PPI Reclaiming Discussion Part 5

[Deleted User]

Ericmckie wrote: »

I have a copy of the agreement and am going to try reclaiming the amount.

Since you are technically in arrears with your repayments, any successful complaint will just be paid towards the existing loan, you realise? The 8% is a paid on the refunded amount

Ericmckie

Moneyineptitude wrote: »

A successful complaint will just be paid towards the existing loan, you realise?

Thank you, yes I was advised that would be the outcome and that would make it easier as the debt would then be almost paid.

It was advice on the 8% of interest that I would have received had I had the amount in my bank.

EDIT: Period of loan being the 5 years the loan would have run had it been paid up on time?

Thanks for reading

[Deleted User]

Ericmckie wrote: »

It was advice on the 8% of interest that I would have received had I had the amount in my bank.

I'd let the Bank work that out for you (if they actually offer redress). It's a complicated formula which makes my head hurt to think about:
Details in this thread:

https://forums.moneysavingexpert.com/discussion/1596473

Niceandfriendlyjonnyboy

Hi, I had a 100% mortgage with HSBC over 6 years ago, where they made us take out a huge MPPI policy. We have moved loads of times since and I've lost the account number, plus they say that they don't keep records over 6 years. I'm stuck and thinking about asking a claims company to try.

Any advice would be welcome, we really need the money right now!

lamarsi

hiya, I made a claim a little while ago about a loan I had with HSBC they sent me an offer three weeks later, I then claimed against a CC and my MPPI and they logged the complaint on 27th Feb which they say is now under investigation.. is this normal?? any help gratefully received

cappo

Niceandfriendlyjonnyboy wrote: »

Hi, I had a 100% mortgage with HSBC over 6 years ago, where they made us take out a huge MPPI policy. We have moved loads of times since and I've lost the account number, plus they say that they don't keep records over 6 years. I'm stuck and thinking about asking a claims company to try.

Any advice would be welcome, we really need the money right now!

Hi johnny boy you can do it yourself for a fraction of the cost, a cmc will not get you your money if misold is proven any quicker and they will not get you anymore money, steer clear.

cappo

lamarsi wrote: »

hiya, I made a claim a little while ago about a loan I had with HSBC they sent me an offer three weeks later, I then claimed against a CC and my MPPI and they logged the complaint on 27th Feb which they say is now under investigation.. is this normal?? any help gratefully received

Hi Lamarsi, there taking forever now, expect a long wait, they have 8 weeks again now but may ask for more time, the fos is struggling to cope under a deluge of complaints from cmc's at the moment so is overwhelmed you are quicker waiting for the bank (within reason) at the moment.

lamarsi

Thanks Cappo, just wondered if they normally say 'its under investigation but the chap was really nice and said don't worry its all being dealt with, just have to cross fingers I guess and wait

Niceandfriendlyjonnyboy

cappo wrote: »

Hi johnny boy you can do it yourself for a fraction of the cost, a cmc will not get you your money if misold is proven any quicker and they will not get you anymore money, steer clear.

Thanks for replying, but I don't have any of the details anymore and they don't keep them past 6 years, which is why I was thinking that one of these companies might have a different way of getting it? Should I write HSBC a letter anyway, requesting the info that they have already told me they no longer have? seems unlikely I'll get anywhere that way. Would my credit report have such account details?

Thanks so much, John

[Deleted User]

Niceandfriendlyjonnyboy wrote: »

I don't have any of the details anymore and they don't keep them past 6 years, which is why I was thinking that one of these companies might have a different way of getting it?

The claims companies just put the onus back on you to provide all the details, account numbers etc.
Send the bank a Subject Access Request (SAR) letter. It costs £10, but should supply all the information you require and it's a fraction of the cost of a Claim Company:
https://forums.moneysavingexpert.com/discussion/1475553