PPi on my loan

marsden_pete

i was sold a loan by hsbc for £8,800 about 18 months ago and was told that i would not be able to take out the loan without payment protection, even after asking for this not to be added to the loan. After reading on here about ppi I went into hsbc in October to get it removed, only to be told that this was only possible via having to recalculate the loan. This was done at 1% higher than my original loan but it still worked out id be saving around £20 a month.

the loan was refused at that point but the kind young lady said she would phone through manually. i got a phone call to go back into the branch which I did, only to be told that the loan would only be approved (at the higher rate of interest) if consolidated my credit card (about £3k) and my overdraft (1K) with the £8k outstanding on the loan which would mean I was worse off each month.

all I wanted to do was cut my outgoings to try and cut my debt.

HOW can I get the ppi removed and is it possible to do this and get the money i have paid already back?

southernscouser

Have a look at this thread mate.

marsden_pete

Dear Sir

About 18 months ago I was sold a loan by HSBC for £8,800 and was told that I would not be able to take out the loan without payment protection, even after asking for this not to be added to the loan. After reading up about PPI I went into HSBC in October to get it removed, only to be told that this was only possible via having to recalculate the loan. This was done at 1% higher than my original loan but it still worked out id be saving around £20 a month.

The loan was refused at that point but the kind young lady said she would phone through manually. i got a phone call to go back into the branch which I did, only to be told that the loan would only be approved (at the higher rate of interest) if consolidated my credit card (about £3k) and my overdraft (1K) with the £8k outstanding on the loan which would mean I was worse off each month.

When I took out the loan, I was told that I would not have been given the loan if I did not take PPI. I have since been told that this is not true, and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate, which you did not do. I therefore consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want. I also now have sufficient alternative insurance cover from my employer and other sources.

I have been advised that I should be able to cancel the PPI contract at any time and receive a partial refund of the premium that I have paid. I would like to do this. And in view of the way I was mis-sold the insurance, I would like to ask for a full refund of the whole premium.


I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.
Yours Sincerely





P. J. Marsden

marsden_pete

hi just thought i would give a update........

had a letter from hsbc saying that they are looking into the metter and will give a full responce within 4 weeks. fingers crossed

marsden_pete

i got back my PPI this week i got £679! reduced my payments by £30 a month and saved £2000 on the total of my loan:beer: