HSBC PPI re-claim - can they...??

Legendbully

Hello,

Thanks to all the VERY helpfull info on the Moneysaver site I recently sent off 4 individual claims for PPI miselling - 3 to HSBC and 1 to MBNA - and I am just waiting to hear back from them all! :j

So far I've heard nothing at all from HSBC, not even an acknowledgement letter, and I sent my forms away 2 weeks ago. :mad: MBNA sent me an aknowledgement letter really quickly, so I know they are looking into it. My question however, relates to HSBC and the current loan I have with them and one which I have not YET mad a PPI re-claim on.

Now I know that when you owe these people money, like I do with my current loan, they can award you funds for a missold policy but chose to take the total awarded off your outstanding debt, rather than pay you direct. Thats no problem really, however, my current loan was taken out 3 years ago (just under a year left on it!) and the agreement when I took it out was that I get 10% of it back at the end of the term if I dont miss any re-payments and dont pay any off early!

I've never missed any re-payments on it, but my worry is that should I have a claim for PPI and actually get some money back from old credit agreements, they will not only choose to pay this total off my existing loan, but they will also refuse to pay me the 10% back at the end of it because I have not had the loan for the full term/have paid some off early etc!

Hope that makes sense to everyone?! Not really sure what to do if that happens... probably fight it knowing me! But can they refuse me the 10% back at the end of my current loan as they have effictively paid some of the debt off for me and without my agreement based on a PPI re-claim?

Finally, does anyone know how long it takes on average for these claims to be dealt with at HSBC??? Not really sure what the success rate of all these are, but hopefully good :beer:

Thanks in advance... hopefully this will all be worth it!

Anna xx

di3004

Hi Anna

Wishing you luck on your reclaims and details of the CEO if ever required.

[EMAIL="chiefexecutivehsbcbank@hsbc.com"]chiefexecutivehsbcbank@hsbc.com[/EMAIL]

Sounds rather tricky doesn't it?

There are a few ways you can look into this I suppose, so its a matter of making a reclaim and they award towards the balance of the loan, which will bring it down for you anyway and lose the 10%.

And I note there is another year left on it, so its up to you if you want to wait and get a reclaim in then, but it maybe the case that they may automatically look into it anyway, as the FSA wanted banks/businesses to look at any other accounts they have with them as well which includes PPI.

I would wait for other opinions on this first, but either way, fingers crossed for you.;)

Legendbully

Hello,

Thanks for the details of the CEO - hopefully I wont need them, but always good to have them just in case

Yep think its best to just see what they come back and say... if I ever get a reply that is... so will come back onto the forum with further questions if I need to.

Thanks again

Anna x