Reclaiming PPI from HSBC - Quick question

Pleasehelp?

Hi

Hopefully someone can help with my quick question, sorry if this has already been asked.

I am trying to reclaim my PPI which I was missold from HSBC in 2007. I was advised at the time, if I did not take out the PPI and I was to pass away, my loan would be passed onto my next of kin and I was strongly advised to take it out.

Anyhow, I wrote to HSBC about 3 weeks ago, advising I was missold the policy:

This is due to the fact that I was not given the correct information when the policy was sold to me, as

• I was advised by your salesperson that should I not take out the policy, if in the untimely event of my death, my loan would not be covered and would be passed on to my next of kin.
• I am also concerned the sales assistant that sold me the policy has no sound financial background and the policy was not sold in my best interests.

I followed the first template on the PPI page as advised.

I received a letter from the complaints department at HSBC at the weekend (2 and a half weeks after my initial letter), apologising that I had found it necessary to complain and that the regulated complaints officer was investigating and would respond fully after the complaint has been investigated, usually within 4 weeks but that occasionally investigations extend beyond this period and if they extend over 8 weeks they’d write and let me know.

My question is, should I go ahead and respond with the letter on template number 2, saying this isn’t a good enough response and that I want a full refund of my PPI (which there was no mention of in HSBC’s response) or I will be writing to the Ombudsman within 2 weeks, or do I wait for them to write a full response?

Thanks for your help.

di3004

Pleasehelp? wrote: »

Hi

Hopefully someone can help with my quick question, sorry if this has already been asked.

I am trying to reclaim my PPI which I was missold from HSBC in 2007. I was advised at the time, if I did not take out the PPI and I was to pass away, my loan would be passed onto my next of kin and I was strongly advised to take it out.

Anyhow, I wrote to HSBC about 3 weeks ago, advising I was missold the policy:


This is due to the fact that I was not given the correct information when the policy was sold to me, as

• I was advised by your salesperson that should I not take out the policy, if in the untimely event of my death, my loan would not be covered and would be passed on to my next of kin.
• I am also concerned the sales assistant that sold me the policy has no sound financial background and the policy was not sold in my best interests.

I followed the first template on the PPI page as advised.

I received a letter from the complaints department at HSBC at the weekend (2 and a half weeks after my initial letter), apologising that I had found it necessary to complain and that the regulated complaints officer was investigating and would respond fully after the complaint has been investigated, usually within 4 weeks but that occasionally investigations extend beyond this period and if they extend over 8 weeks they’d write and let me know.

My question is, should I go ahead and respond with the letter on template number 2, saying this isn’t a good enough response and that I want a full refund of my PPI (which there was no mention of in HSBC’s response) or I will be writing to the Ombudsman within 2 weeks, or do I wait for them to write a full response?

Thanks for your help.

Hi and welcome

Now that you have heard from them, and they have confirmed they are investigating, I would now see what comes back from them in 4 weeks.
If they do not resolve in your favour then write the 2nd letter.

Some though give a final decision straight away where others may give you the opportunity to write back to them again, so basically you keep at them until you receive the final response where they should enclose the Financial ombudsman details (FOS) leaflet etc.

Good luck with this, please keep us posted.;)

Pleasehelp?

Thanks very much for your quick response, I will definately keep you posted and my fingers crossed!

magpiecottage

It is NOT true that a debt in your sole name would pass to your next of kin, although it might mean there was less available for anybody actually financially dependent on you.

From what you say, though, you seem to have a case for being misled.

Pleasehelp?

thank you Magpiecottage. It seems such so obvious now I think about it but at the time all I thought about was passing on a stupid amount of debt to my daughter. It seemed like the only choice.

I am hoping that the conversation would have been recorded on film as it was at my local HSBC branch in a private meeting room, in which case they dont really have a leg to stand on...

Pleasehelp?

Hi,

Further to my email below, I have another question, as I am living in Guernsey and my HSBC branch is regulated by the Guernsey Financial Services Commission, am I still covered by the use of the Financial Ombudsman services?? My initial complaint was sent to the Guernsey branch, who then forwarded it onto the complaints department in the UK who responded to me advising they were looking into it.

