Insurance premium payment on hsbc mastercard statement

mbtstars

Hi, could anyone point me/us in the right direction. I am trying to help a friend who wanted to transfer to a 0% credit card. when I looked at the statement to obtain balance I noticed Insurance Premium payment....my friend didnt have a clue what this was. So, before I begin my investigation blind...can anyone help? please.

[Deleted User]

PPI. To cover min repayments in the event of unemployment/sickness.

mbtstars

Hi, Thank you for replying, I thought that but was unsure. I dont know what to suggest as he was unaware of what the payment was let alone PPI. His late wife used to arrange his financial affairs etc. he is unemployed (incapacity benefit) and has been for some years!! Is it maybe a case for reclaim, as he wasnt aware of the policy being in place let alone paying for it...we don't have the original agreement, only a renewal credit card agreement dated 2007, I'm lost and really do not know what to suggest, it seems a shame that if he is entitled to claim and doesnt it works out alot of money that is lost.

mbtstars

Hi there, we completed questionnaire, and sent Dsar & T&C letter, they sent fee's back with no information. then we had an offer of redress £4920.85 for the period 2005-2012, I telephoned mastercard to find out when the account was opened '17 August 1990' i have now sent a reply to HSBC pointing out that the offer that they have made is somewhat undercompensating considering PPI has been paid for 22 years...keep you posted

jonesMUFCforever

As he had a monthly statement showing this payment why should they refund it all?
Has OP always been on benefits?
To be honest I think the offer is the best he can hope for.

mbtstars

No, he hasn't always been on benefits, my error, only for 18 months, and not out of choice either, hates the situation that he's in. But, now there seems to be good luck come his way, I am the one who is persuing the matter further as I feel, refunding 7 years of payments when in fact, payments have been made for 22 years, the amount seemed to be thrown at him too quickly maybe hoping that he would snatch at it. In all fairness, if you, me or anyone was in the same position would you not question the other 15 years worth of premiums paid to a corporation that is worth billions???? at the end of the day, yes the offer is fantastic, but come on...fair? no, I dont think so.

jonesMUFCforever

Legally they could say 6 years and no more.
OP has been covered for the benfits for all of this time.
One wonders why he has not claimed on them!

mbtstars

If six years is the max, then fantastic. As I mentioned, he was unaware that he was paying any insurance until i asked him what the debit was on the statement. Late wife used to deal with bills etc

[Deleted User]

mbtstars wrote: »

If six years is the max, then fantastic.

In your more recent posts this "friend" of yours seems to have been replaced by yourself!

You seemed to accept this contentedly enough back in May when you posted the above comment. Why are you suddenly so concerned again?

Here's my response to one of your posts on the subject from today (just in case you miss the others).

Moneyineptitude wrote: »

The reason they will not pay for periods earlier than 2005 is that they will have destroyed detailed records from earlier than this in accordance with FSA guidelines.
In order for you to have any hope of redress from this earlier period you'd have to provide them with comprehensive documentary proof (statements etc) from your own archive.
If you have no such documents it's game over, I'm afraid.

At least you will receive £4920.85 to redress what you paid over the last seven years.

Even if you appealed to FOS the chances of an increased offer are slim.

mbtstars

I am desperately trying to help a friend the best way I can to get the most back because they have had a very very hard time the last couple of years, i apologise if my posts are a giving the wrong impression. I just wanted to Ive passed the decision whether to accept offer of redress to my friend. Thank you to all that have offered advise, I really appreciate it and hope that there are many more people out there that get refunded the money they are entitled to.

mbtstars

HSBC only replied to the query regarding the earlier years on Friday, thats why I posted today.