HSBC Loan with mis sold PPI

DaisyMoo

Hi guys,

I'm at the end of my tether and wondered if you lovely people could help or advise in any way.

My partner took out an unsecured loan of £20,000 with HSBC in 2005. He was in debt with credit cards and loans (lots of missed payments and missing some repayments to meet others) The assistant branch manager told him that the only thing he could do was to take out this loan to consolidate debt.
He told the asst manager that he did not want payment protection (as he had a bad experience with it in the past) and he was then told he could not have the loan if he did not agree and sign the papers. Knowing that he needed the loan, he signed.

I thought there were grounds for submitting a complaint as I think he was "rail roaded" into taking out the ppi.

We have submitted a complaint to HSBC in Feb and they appear to be stalling. We have received the acknowledgement letter and since then we receive holding letters stating that we will have a response as soon as possible. We have also contacted HSBC asking if there is anything we can do to assist the investigations.I know we can go to the FOS now but I'm not sure if we should wait to see what HSBC have to say.

Has anyone had this experience with HSBC? Should we go to the FOS? or will this hinder our claim?

If anyone has any thoughts, I'd greatly appreciate it.

Thanks x

marshallka

I would think since February was definately enough time for them to give you a final response. Personally I would take it to FOS now.

di3004

Hi DaisyMoo.....

I agree with Marshallka, they have had more than ample time haven't they?
So yes, I also think its time to make that complaint to the FOS, good luck, please keep us posted, cheers.;)

Devils_Avocado

Similar story here. They sent 4 letters saying that were making enquiries, then sent a refusal along with a copy of a leaflet they said they had presented to us at the time the loan was taken out. The leaflet had some info saying we had 28 days in which to cancel the loan and/or PPI.

We've given them 14 days to reconsider. A phone call to their Bristol complaints dept at the end of the 14 days just resulted in an "we're looking into it" response - strangely, it's aways the same fella, maybe their complaints dept has a staff of just 1?

di3004

Devils_Avocado wrote: »

Similar story here. They sent 4 letters saying that were making enquiries, then sent a refusal along with a copy of a leaflet they said they had presented to us at the time the loan was taken out. The leaflet had some info saying we had 28 days in which to cancel the loan and/or PPI.

We've given them 14 days to reconsider. A phone call to their Bristol complaints dept at the end of the 14 days just resulted in an "we're looking into it" response - strangely, it's aways the same fella, maybe their complaints dept has a staff of just 1?

It makes you think doesn't it?

Well good luck with yours too.;)

DaisyMoo

Well, we got yet another holding letter today, marked "Without Prejudice" we will have a resolution as soon as possible blah blah blah
FOS, here we come!!

Devils Avocado - how long did it take before they made the first decision on your claim - if you don't mind me asking?

DaisyMoo

Just another update - I've had the Final Response letter back. They say they won't pay out because of the information leaflets provided when the loan was taken out. They also state they can't comment on the conversation with the sales person as they were not there! I don't know if I should write back to them outlinling the many discrepancies in their letter. I think the ombudsman may just agree with the bank

di3004

DaisyMoo wrote: »

Just another update - I've had the Final Response letter back. They say they won't pay out because of the information leaflets provided when the loan was taken out. They also state they can't comment on the conversation with the sales person as they were not there! I don't know if I should write back to them outlinling the many discrepancies in their letter. I think the ombudsman may just agree with the bank

Hiya

If they have given the final decision and enclosed the details of the FOS, then you can make a complaint to them now if you want to.

Some are known to still change the final decision with further information you may have, so if you want to ask them to reconsider you could do this and give them say a further 14 days, make them aware that if you hear nothing then by then you will make the complaint to the FOS with the evidence you have for being mis sold.

Good luck.

I also left a post for you over at the other thread.;)
https://forums.moneysavingexpert.com/discussion/comment/36295307#Comment_36295307

swifmcvay

I am in the same boat, I got letters back from HSBC saying they refuse to pay, I have sent my case to the FOS now, I got a letter back from the FOS on the 8th of May saying they will look into my case as there are so many complaints,and they will reply within 2 months, it's now the 4th of September,it's now 5 months later and I've heard nothing, I think it's time to call them and ask them whats going on??????


will keep you posted

di3004

swifmcvay wrote: »

I am in the same boat, I got letters back from HSBC saying they refuse to pay, I have sent my case to the FOS now, I got a letter back from the FOS on the 8th of May saying they will look into my case as there are so many complaints,and they will reply within 2 months, it's now the 4th of September,it's now 5 months later and I've heard nothing, I think it's time to call them and ask them whats going on??????


will keep you posted

Good luck with this.

I know this can take some time with the FOS, as the volumes of complaints are getting higher and higher.

One of mine taken out 14 months in total with the FOS, but some have been dealt with months earlier.

Good luck.;)

Devils_Avocado

DaisyMoo wrote: »

Well, we got yet another holding letter today, marked "Without Prejudice" we will have a resolution as soon as possible blah blah blah
FOS, here we come!!

Devils Avocado - how long did it take before they made the first decision on your claim - if you don't mind me asking?

Sorry to be so late replying DaisyMoo.

We waited 4 months. Now we've just sent our complaint to the FSO.