HSBC PPI claim, work for NHS

PPItechexp

elfed68 wrote: »

Hi everyone, this is my first post.

In 2005 I took out a loan to clear credit card debts and in 2007 readjusted the loan for more money. I took out PPI for these loans. In February 2011 I'd nearly finished paying the loan off and took out another to buy a new car of which there is no ppi.

I believe I didn't qualify for PPI as I work for the NHS, full pay for six months and half pay for the second six months. Plus the Trust operates a non redundancy policy, offering two post choices if my post becomes defunct, which I believe is the same for the NHS throughout the country, could be wrong though.

Does anyone who works for the NHS have successful claims on this basis?

I've sent the forms from this forum to the HSBC claims dept with a copy of the loan agreement on both. Hopefully I've filled them in properly, although I couldn't find the policy number anywhere.

Another question is I've got a credit card with HSBC and a car loan with HSBC, so should my claim be successful will the money be used to clear my credit card, overdraft and whatever's left go into the loan, all decided by HSBC?

Hope that all made sense,

Elfed

sorry to be a bearer of bad news but working for the nhs doesnt make the policy unsuitable. 6 months full 6 months half pay is not enough sick pay to justify it being unsuitable. However, if you repaid the first loan when you took the second they shouldnt have sold you ppi. This is because HSBC did not offer a pro rate rebate if you cancelled early (which you had shown you had a history of doing). from my experience with HSBC if they settle the second one its likely they will settle the first one as well (they seem to be doing this a lot at the moment) so fingers crossed. You may want to mention on anything further you give them that the policy wasnt suitable for you because it was inflexible and you had a history of early loan repayment. hope this helps guys

turbo.jet

All sounds like great advice, I was in the exact same situation of paying loans off early with new loans, and with the same bank and didn't even have to go as far as giving decent reasons why I was complaining. They are paying out at the moment, it looks good for you in my humble (uneducated anecdote-based) opinion .

elfed68

Hi guys, just an update. I received my letter yesterday saying that my claim is successful and that they are offering me £3,932 in refunds.

I've filled in the acceptance form and sent it yesterday morning, so in four weeks I should get the money.

I'm well pleased with this as it's about £2000 more than I was expecting, and that I was able to do it myself without using agency help.

Elfed

turbo.jet

Great news, well done! Hope your using it to pay off your debt! :-)

elfed68

Definitely! Got a £3297 credit card balance transfer I can pay off and the rest will pay off my other credit card, happy days!!

turbo.jet

Did you opt to pay the money into an HSBC account? If so, they say four weeks to manage your expectations. In reality I had my money in under a week.

That's great news it completely pays off those two credit cards. Have you closed the account?

Do you have any other debts left or has this redress payment effectively rendered you debt free?

elfed68

Yes, it's going into my HSBC account, so hopefully it won't take long.

I'm going to close the balance transfer credit card once it's paid off but keep the HSBC card, I might need it in emergencies.

I've got a car loan that I'm paying as well, but that's manageable.

turbo.jet

Sounds like a great plan, as long as the 'emergencies' are actual emergencies. Hehe.

I must admit I hung on to my HSBC credit card once I became debt free, even though there is no special interest rate or deal or anything on it. I only use it for work expenses so it gets paid off by my company every time I use it.

elfed68

Just a note to say that I received my money on the 7th of December. I sent the acceptance form on Saturday the 3rd asking it to be paid into my HSBC current account, so a very quick turnaround. I wasn't expecting it so quickly so went over a week without knowing!!

Cheers guys and good luck with your claims!

amersall

elfed68 wrote: »

Just a note to say that I received my money on the 7th of December. I sent the acceptance form on Saturday the 3rd asking it to be paid into my HSBC current account, so a very quick turnaround. I wasn't expecting it so quickly so went over a week without knowing!!

Cheers guys and good luck with your claims!

:j:j:j:j:j Brilliant :beer::beer: