HSBC CC PPI Advice - Can I claim?

Perplexedman

At first I didn't see this section of the forum which is specifcally for PPI and I therefore posted my question in the Credit Card forum, but was wondering if this is the better place to post.

Here is the original post:-

I'm new to the forum and was wondering if anyone could give me some help & advice about the PPI I was advised to take out on my HSBC credit card in the mid 90's. (When I say advised, it was by a member of staff at my local bank).

When I took it out, I was under the impression it would pay the minium payment if I was unable to work and make payments on the Credit Card for a lengthy period.

Now here comes the crunch.

I actually did have a period starting in 2001 where I could not work for a long time due to a spell of depression and anxiety, but I never used the PPI. I had actually forgotten that I had taken it out and was remined that I had whilst talking to someone from HSBC on the phone. They said that I could use the PPI ONLY if I was claiming benefits which I wasn't at the time, and never have done so left it at that.

Whilst I can't find the terms and conditions of my PPI, I was wondering if I could make a retrospective claim to get some money back for that period I was unable to work? After all I have paid (and stupidly am still paying) into a scheme that was supposed to offer me protection if I was unable to work and make payments on the card. I do want to cancel it, but am worried I might loose the right to make a retrospective claim if that's actually possible.

I have already drafted a letter saying I would like to cancel the PPI but was wondering if I should hold off until I found out if I could make a claim.

Any advice appreciated.

di3004

Perplexedman wrote: »

At first I didn't see this section of the forum which is specifcally for PPI and I therefore posted my question in the Credit Card forum, but was wondering if this is the better place to post.

Here is the original post:-



I have already drafted a letter saying I would like to cancel the PPI but was wondering if I should hold off until I found out if I could make a claim.

Any advice appreciated.

Hi and welcome.

I would ask them to post you the terms and conds if you no longer have these.
Depending on what year you taken this out maybe others on here will have these and post up, but otherwise I would request for these anyway.

I would write to them to ask them about this, explain to them that you were unaware of the PPI and if they refuse by the time they give you a final decision, you can take your complaint to the Financial ombudsman service (FOS) and ask them to investigate this for you.

In regards of cancelling, if you do not require this or its worthless to you then you could cancel if you want to, or wait to see if they will actually refund you first.

For more info on reclaiming check the link below, there are also template letters and guidelines of reclaiming, post your letter by recorded delivery, this is your proof of posting, and they have 8 weeks in full to respond.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck, please keep us posted.;)

Perplexedman

Many thanks for the advice.

I'll check again to see if I have a copy of the T & C for the PPI, and if not, will write and ask for a copy.

di3004

Perplexedman wrote: »

Many thanks for the advice.

I'll check again to see if I have a copy of the T & C for the PPI, and if not, will write and ask for a copy.

Your welcome, good luck.;)

Perplexedman

Still looking for my PPI T's & C's but have in the meantime drafted this letter using the provided template.

HSBC Bank plc
365 Chartwell Square
Southend -on-Sea
SS99 2UU

Dear Sir or Madam,

RE: Payment Protection Insurance

Account number: XXXX XXXX XXXX XXXX

I purchased the above policy from you, but now believe that I was mis-sold this policy due to the fact that I was not given the correct information when the policy was sold to me, as having recently looked at the paperwork for my credit card, I now realise that I have been paying for insurance that I did not know I had taken out so could not have been explained to me.

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,

Arthur Mugg

Is that ok to get the ball rolling?

Should I mention I had a period where I couldn't work but didn't claim on the PPI?

di3004

Perplexedman wrote: »

Still looking for my PPI T's & C's but have in the meantime drafted this letter using the provided template.



Is that ok to get the ball rolling?

Should I mention I had a period where I couldn't work but didn't claim on the PPI?

Great letter this well done.:T

Yes mention everything you can, it will make your case stronger.;)