Partial success with HSBC Grad Loan PPI claim

-BA-

Hi all

Just looking for a bit of advice as to what my next step should be. Essentially I took out a loan pre-2004 and refinanced in 2004. HSBC have agreed to pay out on the pre-2004 to the sum of £1750 however they are refusing to pay out on the larger refinanced loan of 2004. Essentially they wish (rather patronisingly) to draw attention to the Product Information Pack that was issued at the time of the loan stating that I could cancel within 30 days if I so wished.

I can remember the conversation really quite clearly I had with the member of staff who intimated that my chances of getting the loan were slim to none if I didn't take up the insurance. Unfortunately I am not terribly argumentative and never sought to risk cancelling it.

In the letter they have given me 6 weeks to claim the offer and have given me the FOS details if I don't agree. The acceptance form has the statement, "I accept the offer of £XXXX in full and final settlement of my complaint against HSBC Bank plc (or any of its subsidiaries) in respect of policy number XXXXXXXXXXX." Now this one makes mention of the policy number they have agreed to pay out on. Does that mean that I could accept this one and then still pursue them for the other?

Advice gratefully welcomed.

di3004

-BA- wrote: »

Hi all

Just looking for a bit of advice as to what my next step should be. Essentially I took out a loan pre-2004 and refinanced in 2004. HSBC have agreed to pay out on the pre-2004 to the sum of £1750 however they are refusing to pay out on the larger refinanced loan of 2004. Essentially they wish (rather patronisingly) to draw attention to the Product Information Pack that was issued at the time of the loan stating that I could cancel within 30 days if I so wished.

I can remember the conversation really quite clearly I had with the member of staff who intimated that my chances of getting the loan were slim to none if I didn't take up the insurance. Unfortunately I am not terribly argumentative and never sought to risk cancelling it.

In the letter they have given me 6 weeks to claim the offer and have given me the FOS details if I don't agree. The acceptance form has the statement, "I accept the offer of £XXXX in full and final settlement of my complaint against HSBC Bank plc (or any of its subsidiaries) in respect of policy number XXXXXXXXXXX." Now this one makes mention of the policy number they have agreed to pay out on. Does that mean that I could accept this one and then still pursue them for the other?

Advice gratefully welcomed.

Hi there

I would contact them to make sure on this, did they give the decision about the 2 loan accounts on one letter then?

Ask them if your able to accept the one and continue on the other as they were/are 2 separate accounts.

They should be able to confirm this to you, or you could ask the FOS for advice as a general query here:
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck, please keep us posted.;)
And still well done to you.:beer:

-BA-

Thanks for the reply di3004. I have spoken to the FOS and they seem to think I can accept the payout and still pursue the second account as the one they have refused to pay out on is not mentioned anywhere on the acceptance form. Going to fill in the FOS forms and get them faxed off tomorrow.

di3004

-BA- wrote: »

Thanks for the reply di3004. I have spoken to the FOS and they seem to think I can accept the payout and still pursue the second account as the one they have refused to pay out on is not mentioned anywhere on the acceptance form. Going to fill in the FOS forms and get them faxed off tomorrow.

Good one.:T:T

and your very welcome.
With them being separate accounts I agree they should be dealt with separately, good luck.;)

-BA-

Well a brief update as to where my complaint is at present. I did indeed accept the £1478 payout for the first loan and duly referred the complaint for the refusal of the second to the FOS. Things have been steadily progressing in the background and received notice a few weeks ago that it had been escalated to an adjudicator. Well I spoke to her yesterday and she said she wrote to HSBC on 2nd September recommending that they uphold my complaint.

Now to my brief question . Are HSBC or other banks contesting when it reaches this level? I am not counting my chickens yet but if I am successful it could be anywhere between 3 and 5K and am a bit worried that they are going to fight to the end.

marshallka

-BA- wrote: »

Well a brief update as to where my complaint is at present. I did indeed accept the £1478 payout for the first loan and duly referred the complaint for the refusal of the second to the FOS. Things have been steadily progressing in the background and received notice a few weeks ago that it had been escalated to an adjudicator. Well I spoke to her yesterday and she said she wrote to HSBC on 2nd September recommending that they uphold my complaint.

Now to my brief question . Are HSBC or other banks contesting when it reaches this level? I am not counting my chickens yet but if I am successful it could be anywhere between 3 and 5K and am a bit worried that they are going to fight to the end.

Can I ask how soon this got to an adjudicator as that is very quick. Most complaints are taking about 18 months and yours was only a matter of weeks. Well done.

I know that one of mine went quickly to an adjudicator and it was because an offer had been made and maybe the same has happened to yours. This is usually the only way they get there so quick other than fast tracking.

-BA-

marshallka wrote: »

Can I ask how soon this got to an adjudicator as that is very quick. Most complaints are taking about 18 months and yours was only a matter of weeks. Well done.

I know that one of mine went quickly to an adjudicator and it was because an offer had been made and maybe the same has happened to yours. This is usually the only way they get there so quick other than fast tracking.

I think it must have been the last week of July that I sent off the FOS form as the Redress payment from HSBC for the other loan went in on 5th August and I know I sent off the acceptance slip for it once I had taken a copy of the form as evidence to send to the FOS.

It would have been the last week of August I think that they wrote to me to say it had been escalated but I can't be certain. Afraid I lost my dad first week of August so the last 8 weeks has kind drifted by with other stuff to deal with.

Really could do with a good break right now so fingers crossed.

marshallka

-BA- wrote: »

I think it must have been the last week of July that I sent off the FOS form as the Redress payment from HSBC for the other loan went in on 5th August and I know I sent off the acceptance slip for it once I had taken a copy of the form as evidence to send to the FOS.

It would have been the last week of August I think that they wrote to me to say it had been escalated but I can't be certain. Afraid I lost my dad first week of August so the last 8 weeks has kind drifted by with other stuff to deal with.

Really could do with a good break right now so fingers crossed.

Well wishing you luck in getting one BA.