PPI Reclaiming Discussion Part 5

givenupwork

First of all apologizes if answer to such a query has been given before. I followed the questionnaire and sent it to HFC with a copy of the agreement and also a letter from them 5 years into the loan to confirm we had settled with the amounts.

They wrote back saying
1) details related to the PPI for the account you quoted cant be found
2)This is because its over 6 years old and closed and to comply with data protection has been destroyed
3) they want as much supporting documtnation as possible including where available PPI Policy document (I already told them we didnt get one) and more particularly bank statements (to establish the term of the loan and the number of payments made)

Please send us these asap as we wont be able to investigate without them.

I've no chance of bank statements and I think what I sent is complete proof of the term of the loan and the number of payments made.

I understand this was to be expected from HFC.

Do I just write back saying what I've given is adequate and unless they confirm they are considering my claim, I'll go to FOS (Have I to wait 8 weeks?)

Any advice gratefully received.

heli2412

amersall wrote: »

You can accept the Loans they they have given you redress for, this does not affect the Loans they rejected, with the one they said was suitable for you, what does it say on the agreement?.

Can i ??? think i might take the other to the fos then. thanks for the reply

heli2412

amersall wrote: »

Give the bank a call and ask if they can find you, this is a long shot due to the year, but you never know.

I rang HSBC on 2 occasions asking for details of previous loans and ppi they said they didnt hold any details, and that it would not be worth putting in a claim. got a letter today offering me 2100.00.

gramochroi

amersall wrote: »

The only way the Loan would be paid off if you made a claim, would be on your death redundancy and sickness only give you up to 12 months of the Loan payment made, the PPI and Loan are still payable as usual after the claim.

Ok, I'm starting to see the wood from the trees, thank you so much for your patience!

DJKris2010

Wouldn't mind a bit of advice on how HSBC has been handling claims similar to mine.

I requested documentation on all the loans I've had with HSBC, and they replied not sending me documents, but giving me a breakdown of each loan, and what PPI was on it as they assumed it was to make a claim. They were right!

Anyway, I've put in 6 claims on loans:

October 1998 (closed Dec 2001) I borrowed £1,460, paid £198.22 PPI.

October 2001 (closed early, Feb 2002) I borrowed £2,000, paid £319.26 PPI, none refunded for early settlement.

February 2002 (closed early, June 2002) I borrowed £3,100, paid £562.05 PPI, none refunded for early settlement.

June 2002 (closed early, Sept 2003) I borrowed £4,190, paid £979.15 PPI, but was refunded £578.39 due to early settlement.

September 2003 (closed early, April 2004) I borrowed £8,000 paid £1,892.42 PPI, but was refunded £1,371.23 due to early settlement.

April 2004 (closed June 2009) I borrowed £11,250, paid £2,551.80 PPI.

So in total I've asked them to refund £4,553.28 PPI + £2,716.10 Interest (8%) so a total of £7,216.10.

The reason I've stated is because I hadn't understood that the PPI was optional, in fact until all this talk of mis-selling came up I'd always been led to believe I could get turned down if I didn't have it.

I'm wondering how successful people have been with the older loans and if HSBC tend to pay out the interest, because when I claimed bank charges back a few years ago I got a full refund on those, but without the interest.

In addition to the loans I've also put in a claim for the PPI on my credit card with HSBC which I've had for 10 years, but don't know how much money we're talking. I expect to be successful there as I know for a fact that a few years ago I rang them up to ask what the additional money I was being charged was and they fobbed me off.

J-rome

DJKris2010, how did you request details for your HSBC loans?

I called them up and asked them about a loan I took out in 2002 and they told me their records only go back to 2005!!

Have I gone about it the wrong way? My loan with them for £2000 was paid directly into my bank account that i've had with them since the mid 90s.

givenupwork

My issue with HFC is that I have the documentation and they have come back asking for more info.which I think is just a put off. Do I just write again informing them that they have sufficient information and if they do not detail their proposals for payment that I will go to FOS?

DJKris2010

J-rome wrote: »

DJKris2010, how did you request details for your HSBC loans?

I called them up and asked them about a loan I took out in 2002 and they told me their records only go back to 2005!!

Have I gone about it the wrong way? My loan with them for £2000 was paid directly into my bank account that i've had with them since the mid 90s.

As I understand it it's easier if the loan was active within the last 6 years, but this is what I sent them:

HSBC, Regulated Sales Complaints
20 Redcliff Quay,
Redcliff Street,
Bristol,
BS1 6HU


Tuesday 8th May, 2012


Dear Sir or Madam,

Account number: XXXXXXXX
I have had a number of Loan’s with HSBC, the most recent being Product XXXXXXXXXXX commencing 21/4/2004. I am writing to request a copy of the credit agreement for this and any other loan I may have had prior to this under section 77−79 of the Consumer Credit Act 1974. I would also like to request a copy of the terms and conditions that were applicable at the time I took out my agreement as I no longer have a copy and would like to check some of the details.

I look forward to a response within 12 working days.

Yours faithfully,

In reply I got this:

In normal circumstances, the request you have made under Section 77 of the Consumer Credit Act 1974 is not valid and HSBC has no obligation to provide the documentation you seek. This is because you do not currently hold any open loans with PPI. Please not that Section 77 does not apply to a closed/repaid loan that is no longer in force.

