MSE News: Banks wrongly reject PPI complaints, despite admitting mis-selling

dunstonh

Saint1971 wrote: »

Received a letter today basically saying sorry about the PPI sold on your loan, but we can't process your claim without you providing original documents as our system isn't showing the PPI details. I no longer have these documents, but have provided them with the account number, from which they have admitted that there was PPI attached to the loan, so surely they have to act upon my claim. Any advice?

Its game over for you. If they no longer have documents and you have no documents then its end of the road.

There is nothing wrong with having PPI. Only if it is mis-sold or the documentation points towards a mis-sale.

di3004

Saint1971 wrote: »

Received a letter today basically saying sorry about the PPI sold on your loan, but we can't process your claim without you providing original documents as our system isn't showing the PPI details. I no longer have these documents, but have provided them with the account number, from which they have admitted that there was PPI attached to the loan, so surely they have to act upon my claim. Any advice?

Hi

As Dunstonh says without the documentation it can be difficult to pursue.
How long ago did you take out the loan and settle it? (Year)?

A suggestion would be is to try tracking down the account number by checking any old statements (to make sure that is the loan account number required), where you paid for the loan by direct debit, you would have received monthly statements, if you do have any old ones maybe put away somewhere, check them out.
The account number should be shown next to the loan monthly repayment/name of lender etc.

Depending on old the loan is, you could optionally request for a Subject Access Request (SAR), for information on the account number you have, or if the loan was taken out with the bank, you could use the bank account number, and any accounts taken out with them over the years will be enclosed within the SAR.
They have up to 40 calendar days to comply, and you enclose the one off payment fee of £10 cheque or postal order.

Template letter below if you wish to do this, if they're unable to track anything down, they will return your payment with a letter to explain. You will need to send to the business data protection unit.

https://forums.moneysavingexpert.com/discussion/1475553

Do you mind saying what business/bank you are pursuing? thanks.

petersmith123

FOR PPI Disgrace, the uphold rate by the banks are 62% across all companies for complaints between jan 2012 - June 2012,

Having said that the next report will show this has drastically decreased to probably around 40-50%

For Saint 1971, Fos have a special department which deal with these rejections (Especially for HSBC, HFC, Beneficial Claims) By no means is it the end of road. Send your complaint to FOS. I have just confirmed with them that they have thousands of cases where the banks will say this and then the FOS extract much more information from them in relation to figures etc. Good luck .

Piscean_2

In December 2005, I decided to apply for a £22,000 loan with HSBC.

After a telephone conversation, the paper work arrived dated 8th December 2005 in which the total sum to be repaid was £37,000 and some change. Their breakdown was roughly:

£22,000 loan
£6,680 loan interest
£6,600 ppi
£1,850 Interest on ppi which was added to the loan amount.

An instruction included in the documentation was that the agreement could not be amended in any way and I was to sign and return the form before December 22nd.

I called and complained about the PPI but I was told that they would not be able to give me the loan if i did not take the PPI as was, added to the loan amount and the whole sum subjected to interest.

I reluctantly signed the form following during a call to HSBC on the evening of 22nd December, 2005 and subsequently received the money.

I remained unhappy and when in 2008, I faced financial difficulty and entered debt management with the CCCS, I reminded HSBC that they had included almost £7000 plus interest on top of my loan. They invited me to complain and I wrote a letter of complaint.

HSBC responded in a letter of final response dated 5th august 2008, stating that they were not admitting anything but that as a measure of goodwill, they would refund a sum which was under £3,000 i.e. a fraction of PPI with interest) on the condition that I agreed to go to a branch and 'unwind the loan' then rearrange the loan and not to make any future complaint. they also included that I was free to go to the financial ombudsman service if still unhappy.

I was advised by the CCCS not to enter any new arrangement as i was on a debt management program. I also spoke to someone at the financial ombudsman service who advised me to go to the meeting at the HSBC branch. I finally went to the meeting in October 2008 and when they insisted on entering a new loan agreement, I told them it was against the advice of the CCCS and did not sign any documents.

To the best of my recollection, they did not correspond with me after that. After the PPI rulings of 2010 and 2011, I expected to hear from HSBC to no avail. I recently tried to approach them again, but they refused to engage with me, responding 8 weeks after my letter and saying that as they had investigated in 2005, they would not do so again.

I still feel that the PPI is included in the loan amount I am paying through debt management as I repaid over £9,000 before the debt management program, have paid about £10,000 since then, and according to them, I still owe £12,000. (a total of about 31,000) when the loan and interest without the PPI would have been about £28,600.

Also, on the debt management program, they should have removed the interest, which should have further removed the overall amount due them by 3/4 or half of the interest on the loan ( about £3,000) so that they should not be getting any more than £25,000 for te £22,000 loan.

I also believe that they should also credit me with some compensation for mis-selling me the PPI, which would reduce the amount even further.

If my thinking is reasonable, how to I get HSBC to re-engage with me? I now know that the FOS appeal window was squandered, but what would my chances be in court? Also, how much would that cost me and is there any one who would do it on a no win no fee basis?... or do I just shut up and pay, (which is what I think HSBC is counting on)?

-taff

You remind them that althoughthey invesitgated in 2005, no agreement was reached, so in effect, there was no conclusion to their investigation. This occured before the ruling of 2011 so pretty please, re-investigate.
Also it ws single premium.

Be aware though, they can offset any redress against any arrears or written off amounts.

[Deleted User]

-taff wrote: »

Be aware though, they can offset any redress against any arrears or written off amounts.

This is key as Piscean is still in debt management. As long as he realises a successful re-opening of the complaint will only likely reduce the amount still owed rather than be paid directly to him, then this is worth pursuing.

Piscean_2

I just thought I should write an update about my PPI claim with HSBC.
They wrote in May saying they would not engage,.. I replied following advice on this forum asking them to reconsider... I got a letter reiterating that as they had responded in 2008, they would not revisit. as fos deadlines were 6 months and had long passed... I had sent an SAR in May , which was ignored.
In August I called the data Ombudsman saying i wanted to complain about the ignored SAR though I did not fill a form.
Within a month, HSBC got in touch apologising for the delay in responding to my SAR request, saying the letter took its time to get to them and they were waving the £10 fee. They sent bank statements and a form to be filled and taken into a branch for any further information.
I filled it but did not get into a bank and when I was evaluating my position at the beginning of November, a letter with an offer for PPI redress for the sum of £6289 dropped on my doorstep. I was so relieved, I signed the agreement with no challenge and the money arrived in my account this week. I immediately put it all on reducing my debts.
Thanks -taff for the advice and my message is don't give up even when they slam doors.
Keep trying... you have nothing to lose.