Claim Advice

sparkscw

I've read through all the information on the main site but am still a little confused.

When I was 18 I got a loan from HSBC for £6000, I was sold PPI and was young, naive and the sales person was rather pushy so I felt I had no choice despite the fact I didn't really need the PPI as I had a good secure job and no outgoings. The loan is now gone and paid off but I am looking into if I have a case for PPI reclaim.

Thing is I'm not entirely clear who I need to contact, do I write to HSBC? If so is it my local branch or is there a head office address to write to? Do I need to request paperwork or is this only for working out how much you're owed?

I have a sheet from HSBC in 2006 that has a small break down of the loan on it which I think I got when I paid off the balance, the original loan was £6000 at 13.9% APR and monthly payments of £193. I can't remember how long I took the loan out for... but the total to repay was £9273.37 I can't currently find any further paperwork for the loan details.

So, who do I need to contact and what form do I need to start with? and do I actually have a case here?

Thanks.

J_i_m

I think you need to start with a "SARS" request which should get you copy of your original agreement.

Other than that you need to look at the criteria for mis-selling and decide if any of them apply to you. Checkout the checklist

If you think you were mis-sold the next step is to complain to HSBC, find their complaints department and send them a letter of complaint in writing and by recorded post. The templates on this website are good.

If HSBC reject your complaint, which they probably will, then you are entitled to take it to the FOS, but be warned it won't be quick because they've got simply millions of complaints to work through.

src007

Hi sparkscw,

As jim has correctly put you need to write to the central complaints department. The address for that is:

HSBC
Regulated Sales Complaints
Redcliff Quay
120 Redcliff Street
Bristol
BS1 6HU

Whilst there was real sales culture at many banks, its very hard to prove what was said or that it was 'pushed' onto you.

Whilst HSBC were charging over the top for the PPI, they will argue that all the costs were set out in the paperwork, so it was your own choice to buy the policy.

However, there was also a 'hidden' charge for the PPI on early settlement of the loan. If it was a long term loan or consolidation loan where early settlement was likely, you may still have a case!

This is just my take on it though!

sparkscw

Thanks for the replies so far.


SRC, what exactly do I need to send in my first letter?

I have printed off this one

moneysavingexpert.com/redir/c2894441

and was going to send that to the complaints address but I'm not sure that is the right way forward??

I currently don't have any paperwork other than the one sheet describing the figures as per my original post.

Thanks.

src007

If you want the loan documents, that would be a good way to start.

However you don't really need the paperwork. As long as you have the loan number HSBC would be able to investigate.

For the actual complaint itself,

£193 times 48 comes to £9264. So the loan would have been over about 48 months.

Template letters on this site are really helpful for people who aren't sure what to put.

However if it was me, I'd start the complaint with a handwritten letter, explaining my circumstances at the time of the sale and how the salesperson came across when pushing the product.

HSBC will have a record of what the loan was for but it may be worth putting that down as well and about your job and where you were living. How you paid off the loan is important, if it was finished before the term.

Don't worry about putting the wrong thing because the consumer isn't expected to know the 'ins and outs' of what they were sold. Many things in finance are unnecessarily complicated!

Just put down, to the best of your knowledge what happened.

This is my view, although others may do things differently!

sparkscw

How does this sound?

[FONT=&quot]I am writing to complain about mis-sold PPI on a loan I took out with you, the agreement number is included above. I took out the loan in one of your banks and had a face-to-face meeting with a saleswoman. [/FONT]

[FONT=&quot]The original loan was for £6000 over 48 months at £193 per month and 13.9% APR which with the PPI totaled to £9273.37[/FONT]

[FONT=&quot]Being young and new to financial services at the time I was led to believe that PPI was essential and that I would not get the loan without taking out PPI, I tried to argue that as I had a good secure career, well-off parents and no outgoings that I did not need to worry about loan insurance, unfortunately as the loan was for a motor vehicle I decided that I still needed the loan and felt I had no choice but to accept the PPI in order to receive it. [/FONT]

[FONT=&quot]My point that I did not need nor want the PPI was proved when I paid off the loan 22 months early by one lump sum payment in one of your branches, and also the fact that I am still in full time employment with the same employer whom I was with when I took out the loan. [/FONT]

[FONT=&quot]Since seeking some legal advice I now realize that PPI is completely optional. I am writing to request a full refund of the premiums, subsequent interest that I have paid on these premiums and the 8% statutory interest that a court would award. I look forward to hearing from you on this matter.[/FONT]

Do I just need to send that on it's own to the HSBC complaints address? or do I need to send anything else?

thanks

src007

That sounds good to me!

You can send it on its own and HSBC will have 8 weeks to investigate.

HSBC may then send you a questionnaire to fill out.

If you want to get it all out the way now, you can fill out the questionaire as well as it's available on this site. Then you can put your feet up and wait for a response (HSBC can be slow!).

If possible it's best to keep a copy of everything you send because you may need it later.

I'm not sure how to link to the questionnaire but someone may be able add a link.

Good luck and let us know, how you get on!

sparkscw

Thanks, does the FOS questionaire go out to hsbc as well or does that go to the ombudsman? I have printed out the questionnaire so can send it along with my letter but wasn't sure if that went to hsbc or not.

src007

Yeah, thats what I was talking about.

That can go to HSBC but (if the complaint ends up at the FOS) the FOS will ask for it as well, so you may want to photocopy it to save filling it out twice!

sparkscw

OK I've just filled it out, will photocopy and send along with my complaint letter. Doubt I'll get anywhere with this but I'd rather try and fail than not try and never know! I genuinely feel I was mis-sold it but appreciate I signed on the line at the time and don't stand much chance of a refund. Hindsight and experience is a wonderful thing, have been very firm with any type of credit since and have not agreed to any kind of PPI now that I know it's not mandatory!!

di3004

Hiya, good luck on this and keep at them.

As src007 says keep copies of completed letters and/or reclaim questionnaires - in case your not happy with the final outcome.

Sorry I came in too late but can see you have now found the questionnaire.

Wishing you luck, please keep us posted.