My letter from HSBC

partysis81

Hi i have finally got a letter from HSBC regarding reclaiming the PPI on a loan from 2004.
They have said they cannot help me any further because i am in an IVA and started that in May 2005 (12 months after i took out the loan), they will now only accept a request from my IP to carry the claim further. Are they hoping i will just leave it now? My IVA finishes in August this year, and it was always my intention to declare any windfall to the company. I know i wouldnt get a lot back from the bank as i only actually paid the loan repayments for 12 months, but surely if the loan was mis-sold to me then im entitled to that?

the letter says "it is our understanding that you no longer have a right to complain about either your personal loan or the loan protection plan" " i am instructed by our legal department that all future correspondence with regards to .......'s personal loan should be restricted only to the Insolvency Practitioner representing ....... who currently has the sole right to complain"

it then goes on to say i can take it further but they consider the claim closed, and any proceedings issued against the bank will be strenuously denied.

Can anyone advise on what to do now??

di3004

partysis81 wrote: »

Hi i have finally got a letter from HSBC regarding reclaiming the PPI on a loan from 2004.
They have said they cannot help me any further because i am in an IVA and started that in May 2005 (12 months after i took out the loan), they will now only accept a request from my IP to carry the claim further. Are they hoping i will just leave it now? My IVA finishes in August this year, and it was always my intention to declare any windfall to the company. I know i wouldnt get a lot back from the bank as i only actually paid the loan repayments for 12 months, but surely if the loan was mis-sold to me then im entitled to that?

the letter says "it is our understanding that you no longer have a right to complain about either your personal loan or the loan protection plan" " i am instructed by our legal department that all future correspondence with regards to .......'s personal loan should be restricted only to the Insolvency Practitioner representing ....... who currently has the sole right to complain"

it then goes on to say i can take it further but they consider the claim closed, and any proceedings issued against the bank will be strenuously denied.

Can anyone advise on what to do now??

Hi there

I am not certain on how this works once within an IVA, hopefully someone will have knowledge of this, maybe MagpieCottage or Dunstonh perhaps will be along soon.
Good luck with this.;)

partysis81

anybody???

dec22

It probably would be best to get hold of your Insolvency Practitioner and ask for their advice whether they would then pursue the claim on your behalf.

As Di says, hopefully someone will come along who has some IVA knowledge.

Good luck!!

roonaldo

they are indeed right, the loan is part of your IVA and you have no rights over this loan anymore. your IVA practitioner can complain on your behalf but it is of my understanding that any redress you are awarded would then come off your IVA. you need to speak to your IVA practitioner.

partysis81

thanks for the reply, didnt know where to go from here. I had always intended on declaring any amount, so will speak to the IP.
Thanks