HSBC have lost my PPI loan agreement

BigChris40

Hi

This is my first posting as I'm unsure whether I'm wasting my time (or in a great position).

I've had a loan from HSBC since August 2003. In August 2010, I found out that I had PPI (after calling the bank to let them know I had lost my job). I made a claim to the Regulated Claims Department using the template and asked for a copy of the terms and conditions and the original loan agreement. (I've got just under a year to go on the loan).

Last week, I had a letter from the customer services officer stating that they can't find the loan agreement. They've told me that the PPI premium £4997.61 was added a the start of the loan.

My PPI claim is that I wasn't aware that I had payment protection and at the time, there was no way on earth that I would have gone for it! (At the time, I was a company director, the firm was going really well and I wasn't planning on making myself redundant!).

However, I've just had a letter today from the Regulated Complaints Manager saying that the claim is on hold (the legal challenge to the FSA from the banks in Aug 2010).

I'm unsure where this leaves me and really don't know if the fact that HSBC can't find the original agreement helps or hinders me.

I'm also unsure if I should complain to the Ombudsman (the complaint form asks for supporting documentation which I don't have apart from the 'We've lost your agreement' letter from HSBC) or if a word direct to HSBC saying they haven't got a leg to stand on will help or hinder.

Thanks for any advice :-)

di3004

BigChris40 wrote: »

Hi

This is my first posting as I'm unsure whether I'm wasting my time (or in a great position).

I've had a loan from HSBC since August 2003. In August 2010, I found out that I had PPI (after calling the bank to let them know I had lost my job). I made a claim to the Regulated Claims Department using the template and asked for a copy of the terms and conditions and the original loan agreement. (I've got just under a year to go on the loan).

Last week, I had a letter from the customer services officer stating that they can't find the loan agreement. They've told me that the PPI premium £4997.61 was added a the start of the loan.

My PPI claim is that I wasn't aware that I had payment protection and at the time, there was no way on earth that I would have gone for it! (At the time, I was a company director, the firm was going really well and I wasn't planning on making myself redundant!).

However, I've just had a letter today from the Regulated Complaints Manager saying that the claim is on hold (the legal challenge to the FSA from the banks in Aug 2010).

I'm unsure where this leaves me and really don't know if the fact that HSBC can't find the original agreement helps or hinders me.

I'm also unsure if I should complain to the Ombudsman (the complaint form asks for supporting documentation which I don't have apart from the 'We've lost your agreement' letter from HSBC) or if a word direct to HSBC saying they haven't got a leg to stand on will help or hinder.

Thanks for any advice :-)

Hi and welcome

Keep with it, and as long as the 8 weeks have passed since making the reclaim your able to make the complaint to the FOS if you want to, or see what happens first with the JR matter that is currently going on.
Infact there was some news on here yesterday that involved the HSBC, check it out here;
http://www.moneysavingexpert.com/news/reclaim/2011/01/leaked-letter-reveals-banks-dirty-tricks-on-ppi-reclaiming

And as for your loan agreement, if the loan is still active, then I believe they should still hold details of this.
You just write a simple letter, enclose £1 cheque or postal order, ask they send you a copy of your loan agreement by 12 days, remember to enclose your account number of the loan on the letter.

Good luck with this, please keep us posted, cheers.;)