Should I stick to my guns or take the offer?

Andred

Hi all, this is my first time posting here so forgive me if i do something wrong!

I have had a PPI type of insurance with HSBC since 2002.
I recently made a claim on the basis that i felt this was missold to me as i am (and always have been) self employed.

This claim was rejected initially, and I was informed that as I was a channel island resident I couldn t make a claim through the UK ombudsman, but would instead have to go through a local advisory board.

I contacted them and was told that i needed to speak to a lawyer about it.
I then phoned HSBC back to ask them to send me the information that had led them to turn down my claim.

They told me they would get back to me and within an hour I had a phone call with an offer of £3400 repayment. This represented all the payments I had made since 2005, plus an 8% interest payment.

I have had the card since 2002, but HSBC claim they have no records of payments before this time.

My question to this learned forum then is really what to do next.
I suspect that my total payments are going to be closer to £10,000. I have had between £5,000 - £10,000 on the card for at least 8 years and have been paying a 1% insurance on that for the whole time.

Any thoughts out there?

Many thanks

Andred

roonaldo

HSBC like others only keep the credit card payment records for 6 years. If you want to go further back then supply them with your credit card statements. So the onus is on you to prove you were paying PPI prior to 2005.

Derwent

roonaldo wrote: »

HSBC like others only keep the credit card payment records for 6 years. If you want to go further back then supply them with your credit card statements. So the onus is on you to prove you were paying PPI prior to 2005.

Not always the case. I knew I had a credit card with them since April 2002 as I got it at the same time I opened my current account with them. They said they only had records going back to 2005. I told them that if the roles were reversed and I owed them money they'd soon find these missing records, and if they couldn't find them then they'd have to use estimates based on my average card balance for the time they did have records. They ended up using an estimate and I got full redress for the whole time I had the card.

On the balance of probabilities it is highly likely that if your card has PPI then you have had it since you first got the card as in most cases it is either sold as part of the application process or as a follow up call within a few weeks of getting the card.

Bottom line - if you stick to your guns they will relent as they know that if you went to civil court then the level of proof is on the balance of probabilities, as opposed to beyond a reasonable doubt in criminal courts. The balance of probabilities is very much in the customers favour given the outcome of the judicial review, and they are well aware of that fact.

roonaldo

The judicial review didnt change anything.

The post is about credit card PPI, now you have referred to current account charges. Two seperate things and not similar.

HSBC only have credit card records going back 6 years. You can take that to a civil court but that wont change anything.

If you want your redress to be dated back further you need to supply proof the PPI payment from your credit card statements.

Andred

Thanks guys for your responses. I guess one of the biggest issues I have with the whole process is the compounding nature of this debt.
I understand HSBC have offered the full amounts paid since 2005, plus 8% interest on top - but there is no mention of any compounding repayment.
Are others on this forum getting payments back with compounding taken into account?
many thanks again
Andred

Derwent

roonaldo wrote: »

The judicial review didnt change anything.

The post is about credit card PPI, now you have referred to current account charges. Two seperate things and not similar.

HSBC only have credit card records going back 6 years. You can take that to a civil court but that wont change anything.

If you want your redress to be dated back further you need to supply proof the PPI payment from your credit card statements.

I didn't mention current account charges at all !

I simply said that I knew I had my credit card from the same time as I opened my current account with them.

HSBC said they had records going back to 2005, I told them to apply an estimate for any period before that.

A direct quote from the letter they sent me after doing the calculations.....

"I note that you are certain that you held your HSBC credit card since March 2003, although we have no records of the account prior to February 2005. As a result, it has been necessary to make an assumption of the likely cost of CRP (PPI) for the period March 2003 up to February 2005. I have therefore taken the average premium paid for the following 12 month period (February 2005 to February 2006) and applied this back to the start of the calculation."

So, I got my PPI backdated to when I said I first held the credit card, without having to provide any proof whatsoever, based on estimated premium payments. The banks are using the 6 years of data held as an excuse to minimise payments. My case proves that they are prepared to look beyond that if you are firm with them.