Card Protection Payment HSBC

KipKip_2

Hi


I've been trying to sort out step-bro's PPI stuff for a while now, and this HSBC one has gone on forever.

SEnt initial letter asking for breakdown of charges. HSBC sent a load of credit card statements, which I went through and calculated all the card protection payments to be circa £400.

They've come back arguing that is was sold "under best intentions" blah blah blah...

Is card repayment protection payment the same as PPI?

Is it worth going to the FO about this?

di3004

KipKip wrote: »

Hi


I've been trying to sort out step-bro's PPI stuff for a while now, and this HSBC one has gone on forever.

SEnt initial letter asking for breakdown of charges. HSBC sent a load of credit card statements, which I went through and calculated all the card protection payments to be circa £400.

They've come back arguing that is was sold "under best intentions" blah blah blah...

Is card repayment protection payment the same as PPI?

Is it worth going to the FO about this?

Hello there

And yes I think its the same but just named differently as some are.

I would also check the policy details, they will provide these to you free of charge if you do not have these, or check it out on their website for more info.

I would get back and tell them to relook into the complaint, that is no proper reason to reject your your bruv's complaint, and tell them the FSA punish banks who reject genuine complaints and for not investigating them properly.

If you don't mind me asking, what were your bruv's reasons for being mis sold? cheers.;)

Best intentions of not, that is no excuse.

Keep at them, if they do not uphold on the next response then complain to the Financial ombudsman service (FOS).

KipKip_2

di3004 wrote: »

Hello there

And yes I think its the same but just named differently as some are.

I would also check the policy details, they will provide these to you free of charge if you do not have these, or check it out on their website for more info.

I would get back and tell them to relook into the complaint, that is no proper reason to reject your your bruv's complaint, and tell them the FSA punish banks who reject genuine complaints and for not investigating them properly.

If you don't mind me asking, what were your bruv's reasons for being mis sold? cheers.;)

Best intentions of not, that is no excuse.

Keep at them, if they do not uphold on the next response then complain to the Financial ombudsman service (FOS).

his reasons were he was not aware it was optional - necessary to get associated credit.

They say in their letter they have looked into it but they regret they cannot support the complaing, big long letter about how he was told "this and that" at the time and all their salespeople are trained for HSBC etc etc, they provided a policy document at the time, were told the cancellation period, and cannot find any evidence to suggest he was pressurised into buying cardholder repaymtne protection...

Not sure what to do from here!

di3004

KipKip wrote: »

his reasons were he was not aware it was optional - necessary to get associated credit.

They say in their letter they have looked into it but they regret they cannot support the complaing, big long letter about how he was told "this and that" at the time and all their salespeople are trained for HSBC etc etc, they provided a policy document at the time, were told the cancellation period, and cannot find any evidence to suggest he was pressurised into buying cardholder repaymtne protection...

Not sure what to do from here!

I would therefore write something like.


Dear

Account number XXXXXXXX

Thank you for your letter dated XX/XX/XXXX in regards of my Credit Card PPI complaint.


However, I do not agree with your findings and disappointed with the outcome, and I would appreciate it if you could reinvestigate my complaint because I believe my complaint is genuine and it was mis sold due to the reasons I previously gave you.

I would also like to make it aware that "I did not know the Payment Protection Insurance was optional" because this was not discussed with me by your "trained staff" at the point of the sale.
If this was discussed with me, then maybe I would have had the opportunity to have opted out.
Therefore I assumed the protection was all part of the Credit Card, so if I cancelled I would then be liable to pay off the balance in full.
I would not be in the position to have done this.

I obviously did not know how these policies worked.
If the policy was discussed with me by your "trained staff" then maybe I would know how it worked, so I don't believe it was sold to me in my best interest.
I am therefore out of pocket and feel deprived of my money.

I am also aware that the FSA (Financial Service Authority) are punishing banks for not investigating complaints properly, or for that matter for rejecting genuine complaints.
I do not feel my complaint have been taken into any consideration and have been overlooked.

For this reason, if you could please investigate my complaint and reconsider your decision by 7-14 days I can then decide whether to take this matter further, such as with the Financial ombudsman service (FOS) or through the courts.

If I have no response by 14 days, or do not receive a favourable response, I will take further action as stated above, and will also be requesting for further redress for distress and inconvenience.


Yours sincerely


(Something like this will be fine and go to the FOS if they don't change the decision or get back by the timescale).
Hope this helps, good luck.;)