Help reclaim HSBC personal loan ppi before 2005

debbiesos

My story in a nutshell, I have spoken to a claim company who said that i would have a case which they could only refer to the banking Ombudsman? not the Financial Ombudsman service as the ppi on two consolidated refunds was before 2005. The 1st loan PPI was £350.00 plus interest and the 3rd Loan was £2903.38 plus interest, did receive small refunds on both when consolidated but they were not pro rata.


Loan1 .went in branch .Took out a pesonal loan for 36 months with ppi on the 11.05.03 (which i was not aware of ppi being optional) and was settled on the the 22.09.03 due to debt consoildation.

Loan 2. Around Sept 03 was was rung by the bank asking if i wanted to come in to branch to offer debt consolidation of credit card and loan.I went into see a loan adviser and i asked about the the loan protection.I advised that was pregnant and asked how would the PPI i cover me. I was told it would not cover pregnancy and i told them that i did not want it and the loan was approved without it.

Loan 3. On 16.01.04 i went into branch to discuss my recent financial situation, i was 8 months pregnant and was still spending on my credit card. I was due to go on maternity and was very worried about meeting my loan and credit card repayments. I asked if i could consolidate my loan and credit card again for the 3rd time in less that 12 months. This time the bank did not welcome me with open arms. The loan advisor said that i could only consolidate the loan if i agreed to taking the loan payment protecton insurance, i said that i did not want to as in could not afford and it would not cover me on maternity, The advisor said that if i did consolidate the loan and credit card, overall my debt outgoing would be less. I stupidly agreed. The loan ran until oct 06 when it was re-arranged as a managed loan,yah! due to missing 2 payments.

Opinions please what chances doi have? and any guidence would be greatly appreciated.The claims company said that they estimate i would get around 5k but if they win they want 25%. Honestly i don't want to share, i still got another 8.5k on the managed loan to go so the more i get the more i can pay off. I have today completed the FOS questionaire and sent letter today.

Foggster

I am sure you will get some great advice here from others but I think you have done the right thing and gone it alone.

Did you claim for each of the loans and not just the largest one? I think you need a FOS questionnaire for each.

debbiesos

Yes i did a questionaire for both so that it would be less confusing.
Thanks.

di3004

Hi Debbie
I agree with Foggster, do this yourself and if successful you will get to keep all your refund if successful.
If mis sold on all 3 then you can make a reclaim on all 3, you can do this on separate questionnaires, or if all mis sold for the same reasons with the same business the one questionnaire should be ok, but remember to enclose all account numbers that apply.

Good luck on this and please keep us posted, cheers.

roonaldo

debbiesos wrote: »

I have spoken to a claim company who said that i would have a case which they could only refer to the banking Ombudsman? .

The Banking Ombudsman ceased years ago, there was the banking ombudsman, insurance ombudsman etc etc and they were replaced by The Financial Ombudsman (to cover the whole of the financial services)