Advice regarding a 2007 loan.

crispy_chris

Hi there,
I took out a loan with HSBC in 2007 and have for some time thought that my PPI was missold with the product. The staff member didn't even ask if I wanted it, just gave me the details of the loan with it on and made no mention of the fact that it was optional.

I've thought for a long time about making a point of this and trying to reclaim what I've paid, or at least trying to stop paying it for the remainder of the loans lifespan as it still has over 2 years left on it, but I'm not really the kind of person that likes to make an issue of things (more fool me) and I kinda feel it was my fault for not making more of a fuss at the time.

But finally I thought I would bite the bullet and see whether or not I have a cat in hells chance of reclaiming what I have paid, or as I say, at least not paying it in future payments.

Is it worth pursuing?
Thanks for any help

Chris

di3004

crispy_chris wrote: »

Hi there,
I took out a loan with HSBC in 2007 and have for some time thought that my PPI was missold with the product. The staff member didn't even ask if I wanted it, just gave me the details of the loan with it on and made no mention of the fact that it was optional.

I've thought for a long time about making a point of this and trying to reclaim what I've paid, or at least trying to stop paying it for the remainder of the loans lifespan as it still has over 2 years left on it, but I'm not really the kind of person that likes to make an issue of things (more fool me) and I kinda feel it was my fault for not making more of a fuss at the time.

But finally I thought I would bite the bullet and see whether or not I have a cat in hells chance of reclaiming what I have paid, or as I say, at least not paying it in future payments.

Is it worth pursuing?
Thanks for any help

Chris

Hi Chris

For the reasons you have I would give it a go, and for them not to go over the PPI with you and just added it, they should have made sure with you first, as you may have had already had adequate cover in place, or you may have a pre -existing med condition and so on, there are lots of reasons, so check the link out below, with all the useful guidelines of reclaiming and keep at them, good luck and ask for help when you want to.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

crispy_chris

I want to repay the loan early, ideally in March (instead of the 2 years its supposed to be).

Worth me calling them soon and telling them to cancel the PPI remaining on the loan? I presume that will leave me with less to pay...or does it not work like that.

Sorry, I'm a bit of a newbie when it comes to all this

di3004

crispy_chris wrote: »

I want to repay the loan early, ideally in March (instead of the 2 years its supposed to be).

Worth me calling them soon and telling them to cancel the PPI remaining on the loan? I presume that will leave me with less to pay...or does it not work like that.

Sorry, I'm a bit of a newbie when it comes to all this

Hi there

There is no harm in asking, I would though try to find the policy on this on the terms and conds if you can to find out how they deal with cancellations, as banks vary from one to another, it may be a case they will reduce or it could be the case of having to take out another loan without the ppi to clear this one, so do check on this first if you can.;)
Good luck.:)

tiggrae

crispy_chris wrote: »

I want to repay the loan early, ideally in March (instead of the 2 years its supposed to be).

Worth me calling them soon and telling them to cancel the PPI remaining on the loan? I presume that will leave me with less to pay...or does it not work like that.

Sorry, I'm a bit of a newbie when it comes to all this

Hi chris, if you ring them and ask for an cost of early settlement I think you'll be stunned - the majority of your premiums paid in the early stages of a loan goes towards the payment of the PPI and not the loan capital - even if you cancelled the insurance your loan repayments won't go down as you'll have already paid for it !!!

crispy_chris

Ah right I didn't realise that. I think I'll just repay the balance of the loan and then request the PPI refunding after it is fully repaid.

Am I right in saying the best way to do it is to repay the balance minus 1 month payment and let that come out of the account in the normal way?

Thank you so very much for your help!

tiggrae

crispy_chris wrote: »

Ah right I didn't realise that. I think I'll just repay the balance of the loan and then request the PPI refunding after it is fully repaid.

Am I right in saying the best way to do it is to repay the balance minus 1 month payment and let that come out of the account in the normal way?

Thank you so very much for your help!

no you'll need to get a early redemption statement from them as it affects the interest on the outstanding balance (ie they if you pay it off early you shouldn't have to pay as much interest). Also, you can reclaim on the PPI if the loan's running or not

crispy_chris

Hi there,

Right I've paid the loan off in full and now I will make the claim for PPI. I am curious though, would I be best sending the letter to the complaints department or the loan department?

Thanks

di3004

crispy_chris wrote: »

Hi there,

Right I've paid the loan off in full and now I will make the claim for PPI. I am curious though, would I be best sending the letter to the complaints department or the loan department?

Thanks

Hi there

Yes the complaints dept is whom I would send to.
Good luck

I only have these addresses of HSBC on the address thread above, but if you know of a separate complaints dept then write to them or otherwise the 2nd one down I assume, not unless anyone knows of any others.

The Manager,
Service Quality Team,
HSBC Bank plc,
Arlington Business Centre,
Millshaw Park Lane,
Leeds,
LS11 0PP.
0800 881 155
[EMAIL="servicequality@hsbc.com"]servicequality@hsbc.com[/EMAIL]

HSBC registered office at:

HSBC Bank Plc
8 Canada Square,
London,
E14 5HQ

crispy_chris

Thanks, I've gone for the first one.

Fingers crossed

di3004

crispy_chris wrote: »

Thanks, I've gone for the first one.

Fingers crossed

Cool, good luck, it should reach them anyway, so no worries, good luck.;)