Advice needed on possible PPI claim

pickle7436

I've been looking through my old statements recently and I came across a very weird transaction.

On the 15th June 2006, HSBC paid £4770.00 into my account as a loan. I can't actually remember what this loan was for now! But on the same day a withdrawal was taken from the account for the same loan number of £726.58 with a note on the statement saying "Loan Protection".

I'm quite vigilant about keeping all my papers from banks and I cannot find any paperwork in connection with this loan.

More to the point, if this payment was for loan protection, is it usual for them to take it out in one big sum and not in smaller monthly instalments?

I'm so confused and would dearly appreciate any help.

Thanks in advance

di3004

pickle7436 wrote: »

I've been looking through my old statements recently and I came across a very weird transaction.

On the 15th June 2006, HSBC paid £4770.00 into my account as a loan. I can't actually remember what this loan was for now! But on the same day a withdrawal was taken from the account for the same loan number of £726.58 with a note on the statement saying "Loan Protection".

I'm quite vigilant about keeping all my papers from banks and I cannot find any paperwork in connection with this loan.

More to the point, if this payment was for loan protection, is it usual for them to take it out in one big sum and not in smaller monthly instalments?

I'm so confused and would dearly appreciate any help.

Thanks in advance

Hi there

They have added the insurance within the loan as one single monthly payment.

Do you remember how this policy was sold to you?
The phone, online, in the branch etc?

If the account is still active, you should be able to ask for a copy of the loan agreement (if you don't have this), this will show how ppi was applied and the monthly repayment.

For this all you do is write a simple letter, write your account number, enclose £1 cheque or postal order, ask they supply by 12-14 days.

You may have grounds to reclaim, check the info below and continue with the reclaiming questionnaire if this is the case, that you will find on stage one of reclaiming.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Once completed send the questionnaire to whoever set up and sold you the policy - keep copies of all you send and receive, in case you need to refer to it at some point.
They have 8 weeks to give a decision but may ask for more time.

Hope this helps.
Good luck.