Canceling Loan Protection HSBC

MoneySavingMum_4

sorry - sample - can't spell!

_Andy_

Yep there is a possiblity they can't get it - there have been some days where no calls were recorded at all. But generally should be fine. Anyway hopefully they will just cave in rather than the hassle and expense of getting hold of the call

_markr_

Thanks you for your replies.

I have arranged a meeting with the bank manager for Monday 16th. If I can get hold of the call then maybe I can prove that I was missold the loan protecton but I doubt that they will have the call recorded or if they have let me get hold of it. I will settle for them canceling the loan protection without me having to take out another loan. As they say start with biggest amount of money and work your way down.

Is there anything I should be ready for in the meeting bit worried that I will not be prepared. Dont think I will agree to anything on the day (unless it is a full refund). I am currently going through claiming bank charged back do you think they will bring this up a the meeting. Will let you know how the meeting goes.

Mark

Astaroth

Getting it cancelled will not be any kind of problem unless the protection is part of the loan itself rather than a "bolt on" product. If this is the case then no mater what anyone does the only way to remove it is by setting up a replacement loan which doesnt have it as a non-optional aspect

Inside_Man

Markr

I work in the loan departmentfor the aforementioned company and i can pass on the following information to you.

You have a Legal right to cancel the Personal Loan Protection Plan, and they cannot stop you from doing this, Judging by how current sales standards are followed, it is likely that you were missold the policy as it has no bearing whatsoever on whether you are accepted for the loan.

What they will have to do is set up a new loan to close the existing one and if it is within 30 days of the policy being taken out you will be able to cancel the policy without paying the two month interest charge,

if you have anyfurther questions please post

_markr_

Went for a meeting with the bank manager yesterday. They basically said they are unable to cancel the PPI on the current loan. What needs to be done is to restrucrure the loan (take out new loan). They have said that they are unable to restrucrure the loan as now my credit score is too low. They said try again in a 3-6 months if I have had no returned items or over limit charges oin that time and they may be able to do somthing. I can see this going to court. Need to work out my next response. Any info on how I should proceed will be welcome.

Thanks Mark

debster369

Phone customer services on 08457 404404 and ask to raise a service failure which will result in the call being listened to. No need to ask to speak to a Team Leader or Manager as they will only do exactly the same thing as the CSR. No-one in the call centre has any authority to refund PLP, it needs to be passed on to complaints to verify that it was mis-sold. I can confirm what Andy said though, taking PLP or not does not affect the decision in any way whatsoever, so if the rep said that to you it may help you.

I just hope that if you do cancel, you have a contingency plan for making those payments if you cant work...
<may be the only person here who actually thinks everyone should have protection on their borrowing>

ArchieB_2

Everybody should have protection on their borrowing but NEVER the extortionate tied Loan protection or Credit Card Repayment protection.

In it's current state the market is rotten and the only way to get a better value product is to buy independently or protect your income using PHI and if you want cover for unemployment buy a seperate independent Unemployment policy.

_markr_

Quick Update.

I have had a full refund of all my bank charges £3k in all. Just phoned HSBC to find out where my request for the telephone conversation when I took out the loan. They said it is in the post and I should get it today or tomorrow. I should now be able to prove I was mis-sold the PPI and get a full refund. I have still not received a copy of the signed agreement after sending a CCA request that was delivered on the 19/10/2006. Should I wait to see If I receive the CCA request (needs to be with me by 1 december)before I get the PPI removed and refunded.

Thanks Mark.

_markr_

This is now not looking good.

They sent me a copy of my signed loan agreement. I expect that they would have a copy but was worth the long shot. I have not received the copy of the telephone conversation. I phoned up today and they said that they have sent me a letter explaining that they do not have a copy of the telephone conversation because it is over 2 years ago. Ok where do I go from here. If I take them to court for mis-selling me the PPI on my loan agreement where do I stand. Is it not just my word against theirs and I would therefore not win any calim against them.

Mark