Advice needed : Reclaiming PPI from HSBC

Guy84

Hey,
I'm probably asking the same question as everyone else.. but was just after a little advice.

I successfully reclaimed PPI from Welcome Finance last week (yayy).:j Had no idea i even had PPI until i received a letter from them... so it prompted me to look into other previous loans. Had a few with HSBC from a few years ago and submitted by claim on 11th Jan. Has anyone had any success with them?.. if so, how long did it take and does it work in my favor that i have had PPI refunded already from other company?

I have also fell into arrears with 1 HSBC loan, and the debt was sold to Metropolitan. Will this effect my chances at all?

Thank you very much...

amersall

There have been a few wins with HSBC,although they are long winded!.
Each mis sell claim is on its own merit,if you were mis sold,then it will be upheld.
If the debt was sold (make sure the company you paid were not part of the bank collections,or a company they use to collect the debt) they cannot use redress towards that,if it was sent to a company to collect,they may take the redress from the balance of the loan.

Guy84

Thank you :-)
It's going quite well... Submitted on 11th Jan and have already been told its being investigated. I am not sure if Metropolitan are part of HSBC collections?... Can they automatically take the money off existing loan if successful?
I'd presumed as I'd been successful with Welcome Finance,it would help my chances.

amersall

The Welcome claim is not relevant to any others you may make.
If the debt with HSBC was "sold on,then you get the redress,if it was in house collections,or a company they use to collect,then they can use the redress towards this.

Guy84

Ok, have been told today that i am getting a refund of £3,959.00 :-) all 4 of my claims were upheld.
I have an outstanding debt that was sold to Central which i am told is part of HSBC. They said they can use the funds to repay this loan. It's my full intention to pay most of this loan, but i need the funds for other matters at the moment... can they do this? I have been advised that i can appeal?.... any advice is much much appreciated!!

dunstonh

I have an outstanding debt that was sold to Central which i am told is part of HSBC. They said they can use the funds to repay this loan. It's my full intention to pay most of this loan, but i need the funds for other matters at the moment... can they do this?

yes they can. The rules allow them to set off any redress payable against arrears/defaults or amounts written off. Only if there is a surplus after this are they required to pay this to you.

I have been advised that i can appeal?

You can ask them by all means but dont be confident about getting it. There is no logical reason why they would want to give you money when you already have a bad debt with them. You may get them on a generous day though. Banks do sometimes surprise you.

Evileddie

Hi Guy,

I am thinking of making a PPI claim to HSBC, I have no knowledge of what to do at this point, just wondered if you could give me an idea of what to write in the first letter to them, I dont have any loan agreement numbers but surely they would have them anyway???

Thanks in advance for any help.

MJ41

Evileddie wrote: »

Hi Guy,

I am thinking of making a PPI claim to HSBC, I have no knowledge of what to do at this point, just wondered if you could give me an idea of what to write in the first letter to them, I dont have any loan agreement numbers but surely they would have them anyway???

Thanks in advance for any help.

I just called th normal telephone banking number - I had no details either, he brought them up straight away and registered the complaint there and then. Took less than 5 minutes! He said it will take up to 8 weeks to investigate

Evileddie

MJ41 wrote: »

I just called th normal telephone banking number - I had no details either, he brought them up straight away and registered the complaint there and then. Took less than 5 minutes! He said it will take up to 8 weeks to investigate

Thanks for the reply,

What did you say to the operator if you dont mind me asking, I took out one loan quite a few years ago and then consolidated a number of years later, both having PPI's, I cannot remember agreeing to them or needing them at all.

What reasons did you give for the claims and can you give me any other advice of things to say?

thanks in advance.

redsquarelady

hi,
i also had no loan aggrements numbers, but i had my old bank account number (i could actually remember it lol) i called 01226261010 which is the landline number for telephone banking. I asked for policy numbers, they asked me what for. I said ppi. They said would you like to lodge a complaint. i said yes. It is that simple. I have been putting it off for ages cause i'm not sure if it will be sucessfull as its been over 6 years i think. But i thought i've got nothing to lose!!

So it really is that simple. Call that number and they will do everything for you. HSBC did say that it will take a while to investigate. But i think they have 8 weeks from the day it is lodged.
Good luck all!

Evileddie

Thanks for the advice peeps.

Called HSBC today and said i wish to make a complaint about PPI, they brought up my details and put the complaint straight through without any problems, so fingers crossed!