meen that I made single PPI payment?
I know already that they may try to sell me another loan with higher APR but I want aggree on it, i'll mention about FOS complain! How can I get any proof of my tommorows meeting?, can I record (voice recorder) everything what will be said? Kind regards Jocker01

di3004

jocker01 wrote: »

Hi and welcome to everybody. Today I've been in HSBC branch, I have made apponintment for tommorow to disscus my PPI removed from my personal loan. I was told already that I gonna have to take another loan, a bit fackts:
I took a loan at 5th July 2007 and was told that have to take a PPI with it otherwise will not be given. Loan has been taken on 12,9%APR for 48 months, amout of a loan was £11.900 + 1902.14 PPI.
I know already that they may try to sell me another loan with higher APR but I want aggree on it, i'll mention about FOS complain! How can I get any proof of my tommorows meeting?, can I record (voice recorder) everything what will be said? Kind regards Jocker01

Hi and welcome.;)

If you did not want to go to the appointment, you could have asked if they could correspond with everything in writing.

If you go tomorrow, I would not decide on anything straight away to be honest, not unless your absolutely sure on it.

In my opinion, its best to have everything in writing, even when reclaiming on the PPI, where you can keep copies, in case you need to refer to them at a later date, for example the FOS.

Do not feel forced into going to the appointment, but its entirely up to you.

Wishing you luck, please keep us posted.;)

marshallka

jocker01 wrote: »

Hi and welcome to everybody. Today I've been in HSBC branch, I have made apponintment for tommorow to disscus my PPI removed from my personal loan. I was told already that I gonna have to take another loan, a bit fackts:
I took a loan at 5th July 2007 and was told that have to take a PPI with it otherwise will not be given. Loan has been taken on 12,9%APR for 48 months, amout of a loan was £11.900 + 1902.14 PPI. Total amout to repay was £14987,06, I been paid £11900 and I've paid £1902,14 PPI from my account is that meen that I made single PPI payment?
I know already that they may try to sell me another loan with higher APR but I want aggree on it, i'll mention about FOS complain! How can I get any proof of my tommorows meeting?, can I record (voice recorder) everything what will be said? Kind regards Jocker01

So are you only wanting to cancel the PPI and not reclaim on it then? If this is the case then you should be fine by going in I would think but do state that you need to be treated fairly as regards the FSA "treating customers fairly" and your new loan should really be of the same terms and PPI as the other one.;) Also make sure you get a fair refund against your old PPI too.

jocker01

Hi, I've just came back from a bank. Lady in a bank told me that i gonna have to take loan for outstanding loan without PPI with was £5450 on 16.9% and they will overwrite intrest to 12.9% so that will give me a loan whitch is greater that my old one for about £100. She said that, if I would like to claim it back I have to put it in writing. This is what I gonna do. Thank You for all advises, and please keep fingers cross. Regards Jocker01

jocker01

Hi, got a letter today from a bank, they willing to pay a £1739,02 which is less than I've expected. Thay calculated this up to 7-01-2010 not till and off a loan. I've paid PPI till the end of my loan so I don't understand why they want pay all back? They written that is immpossible to justy cancel the ppi,however it is possible to restructure my existing loan onto a new loan without ppi at the same intrest rate na term, is that mean that I gonna need pay intrest again? Thanks for any halp. Kind regards Jocker01

marshallka

jocker01 wrote: »

Hi, got a letter today from a bank, they willing to pay a £1739,02 which is less than I've expected. Thay calculated this up to 7-01-2010 not till and off a loan. I've paid PPI till the end of my loan so I don't understand why they want pay all back? They written that is immpossible to justy cancel the ppi,however it is possible to restructure my existing loan onto a new loan without ppi at the same intrest rate na term, is that mean that I gonna need pay intrest again? Thanks for any halp. Kind regards Jocker01

HI, if the loan is still running then they would pay you over the amount of PPI you have paid to date and the interest charged on it and then the rest of it (with the interest they would have charged) would be taken from the outstanding amount owing and a new loan drawn up to reflect. They should also pay you 8% statutory interest on your redress too. This would then put you back into the position as if you never had ANY ppi on your loan.

This would be a normal redress for misselling if you actually complained for misselling.

If you have only cancelled the PPI then they usually would just redo the loan without the PPI and give you a small rebate of just the PPI premium (without the interest that was payable over the whole term of the loan) and the new loan SHOULD be at the same rate and terms. By only cancelling though you only cancel the premium and not the interest that WOULD be due. This is why the single premiums are so wrong.

Hope this helps.

jocker01

thank You for so quick answer I think that I got it now. I've complained about misselling. They proposed to pay £1739.02 this incl. £143,67 gross intrest witch is subject to may tax return. so my new loan will be recalculated and this should make my repayments smaller each month. but I'm worried if they make me pay intresed again Regards Jocker01