Advice - PPI Complaint Rejected

kmj666

Hi there

Just last week had a letter for HSBC explaining that they were sorry to inform me that they were not able to support my complain, they explain that is it because I signed the declaration to accept PPI and did not cancel within 30 days. Although my complaint initially was that they bluntly told me that they would refuse me a loan unless I accepted the PPI, so in theory i was told i had to sign the declaration if I wanted the loan.

I've waited 4 months to get this response so know I dont have long to put a complaint in with the Ombudsman.

Are they fobbing me off or are they right in what they are saying.

HELP!

dunstonh

Although my complaint initially was that they bluntly told me that they would refuse me a loan unless I accepted the PPI, so in theory i was told i had to sign the declaration if I wanted the loan.

What evidence do you have to support your accusation?

They are saying that you ticked the box, they have evidence to show that. You are saying that you were forced to have it. What evidence do you have to show that?

kmj666

True - All I have is the paperwork filled in at the time, the only thing on there really is that it states the advisor has signed to say she advised me to take it out and that I have stated I was already covered from work for illness and if I lost my job - so why would I want the protection if it was not pushed.

Other than that im stumped.

marshallka

Loads of people on here got their complaints upheld this way by having PPI added because they told you that you could not have the loan without it. I would get it off to FOS and see what they say. Was it a single premium PPI? Did they explain all about how it worked in that it was actually another loan on top of your original loan to pay the insurer up front hence incurring interest?

Was this their final response?

kmj666

It doesnt say on the letter final response it does however say if I have further information or evidence to forward to them for their consideration, but they do end the letter with telling me to contact Financial Ombudsman if not happy.

No I had no idea it was another loan, it was the first one that I ever had and I think I was only 18/19 so didn't really have a clue... I do feel they took advantage big time plus they messed up my first set of documentation and I had to go back and get a second copy so they had filled it all in when I was not there and just wanted me to sign - at that age you are way too trusting.

It was a monthly contribution, something like £30 on top of loan each payment.

marshallka

kmj666 wrote: »

It doesnt say on the letter final response it does however say if I have further information or evidence to forward to them for their consideration, but they do end the letter with telling me to contact Financial Ombudsman if not happy.

No I had no idea it was another loan, it was the first one that I ever had and I think I was only 18/19 so didn't really have a clue... I do feel they took advantage big time plus they messed up my first set of documentation and I had to go back and get a second copy so they had filled it all in when I was not there and just wanted me to sign - at that age you are way too trusting.

Personally I would add that you had no idea (if it was of course) it was a single premium and how single premiums work in that you would be charged interest on the premium for the full term of the loan. (cost!!) If you were made to take it out then that alone is a missale but if they are saying you agreed then you need more ammunition. Did you have an exclusions explained to you when taking it out? Medical exclusions perhaps? ADD all these things if applicable and also stick to your guns about being made to take it out also. Do not let them tell you that you signed in full acceptance. (i am taking it that this was sold face to face and not postal???)

The PPI reclaiming guide is helpful and gives some reasons you can add if applicable to your sale. Give them another go and see what they say only IF you can add more reasons for complaining. Otherwise take to FOS now.

kmj666

Ok, thank you I'll give it a go. would you say write them a letter stating all this information. And would I find any exclusions on documentation, it was back in 2006 so I cant really remember what she mentioned and didn't.

My worry is that if I leave it too long I wont be able to get intouch with the FOS as it will have been over 6 months. Is it 6 months from the decision or frist submitting the complaint forms??

I'll look back through all my paper work and look for exclussions... I am most greatful of your advice.

marshallka

kmj666 wrote: »

Ok, thank you I'll give it a go. would you say write them a letter stating all this information. And would I find any exclusions on documentation, it was back in 2006 so I cant really remember what she mentioned and didn't.

My worry is that if I leave it too long I wont be able to get intouch with the FOS as it will have been over 6 months. Is it 6 months from the decision or frist submitting the complaint forms??

I'll look back through all my paper work and look for exclussions... I am most greatful of your advice.

Just give them what reasons are applicable to your sale. If you cannot remember then in all fairness you cannot really write anything.... although as this was a single premium then to write that it was not explained to you as being actually another loan on top of your first loan and you had no idea how it incurred interest making it very costly (as you actually did not want the PPI anyway) then you find it was missold to you. Read the letter to FOS and see what they say and get it logged onto their system that they have allowed you to do this too.

As they have not mentioned it was their final response and have actually offered you to give more information to your complaint then I hardly think that FOS would see it as you not taking it to them in time. I would call them and state they have offered you another bite at the cherry so to speak and you wondered if this would harm you taking this to FOS in the meantime. Tell them you want to add more to your complaint which was not added at the time.

kmj666

Ok, thank you again. I have a some direction now.

Scottishrob79

kmj666 wrote: »

Hi there

Just last week had a letter for HSBC explaining that they were sorry to inform me that they were not able to support my complain, they explain that is it because I signed the declaration to accept PPI and did not cancel within 30 days. Although my complaint initially was that they bluntly told me that they would refuse me a loan unless I accepted the PPI, so in theory i was told i had to sign the declaration if I wanted the loan.


Are they fobbing me off or are they right in what they are saying.

HELP!

Too right they are fobbing you off! If they are saying that to you, they can say that to every person who's complained. Everyone who has been mis-sold PPI will have agreed to take it out at the start, otherwise there would be nothing to claim for!!!

I started a post last week about how I was concerned that there seemed to be no success stories for HSBC/First Direct, maybe they're going to play hardball

magpiecottage

The six months starts on the date of the letter telling you when it starts (it typically says "six months from the date of this letter").

As far as the "you didn't return the cancellation notice" argument is concerned, have a look here http://www.fsa.gov.uk/pubs/final/gecb.pdf - specifically paragraph 4.9

Essentially, former Chief Executive of the FSA John Tiner banned this practice in respect of mortgage endowments ages ago and the FSA has since made clear in enforcement action that this applies to other forms of investment on numerous occasions - so attempting to use it will do them no favours.