Canceling Loan Protection HSBC

_markr_

I have been looking into canceling loan protection with HSBC. I found the template and sent it off saying I was missold the protection as they made it a condition of the loan. Today I received an email from HSBC requesting I contact the branch manager to arranage a appointment. What should I do. Should I arrange the appointment and go to the meeting and see what they have to say. Should I say I would like to do everything via email. Not sure what to do now. I am also in the middle of claiming back my bank charges currently at the MCOL stage.

Any help will be appreciated.

Thanks Mark

_Andy_

Who made it a condition of the loan? How long ago did you take this loan, as I never ever heard of HSBC making it a condition.

_markr_

Thank you for your reply.

When I took out the load over 2 years ago. The woman on the phone asked if I wanted payment protection. I asked the question will this help me get the loan she said yes. They then processed the loan and told me I have qualified for the loan. The loan was for 25k and the payment protection is almost 11k.

Thanks Mark.

_Andy_

Hi Markr

That's very very dodgy - good news is that all calls are recorded - I suggest you ring 0800 130 130 and ask to speak to a team manager (not team leader) and get them to deal with the complaint. The call can be 'dug up' although it may take some time.

Cheers

Astaroth

They didnt make it a condition of the loan... they said it would help your chanses which very well could be true as some lenders will take on a slightly higher risk customer knowing they have the backup of an insurer.

Sorry, you werent miss-sold it... you decided not to take a gamble of seeing if you would be accepted without it.

_Andy_

Yes you WERE mis-sold it. I can assure you that taking or not taking loan protection with HSBC makes NO difference to the loan decision and your complaint is perfectly valid.

_markr_

I am going to phone my bank tomorrow and arrange for a meeting with the bank manager. I have had a message from robert_harper_2000 who has gone through the exact same process as me with HSBC and he said if they want to arrange a meeting then their solicitors have advised them to settle. Going to arrange the meeting for around next Wednesday so I can get all the info I need for the meeting.

Thanks for all your replies.

Mark.

Turtle

They wont have a call from 2 years ago

_Andy_

I beg to differ - speaking from experience as I remember them dredging out a call I'd done (I'm ex-staff), which was (then) three years old. They are archived and a pain to find but can be done.

Turtle

Oh Ok, I thought 6 months was more usual, but I will bow to your superior knowledge!

MoneySavingMum_4

In case it helps, _Andy_ is right... a) taking the protection does not improve your chances of getting an HSBC loan, and b) they should have the call archived (some types of call don't all get recorded - only a samply - but an application should have been).