HSBC Loan, few questions

DaveMarra

Hello everyone,

I'm coming upto the end of a 60 month Loan.

Originally i took out PPI but claimed it back after 34 month, in doing so i was told i had to go to the bank and sign out a new contract.

Looking at the original contract (for 60 month) at the end there is column worded "repayment reward" if i meet all payments i would get 25% of paid interest if i met the full loan term.

The new loan the column is worded "HSBC Plus" this is the same but only a 10% reward and i have to be a HSBC plus customer (which i'm not).

My question is, is this worth making a fuss over? Or am i wasting my time? Yes i've signed the T&C's for the new loan but i only had to do that because they had missold the PPI. Had they not done that i would now be at the end of a 60 month loan waiting for 25% of the interest.

i've paid £2848.26 interest on the original loan (without the PPI) so 25% of that would've been nice!

Hope i've worded this so everyone understands!

Thanks for your time.

Dave.

LovelyLeeds

DaveMarra wrote: »

My question is, is this worth making a fuss over?

Do you mean that by signing a new contract (for refund of the PPI) you have negated the old contract of being refunded 25% of the interest?
If you're asking this question now, why didn't you ask it before you signed for the PPI refund, and therefore weighing up which would make you the more better off?
My guess is that the refund of the PPI is higher than the 25% refund of interest - but if the T&Cs say you are entitled to both then yes make a fuss over it!

DaveMarra

Your correct the PPI was more. Yes. The new contract is different. At the time I'd just had a child with my gf and just moved into a rented property. The PPI claim was a great help and I overlooked the reward and I guess just signed on the dotted line.

I just wondered had I not been missold the PPI I wouldn't have signed a new contract (minus the PPI payment). So would it be worth perhaps sending a letter explaining my permission. Afterall they have paid out on the PPI so have admitted there guilt.

I do understand that I've signed a new loan contract and normally wouldn't be entitled to a penny I just thought considering the circumstances it might be worth a try?

creditcardhelp11

Please look at the original contract and see if it stated that the reward was subject to taking out ppi. If it does not say that then I would make a complaint and ask for your original award to be reinstated. If they refuse escalate the complaint all the way to FOS if necessary they should not penalise you for their mis-selling of ppi.

DaveMarra

So do I send. Lette to complaints department. The original contract does not state anything about PPI. How should I word this?

Superheavy

To answer one of the previous points, banks were never able to insist that a customer had to take out protection for the standard personal loan, therefore the repayment of interest cannot be linked to having a PPI policy.

The replacement will have been necessary because the original premium will have been built in to the monthly payment (as opposed to those that were drawn on a seperate DD), but the replacement loan should have been on exactly the same terms so writing a letter to their complaints team should provide a successful result.