Newbie HSBC PPI advice please

wishfullthinker_2

Hi all. Happy New Year :beer:
So its a new year. Time to get the finaces in order. Been sifting through some old paperwork this am and found my hsbc loan agreement dated 8th Jan 2004. With all the talk of payment protection insurance scams and the like I thought id look for any possible way to claw back a bit of hard earned. So the story goes, I set up the loan in jan 2004. It was for 15000 and was to last 8 years. At the time i was pretty desperate as was struggling to stay affloat so this money was to ease the monthly strain. I have roughly 2 years left to go on the loan. However having read through the details this morning I am shocked to find the ppi is nearly £7000 :eek:
At the time the loan was taken out i was just self employed and have been since. Now a couple of things really. The first being because i have signed the agreement does that mean i can still make a claim and the second thing is ive spent a bit of time going through the site this morn and discovered what a pain in the butt some people are having with the hsbc, so am i just best going straight to the ombudsmen. Any advice is appreciated at this stage :T

dunstonh

The first being because i have signed the agreement does that mean i can still make a claim

The agreement has nothing to do with complaints about PPI. You dont need the agreement and they dont check it.

so am i just best going straight to the ombudsmen

You cant complain to the FOS directly. You have to complain to HSBC first and go through their complaints process. Your complaint will then be put on hold pending the judicial review. After 8 weeks you can then choose to go to the FOS who will then take about 3-18 months to make a decision. By which time the judicial review will almost certainly have reported and your complaint will basically hinge on the outcome of that.

You have to say why you think you were mis-sold. Having PPI and paying for PPI is not a mis-sale. It is how it was sold to you that matters.

magpiecottage

dunstonh wrote: »

You have to say why you think you were mis-sold. Having PPI and paying for PPI is not a mis-sale. It is how it was sold to you that matters.

Selling it to somebody who was self-employed is generally quite difficult to defend, though.

dunstonh

magpiecottage wrote: »

Selling it to somebody who was self-employed is generally quite difficult to defend, though.

Depends on what the restrictions are on self employed though.

If its the same criteria for employed (signed on for jobseekers and the benefits agency completing the required form) then it shouldnt be difficult. If its one that doesnt include self employed then it is very difficult to defend as it should never have been sold.

wishfullthinker_2

dunstonh wrote: »

You have to say why you think you were mis-sold. Having PPI and paying for PPI is not a mis-sale. It is how it was sold to you that matters.

I wouldnt say i was sold it. She just gave me the "thats in case you ever find you cant pay for it one month" spiel.

dunstonh

wishfullthinker wrote: »

I wouldnt say i was sold it. She just gave me the "thats in case you ever find you cant pay for it one month" spiel.

Nothing wrong with that then.

So, if it wasnt mis-sold to you, what are going to be your complaint reasons?

wishfullthinker_2

its useless because im self employed perhaps.

dunstonh

wishfullthinker wrote: »

its useless because im self employed perhaps.

Why is it useless?

Many PPI plans cover the self employed. Some do, some don't. Some have very little difference to the employed. Others have heavy restrictions which may make it unsuitable. Does yours cover self employed or not?