Does anyone know whether this means the normal rules about reclaiming still apply to me?

Pleasehelp?

Hi,

Just as an update, I have still not received a reply from HSBC regarding any reimbursement of my PPI. I received a letter in reponse to my initial complaint letter stating they would let me know within 4 weeks. I have since received 2 more letters both saying that they apologise for the delay, they are investigating and that they will respond within the next 4 weeks, so bascially each month, they are just sending out the same standard letter that my complaint is being investigated.
The most recent letter received enclosed Financial Ombudsman information and advised that I should write to them if not satisfied.
Should I write back to HSBC saying that I have not received a satisfactory response from them to date? Or should I hang on in there and see if they hopefully write a satisfactory response in due course? I feel as thought they are taking the mickey a bit!


thanks for your help!

di3004

Pleasehelp? wrote: »

Hi,

Just as an update, I have still not received a reply from HSBC regarding any reimbursement of my PPI. I received a letter in reponse to my initial complaint letter stating they would let me know within 4 weeks. I have since received 2 more letters both saying that they apologise for the delay, they are investigating and that they will respond within the next 4 weeks, so bascially each month, they are just sending out the same standard letter that my complaint is being investigated.
The most recent letter received enclosed Financial Ombudsman information and advised that I should write to them if not satisfied.
Should I write back to HSBC saying that I have not received a satisfactory response from them to date? Or should I hang on in there and see if they hopefully write a satisfactory response in due course? I feel as thought they are taking the mickey a bit!


thanks for your help!

Hi there - give them a quick call for an update - so you know where you stand to date, good luck.:)

Pleasehelp?

Hiya,

Ok, I called them today and from what I can gather they haven't started investigating my complaint / PPI. The woman on the phone was helpful enough and we went over everything that had happened when I took out the PPI, so at least that is a start and they have the information. However, she advised that complaints were looked at in date order and that they were investigating a large number. She also advised that I will either receive a letter on 8 June (the next 4 week deadline) advising that they are still investigating or I will receive a letter with HSBC's decision.

I think I'll wait another week and see what the letter says and go from there. I am not holding out much hope that they will have come to some sort of conclusion though, so will perhaps need to write to ombudsman...

di3004

Pleasehelp? wrote: »

Hiya,

Ok, I called them today and from what I can gather they haven't started investigating my complaint / PPI. The woman on the phone was helpful enough and we went over everything that had happened when I took out the PPI, so at least that is a start and they have the information. However, she advised that complaints were looked at in date order and that they were investigating a large number. She also advised that I will either receive a letter on 8 June (the next 4 week deadline) advising that they are still investigating or I will receive a letter with HSBC's decision.

I think I'll wait another week and see what the letter says and go from there. I am not holding out much hope that they will have come to some sort of conclusion though, so will perhaps need to write to ombudsman...

Hi there

Thanks for your update, hopefully it will soon be good news, fingers crossed.;)

Pleasehelp?

Morning,

Had a reply finally last week from HSBC, they sent quite a lengthly letter saying complaint had been investigated and that basically they can not support my complaint. They said that the PPI policy document stated I had 30 days to cancel the PPI and I did not take it up within the time frame to cancel. They also confirmed that if I was to die, the loan would be paid off in full (but I still don't know if my daughter would be liable to pay it if I hadn't taken out PPI???). Also that all staff have adequate training etc. As a result, they wont be refunding any of the premiums I have paid or cancelling the PPI.

It was also stated in the letter, that if I had any other information then to please forward to them for futher consideration, as they did not wish for the complaint to be escalated to the Guernsey Financial Services Commission(GFSC) (who regulates the HSBC branch in Guernsey).

Not sure what to do. Am I entitled to help from Financial Ombudsman? Although I took the loan from HSBC in Guernsey, all correspondence has been with the complaints department in the UK.
Do you think it is worth speaking to Ombudsman anyway? Or should I complain to GFSC?

PLease help!!

thanks