Payment Protection Insurance

marsden_pete

ok iv just noticed that iv got PPI on both my HSBC loan and my egg card. im going to call both today and get it canceled.

im more annoyed that after paying off the loan for a year now i have not made a dent in the repayments at all. i took out a 8k loan oct 05 with HSBC. i went into HSBC to see how much it would cost to pay off the loan and was told 9k in sep 06. when i asked if i could take the PPI off i was told the only way this was possible was to re-do the loan, but for the value of 9k so therefor iv wasted £2,500 over the last year. have i been misinformed?

JGWT8M

I am far from an expert, but i believe that if you were told you could only have the loan if you took their insurance, then there is a basis for complaint there.

I know exactly how you feel, I paid Egg £100 a month for 2 years and the balance today is HIGHER than it was when I transfered the balance onto the card, by my calculations it is directly because of the PPI, so it's no suprise they rejected my complaint

Have a look at the OFT, FOS and FSA websites, there is a lot of information on there about mis-sold PPI and details of case history.

I just got a call from Payplan about my DIY DMP (do they read this board?), and they confirmed that I was doing the right thing regarding PPI and should persue it as far as I can.

marsden_pete

hi right an update...

just phoned egg and got the PPI canceled on my egg credit card no problem whoo im getting somewhere i think.

then i contact HSBC about getting the PPI removed from my loan and they have said they cannt do it as theloan is more than 30 days old? is this correct? or can i cancel the ppi at any point ?

JGWT8M

no idea sorry. I don't know anything about loans but Egg did use the same excuse with me as well so I'm just waiting to see what happens with the ombudsman.

magni

mogster wrote:

But magni, did you get the money you'd paid into the PPI back?

Mark

No, I didn't get any money back.

I_was_a_fool

marsden_pete wrote:

hi right an update...

just phoned egg and got the PPI canceled on my egg credit card no problem whoo im getting somewhere i think.

then i contact HSBC about getting the PPI removed from my loan and they have said they cannt do it as theloan is more than 30 days old? is this correct? or can i cancel the ppi at any point ?

You can CHANGE YOUR MIND anytime in the first 30 days and they must refund. You can cancel anytime after that & they will refund a proportion of your premium. However, if you have been mis-sold your policy, you should write & tell them that & ask for the whole premium back. thats what Im doing! Good luck!

marsden_pete

iv tried to cancel the PPI on my HSBC loan and keep getting told that i cant and that i have to take out a new loan to repay the old one without PPI? also iv had this loan for a year now so the 30 days are up! ahhhhhhhh im all confussed!

JGWT8M

marsden_pete wrote:

iv tried to cancel the PPI on my HSBC loan and keep getting told that i cant and that i have to take out a new loan to repay the old one without PPI? also iv had this loan for a year now so the 30 days are up! ahhhhhhhh im all confussed!

Do what I did when I had an "issue" with Capital One, call the Financial Ombudsman Service and ask them if this is an acceptable contract term.

I was quiet suprised by how helpful they were and their intervention got me a refund of £325, it wasn't PPI related though but it's worth a shot.

My Father completely changed his view of the FOS too when he found out how helpful they were, before my "issue" he considered them as useful as a chocolate fire guard.

in-trouble_3

JGWT8M wrote:

Write to them, tell them to cancel and refund the policy fees as it is not applicable and you understood it would cover in your circumstances.

They will refuse to refund the fees, get them to send you a final letter then refer the complain to the Ombudsman.

I am doing the same at the moment with them.

P.S. keep it to written communication where you can as it will help when you take the complaint to the FOS.

I have just phoned mine and its going through the complaint procedure has i was mis-sold the payment protection insurance, which they have admitted, it will take 5-10 days, they owe me £957.24 so far. i am going to give them a call if i havent heard by next friday

in-trouble_3

marsden_pete wrote:

iv tried to cancel the PPI on my HSBC loan and keep getting told that i cant and that i have to take out a new loan to repay the old one without PPI? also iv had this loan for a year now so the 30 days are up! ahhhhhhhh im all confussed!

I would contact them again, my bank was keep saying they couldnt do it, this was 2 years ago and now well wait and see.