PPI Reclaiming Discussion Part 5

lagerling

Hi All, I am new to forums so please forgive me if this is long winded. I received a letter from HSBC to say I may have been misold PPI on 2 loans I had with them, long story short I filled out the forms, sent them back then got a letter from HSBC stating they were upholding my complaint they offered me a figure of redress and interest to which I signed the acceptance letter sent it back. I today called them as it was 3 weeks ago to find out when I can expect my money and they have told me it has now been cancelled and they are investigating further. Has anyone else experienced this and if so what was the reason. I was under the impression that it had been investigated and they had admitted it was misold because they offered me a sum of money I am very confused and could really use some help. Can they do this ???????
Thank you in advance for any help you might be able to offer

amersall

It is possible that they have not worked out the redress right either lower or higher, they could have found more loans maybe that were consolidated with the ones that have been redressed, give them a call and ask what they are investigating and this should put your mind at rest.

lagerling

I am going to go into the bank when I have finished at the hospital with my daughter this morning, I really need this money to pay for her treatment and it feels like its been snatched back again. I tried to get the answers from them by phone but am getting nowhere so I thought if I go to branch they might be able to push for answers for me.

dunstonh

lagerling wrote: »

Hi All, I am new to forums so please forgive me if this is long winded. I received a letter from HSBC to say I may have been misold PPI on 2 loans I had with them, long story short I filled out the forms, sent them back then got a letter from HSBC stating they were upholding my complaint they offered me a figure of redress and interest to which I signed the acceptance letter sent it back. I today called them as it was 3 weeks ago to find out when I can expect my money and they have told me it has now been cancelled and they are investigating further. Has anyone else experienced this and if so what was the reason. I was under the impression that it had been investigated and they had admitted it was misold because they offered me a sum of money I am very confused and could really use some help. Can they do this ???????
Thank you in advance for any help you might be able to offer

It could be a recalc is needed. Or it could be that they were initially going to auto payout without investigation but the amount, when calculated, was above their auto payout limit and it is now being investigated.

Did they admit it was mis-sold or was it a goodwill gesture? (the wording of the letter is key).

If there are arrears, defaults, amounts written off, IVAs, bankruptcy etc then these can create a change.

lagerling

I was in an IVA but there was no debt with HSBC at all. payments made on time in full loans were paid off early by refinancing. Letter said that they were upholding my complaint with regard to mis sold PPI insurance then a letter of redress plus interest was included along with an acceptance letter for me to sign and send back. Have you heard of this before then??

CHECKGIRL

Can I make a PPI claim against a company even if I am not paying back the loan? I had a loan with Citifinancial which was passed to a debt recovery company but they haven't called me to chase payment since 2011?

dunstonh

CHECKGIRL wrote: »

Can I make a PPI claim against a company even if I am not paying back the loan? I had a loan with Citifinancial which was passed to a debt recovery company but they haven't called me to chase payment since 2011?

You can make a complaint and if successful, they can keep the redress and offset it against that debt. It can also reactivate the debt and they can start the process again to chase you to pay it.

So, seeing as you wont likely get any money, even on an upheld complaint and it could result in you being chased for the rest of the debt, you are probably better off letting sleeping dogs lie.

amersall

Can anyone tell me how the 8% amount on a PPI loan payment is worked out please, according to the bank charge calculator on this site, this is for the 8%, on a PPI payment of £216.85 on the 1/10/2005 the 8% is £135.43, this does not seem correct to me, should it be less?, called FOS yesterday, waste of time, they could not explain how this is worked out, said I should get in touch with the bank and ask how they worked it out, they could not tell me ....DOH idiots !!!!!!!!!!!!.
If someone could explain, in laymans terms, I would be grateful.

-taff

It'll be 8% of the capital each year.
So 216 divided by 100, times 8, times the number of years...
Looks right.

amersall

Thanks taff, needed to make doubly sure.