HSBC declined claim, but i don't understand their response!?!?

missgstar26

Hi guys

I need some help!

I made a claim for a loan that i took out in 2007. my claim was on the basis that I was told that I could not have the loan (or that i wouldn't be approved) if i didn't take out the protection. Also, i was not given the option to get the insurance elsewhere.

So..... today i got a letter from hsbc saying that they were not going to pay for the following reasons:

1. the plan was suitable for me because i did not have sickness or unemployment cover

2. at the time of the loan it was HSBC process to issue me with a product information pack and policy document, and that the info pack told me about the right to cancel the loan within 30 days of signing the agreement.

3. i signed the agreement that hightlighted the 'optional' nature of the insurance.

My problem is that I never received an information pack. I only got a copy of the agreement, and nowhere does it say that i had 30 days to cancel. Also, they have not responded to the fact that i was not given a choice as to whether to have the protection or not.

They have included a copy of the agreement, which does not mention the 30 day 'cool off' period.

Instead of going to the FOS, should I respond to their letter, and request further investigation?

Any advice will be great!

thanks

di3004

missgstar26 wrote: »

Hi guys

I need some help!

I made a claim for a loan that i took out in 2007. my claim was on the basis that I was told that I could not have the loan (or that i wouldn't be approved) if i didn't take out the protection. Also, i was not given the option to get the insurance elsewhere.

So..... today i got a letter from hsbc saying that they were not going to pay for the following reasons:

1. the plan was suitable for me because i did not have sickness or unemployment cover

2. at the time of the loan it was HSBC process to issue me with a product information pack and policy document, and that the info pack told me about the right to cancel the loan within 30 days of signing the agreement.

3. i signed the agreement that hightlighted the 'optional' nature of the insurance.

My problem is that I never received an information pack. I only got a copy of the agreement, and nowhere does it say that i had 30 days to cancel. Also, they have not responded to the fact that i was not given a choice as to whether to have the protection or not.

They have included a copy of the agreement, which does not mention the 30 day 'cool off' period.

Instead of going to the FOS, should I respond to their letter, and request further investigation?

Any advice will be great!

thanks

Hi there

Yes you could write back and tell them you would like a response to your letter possibly by 14 days, otherwise you will continue to complain to the FOS anyway.

Tell them you "only" received the agreement and never received details of the policy with the terms and conds of cancelling, because if you had then you would have then known your rights and would have cancelled the policy.

Despite them stating that it was suitable for you, they should have asked you first if you wanted this, and that it was optional and not part of the finance.

Keep at them, good luck.:)

deanofrancisco

hi
i am in the same situation as you with HSBC ( seems to be a standard fob of reply ), i sent of my second letter last week , and contacted the advisor i had been dealing with , who told me the letter i recieved as you have was the final answer but he would have a look at my second letter ay a later date ????( what is the point if its his final answer ) .I contacted the FOS straight away , they took all my case details and informed me if the banks reply states you have six months to contact the FOS , THIS IS A FINAL REPLY .So save yourself some time and contact them straight away anyway
thanks
dean

knightsofmeltonia

I had a very similar response yesterday, they agreed to one claim and refused the other 2 so I shall contact the ombudsman on Monday. Thanks for the info Dean, and good luck op

halphy

oh god think i know what to expect, ill be contacting the ombudsman aswell, how long did the response take, i recieved 2 letters to say they were still investigating

knightsofmeltonia

halphy wrote: »

oh god think i know what to expect, ill be contacting the ombudsman aswell, how long did the response take, i recieved 2 letters to say they were still investigating

Mine took just under 6 weeks, good luck

halphy

Mines been about that now, i'll keep my fingers crossed! I only have 1 claim so they may be kind to me and not let me go fos lol

Thanks x

di3004

Good luck and fingers crossed for you all folks.;)

halphy

Thanks Di x

hungersalmon

Hi, just wanted to say that I'm in exactly the same situation with HSBC. Had the standard fob off from them (after 12 weeks!) and then they didn't even reply to my second letter so I went to the FOS a couple of weeks ago. Fingers crossed for everybody!

knightsofmeltonia

hungersalmon wrote: »

Hi, just wanted to say that I'm in exactly the same situation with HSBC. Had the standard fob off from them (after 12 weeks!) and then they didn't even reply to my second letter so I went to the FOS a couple of weeks ago. Fingers crossed for everybody!

I've just spoken to them, got my reference number now so let battle commence! Good luck to you too :beer: