HSBC PPI What do I do?

TheBlackHorse

A Bit of advice ... I've had a loan with PPI from HSBC from two years (total term 7years) IN THE OCTOBER BEFORE THE FSA CAME INTO FORCE!!!

I have written a letter asking for ppi to be cancelled on my loan as (And I'm actually not telling fibs like some you seem to be - honestly everyone talks about the banks being cunning, what about you lot? ) I was at the time on temporary (agency job) and no exclusion was read to me or put in front in front of me to read. In addition to this and probabaly most scarily of all I wasnt actually informed that I had insurance on this loan (yes you can all call me thick ... but im gonna use the old excuse of being young and naive and actually trusting my bank) Just a bit if info, the loan was arranged the back office of a branch.

I pay about 60/mth tp cover a loan of 21500 orginally. After getting my annual mortgage statement I called HSBC to checked my other finanacial commitments ... And wait for it ... I phoned up after two years expecting to have paid something off my large loan to find out I owed 21750 after 24pym!!! Asking the friendly advisor (I not fibbing there either she actually let me on a few things) Aparently the interest and the LP premium was orginally front loaded ... I been paying interest and onsurance at 410/mth!!! Sorry, I just need a whinge ...

Getting back to the story ... I wrote last weeek to cancel the lp, they have since sent a letter to say the have the letter. But not decision, real info. How long should i give and do you reckon they will cancel it or not?

Many thanks. The Black Horse

Rafter

You have been stung with a single premium ppi insurance product and appear to have a misselling case, although not reading what you are signing is not a reasonable defence and it maybe that the cover would have worked for some of its term.

Wait to see what HSBC come up with in terms of a refund and if you aren't happy appeak and then refer to the ombudsman if still unhappy.

Give them at least 7 days to repond initially. Then they have something like 28 days to get back to you again or a maximum of 60 days before you can make an automatic referal to the ombudsman.

R.