However, we have assumed that your request for information is likely to be in relation to obtaining details of the Payment Protection Insurance that you held with HSBC. I am there fore enclosing an Information Table showing the details of your loans with PPI that I trust will assist you in this matter. If this is not sufficient for your purposes please let us know........

The letter continues, but those are the key points. They enclosed a 9 column table with the following fields and relevent information relating to all 6 of my loans from 1998 onwards.

Loan Account Number
Date Opened
Protection Expiry Date
Loan Amount
PPI Amount
Term (months)
APR
PPI Amount Refunded
Date PPI Cancelled / Refunded (this tended to be when the loan finished)

Hope this helps. Good luck!

DJKris2010

givenupwork wrote: »

My issue with HFC is that I have the documentation and they have come back asking for more info.which I think is just a put off. Do I just write again informing them that they have sufficient information and if they do not detail their proposals for payment that I will go to FOS?

This worries me, because I've made a complaint to them and I have no documentation at all.

I took out a loan with them in 2000 and at the time I asked if I were to pay it off early would I pay less? They assured me I would. A few months later I wanted to pay it off and was told the full amount was due including all interest. I explained the discussion I had when I took the loan and they just didn't wanna know, so being unaware of my rights I paid up.

Clearly this loan was mis-sold, never mind any potention PPI, but all I know about it is that it was around the year 2000, it was with HFC Bank, who I also had a Credit Card with, but at some stage they became Household Bank. I have no account number or paperwork, so I've written to them on the advice of the FOS in the hope they will find my details and look into my complaint.

myalphabetgirls

amersall wrote: »

Put a claim into Welcome for these Loans, put that the later Loan was taken to repay the first.
This is Single Premium PPI and this is the reason for mis sell that you use, this was a loan on the loan paid to term end with interest, if you cancelled the PPI they would have given you a pro rata rebate of the PPI and the remaining PPI is still on the loan to term end.
If you settled this loan early then, as above you, would have a pro rata rebate and you would have paid back the remaining PPI in with the settlement figure.
This PPI will have cost you a lot as the first Loan PPI after the rebate would have been put onto the second Loan, not sure if they will take any win off the provident Loan, wait and see.

amersall wrote: »

With the 2005 Loan, what month did you take this out?, if it was on or before the 14th January 2005 then Welcome will look at this, the 2003 Loan may not get you a win ( but it could, so do put the claim in) but the PPI when you settled the 2003 Loan with the 2005 Loan, this would have had the remaining PPI after the rebate put on the 2005 Loan, this is why you use the Single Premium PPI as the reason for mis sell for both and let them know that the 03 Loan was repaid with the 05 Loan.

It is easy to reclaim, we will help you every step of the way.

Do not even think about using a claims company, you can do it for the price of a stamp or phone call.
The provident Loan should not show up on the Welcome system as this is an umbrella company.

Get in touch with Welcome, do the FOS questionnaire or telephone them, give the account numbers and reasons for mis sell, Single Premium is the reason that you use, if you need any more help then just ask.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Well first of all Id like to say a heartfelt thanks to Amersall for your unconditional patience and support on this thread and for all of you who take the time and trouble to post your helpful and reassuring advice.

Id also like to post thanks to ZeroGravitas, if you are reading, for posting kind words in support.

It is with all this support that instead of just wistful dreaming I actually have just come off the phone to Welcome. I was pleasantly surprised, after having read mostly negative things about Welcome, that the phone number I rang was actually a dedicated number for ppi complaints and the young lady I spoke to couldn't have been more helpful.

From just a few basic facts she was able to inform me that we actually had 3 loans, one Oct 2002 which she says is time barred so I guess I have to leave that one at that.

The second loan was a biggie - £19,553.75 25 November 2003 on which there is definately ppi paid.

The third was a consolidation on 4 July 2005 for £16,885.00 but this did not have ppi.

She advised that despite the widespread concern that documents are not available pre 6 years ago they could easily provide me with copies if I wanted at either £1 per agreement or £10 for all information but that account numbers and dates was all I needed to proceed at this stage.

In all this phone call took less than 10 mins and she was amazingly helpful.

However, the cynical part of me wonders now in my claim letter to them should I still include all three loans and the information I now have or just focus on the 2003 loan which she confirmed definately had ppi. I do wonder why in 2005 we did not have ppi, given that I clearly recall being told we wouldn't get the loan if we didnt have it.

So Amersall but lovely informative invisible saviour - should I write/claim for all three or just the 2003 one that does indeed have ppi?

Welcome were unable to confirm the amount of ppi attributed to the loan though but I am imagining it won't be peanuts on nearly 20k loan.

Oooh, do hope I haven't left it too late.

Thanks so much everyone, once again, can't type it enough, for mostly giving me the confidence to try this.

Monday I was ready to give one of the claim handler firms a ring, indeed I was scouring this site for recommendations on the best one to use. I am proud of myself too for getting past this fear.

Will keep you all updated and hope Amersall you can advise as to my dilemma about which of the three loans I should include?

xallyx