HSBC Loan with mis sold PPI

DaisyMoo

We finally received an offer letter today. HSBC are sticking fast to their timelines.
We have been offered an amount, but told that we could not have it paid until the loan was restructured without the PPI. My only concern with this is that they will do a credit search and we want to apply for a mortgage soon so don't want that hampering our chances.
Anyway, just wanted to let you know, my persistence paid off & they have finally agreed to pay out!!

amersall

DaisyMoo wrote: »

We finally received an offer letter today. HSBC are sticking fast to their timelines.
We have been offered an amount, but told that we could not have it paid until the loan was restructured without the PPI. My only concern with this is that they will do a credit search and we want to apply for a mortgage soon so don't want that hampering our chances.
Anyway, just wanted to let you know, my persistence paid off & they have finally agreed to pay out!!

:j:jWell done:beer:

When they restructure the loan,it is the same loan but with the ppi removed so they can adjust your monthly payment to reduce by the ppi monthly amount.

This should make this loan the same term and apr as before just less the ppi,you are not having a new loan.

I have had quite a few claims with a loan to be reset,and i have not had one credit check,you could ring and ask them if they do this,to put your mind at rest.

If they do a credit check,it may just be where it does not show up as one,i know what i mean!!! but cannot remember the word that is used.

Hopefully someone who does know about this will guide you more.

If banks do a credit check for a loan reset,if you fail then you would have to pay the loan back??? i have not heard of this.

DaisyMoo

Thanks amersall, that makes sense, what a relief :j