Individual Income protection plan HSBC

Hunty59

Getting confused of what I can claim back and what I can't at the moment.

I took out a mortgage with HSBC in 2005 and was sold a IIPP which at the time they said I was recmommened to have it for their mortgage. I have been paying ever since even though I don't have their mortgage now.

I totally forgot about it, but just had a letter saying payments are increasing to £31 per month I just thought this was life insurance but on reading further its not. Can I claim this back?

Kind regards

di3004

Hunty59 wrote: »

Getting confused of what I can claim back and what I can't at the moment.

I took out a mortgage with HSBC in 2005 and was sold a IIPP which at the time they said I was recmommened to have it for their mortgage. I have been paying ever since even though I don't have their mortgage now.

I totally forgot about it, but just had a letter saying payments are increasing to £31 per month I just thought this was life insurance but on reading further its not. Can I claim this back?

Kind regards

Hi and welcome

Maybe Dunstonh could help on this one, as its in regards of mortgage PPI, but meanwhile check this info on the link below:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Good luck with this.

dunstonh

Can I claim this back?

Simple answer: No.

However, if HSBC have any restriction on their product only being able to cover their own mortgage and assuming it is an MPPI plan, then you could ask them to refund premiums from when the mortgage was redeemed. I dont believe they do but its worth a check, assuming it is an MPPI policy you are referring to.

If the policy is a standalone PPI or PHI policy then it is your responsibility to decide if and when you dont want it any more and they have no reason to refund it. It doesnt sound like a PHI as premiums on those are normally guaranteed.

Hunty59

Thankyou to both for replying. It is a stand alone policy and I will cancel straight away. On another point my mortgage before that I used a IFA and the mortgage was with standard life. Looking at the details he included accident and employment cover and PPI aswell can this be claimed back.

Again thanks for the assistance

dunstonh

Looking at the details he included accident and employment cover and PPI aswell can this be claimed back.

Not if you paid it monthly by direct debit and were eligible for cover.

You cant claim back insurances is they are set up correctly. Its only when done incorrectly that you can. ASU/MPPI is considered set up correctly when paying monthly and eligible for cover.

kishan78

Hello folks..
I might have a similar problem.. I took out a personal loan in 2006 and at that time they insisted I take out a income protection plan (flexi life) with the loan.. it was not billed as PPI but I had to take it..

Can I claim that back.. ??

kishan

dunstonh

kishan78 wrote: »

Hello folks..
I might have a similar problem.. I took out a personal loan in 2006 and at that time they insisted I take out a income protection plan (flexi life) with the loan.. it was not billed as PPI but I had to take it..

Can I claim that back.. ??

kishan

Unlike loan PPI, the sale of PHI policies is done by a financial adviser at the branch. So, there will be a factfind, needs analysis and a suitability report. These will show that you have a financial need and the product addresses that need.

That pretty much makes it watertight for them.

So, unless you have any evidence that you were told you should have it as a condition of the loan, I wouldnt expect you to win in a complaint.