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What to next PPI charges reclaim?
Mr_Creed_2
Posts: 1 Newbie
Please help me on the next step to take. I am trying to claim back by PPI charges from HSBC. I took a loan out in 2005 and after reading up on this site, I feel I was mis-sold PPI insurance on it.
My first step was to send a letter to the bank about my complaint.
After waiting a long period of time I received a letter back stating that they were looking into the complaint.
I then received another letter from the bank saying that they have still not finished their investigation into the complaint and gave me a date which it should be resolved.
Shortly after the date had expired I received another letter that they needed more time.
I now have a letter stating that the banks are going to the High court regarding the issues of mis-seling PPI and until this court case has been heard and depending on the outcome a decision about my complaint will not be made.
As of yet I have not got the financial ombudsman involved as I do not have a decision either way.
What I need to know if this court case actually true or is the bank using this as a stalling tactic and should my next step to take my complaint to the financial ombudsman.
My first step was to send a letter to the bank about my complaint.
After waiting a long period of time I received a letter back stating that they were looking into the complaint.
I then received another letter from the bank saying that they have still not finished their investigation into the complaint and gave me a date which it should be resolved.
Shortly after the date had expired I received another letter that they needed more time.
I now have a letter stating that the banks are going to the High court regarding the issues of mis-seling PPI and until this court case has been heard and depending on the outcome a decision about my complaint will not be made.
As of yet I have not got the financial ombudsman involved as I do not have a decision either way.
What I need to know if this court case actually true or is the bank using this as a stalling tactic and should my next step to take my complaint to the financial ombudsman.
0
Comments
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There is another thread on this issue but as far as individual complainants are concerned, unless the FSA issues a "waiver" allowing complaints to be put on hold you can go to FOS.
In this instance no waiver has been issued.
If you go to FOS you will get put into a queue.
If you get to the top before the court case is resolved and the result goes in your favour, HSBC must pay out.
If it goes to court before then and the banks lose it is likely that HSBC will pay out anyway, wthout waiting for an Ombudsman's decision.
If it gets to court before an Ombudsman decides on your case and the banks win it is likely that the Ombudsman will then also find against you.
So getting the complaint to the Ombudsman now will probably increase your chances of a favourable outcome but the queues are long so expect it to take some time.0 -
magpiecottage wrote: »If it gets to court before an Ombudsman decides on your case and the banks win it is likely that the Ombudsman will then also find against you.
Why is it 'likely'?
If the banks win it will have no effect on how the FOS currently decide complaints - of which the vast majority are upheld..0
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