HSBC Claim

Cat24

Hi all, I started my claim with HSBC with the help of another site after following a link from the BBC. As soon as I sent the letter off I remembered I was registered on here and with the benefit of hindsight I should have used the templates and brilliant advice on here.

Anyway to cut a long story short I think the loan may have had front loaded ppi, how do I find out for sure?

On the credit agreement the loan amount is listed with the amount of interest and the amount and length/dates of repayments. The insurance is then listed separately with the amount, the amount of interest and then the length/dates and amount to be paid every month.

From what I can remember I only paid one amount every month (the loan repayment) and I also think the insurance was taken as a lump sum.

I didn't put this on the letter of complaint so I'm wondering if I've already done it wrong

Any help is greatly appreciated.
Thanks
Cat

[Deleted User]

Cat24 wrote: »

Anyway to cut a long story short I think the loan may have had front loaded ppi, how do I find out for sure?

On the credit agreement the loan amount is listed with the amount of interest and the amount and length/dates of repayments. The insurance is then listed separately with the amount, the amount of interest and then the length/dates and amount to be paid every month.

From what I can remember I only paid one amount every month (the loan repayment) and I also think the insurance was taken as a lump sum.

I didn't put this on the letter of complaint so I'm wondering if I've already done it wrong

Any help is greatly appreciated.
Thanks
Cat

The words I have bolded in your post show that your loan was indeed "front loaded". Like me, you'll have to wait and see whether the Bank addresses this issue or simply responds to the specific complaint you made. I too failed to realise the importance of complaining about the loan being a loan-on-a-loan.

What reasons did you put for mis-selling?

Cat24

[FONT=&quot]Thanks Moneyineptitude [/FONT]for the reply and the confirmation.

I said it was inappropriate for my needs, although it was a long time ago I don't remember been given very much information about the loan. I got told about the benefits but not about the exclusions.

You could say I should of asked more questions, but I did feel pressured into the sale and I was a naive 20 something...I am now a hardened 30 something.

I also think it may be too old, but I thought it was worth a shot.

Did you add to your complaint about the front loading?

[Deleted User]

Cat24 wrote: »

I said it was inappropriate for my needs, although it was a long time ago I don't remember been given very much information about the loan. I got told about the benefits but not about the exclusions.

You could say I should of asked more questions, but I did feel pressured into the sale and I was a naive 20 something..

The Bank may say this, I certainly wouldn't accept it. It seems to me that Bank staff were trained to "sell" the insurance by revealing as little about it as possible.
I couldn't claim to be "naive" at the time, but both my overdraft and credit cards were "maxed out" at the time and I felt I needed to do everything possible to ensure the loan(s) were approved.

Cat24 wrote: »

I also think it may be too old, but I thought it was worth a shot.

Did you add to your complaint about the front loading?

I'm still awaiting their response. Others here have said I'll be able to add "front loading" to the complaint if I should need to.
Apparently, your complaint is unlikely to be deemed "too old" unless it was paid off more than seven years ago. Someone else will have to confirm this.

amersall

Some have won mis sell from the 90s me included! good luck both of you.

Cat24

Thanks amersall, it gives me some hope that I might be successful.


I've only sent a letter of complaint (as I said, I followed the instructions on another website and I'm not entirely sure they will be sufficient), I haven't filled in a FOS questionnaire or sent any other paperwork. But I still have my credit agreements so I was able to list the account numbers on the letter.

Do you think HSBC will ask for more info or should I have to send anything alse?

Thanks

[Deleted User]

Cat24 wrote: »

I've only sent a letter of complaint (as I said, I followed the instructions on another website and I'm not entirely sure they will be sufficient), I haven't filled in a FOS questionnaire or sent any other paperwork. But I still have my credit agreements so I was able to list the account numbers on the letter.

Do you think HSBC will ask for more info or should I have to send anything alse?

Thanks

You'll definitely have to fill in an Ombudsman's Consumer questionnaire, Cat.
HSBC sent me a letter pertaining to my complaint amazingly listing two personal loan protection plans which I had no paperwork for (or even memory of). Here's the important part of that letter where you are concerned:
"It is important that a questionnaire is completed for each policy you are complaining about. The questionnaire is a vital part of our investigation and it may not be possible to respond to your concerns without it"

The letter I received had the bolded part highlighted, so it's the same for every complaint.
Go to
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/guide-to-PPI-forms.html
and print off the questionnaire and fill it in now; ready for when they inevitably write to tell you to do so!
It'll be going to a different address than the one you originally wrote to and it'll have a reference number, so I'd wait for the letter before posting your completed questionnaire.

Cat24

Thanks for the info, I shall crack on with filling the form in

[Deleted User]

Cat24 wrote: »

Thanks for the info, I shall crack on with filling the form in

Fill in the form and, when you happy with it, photocopy it and attach a photocopy of any supporting paperwork you have.
Send the original questionnaire, but only the photocopy of loan documentation.
Best of luck!:)