hsbc/life pla/mortgage protection plan?

bondy_lad

i have just noticed i have this cover on two separate mortgages, i was sold this several years ago, i was led to believe that ,,a)it was compulsory and b)i had to take it through hsbc?,,at no point was i told different,,,just wondering it is worth me trying to reclaim or not? thank you.

dunstonh

i was led to believe that ,,a)it was compulsory and b)i had to take it through hsbc?

If it was in the 90s then that is probably correct and not something you can complain about as they were allowed to then. Even today, if a mortgage deal requires you to buy an insurance product then that is allowed.

However, even if it wasnt allowed, yours is just a verbal allegation you cant prove. So, it is easy for them to reject your complaint. You would require a technical failing to be paid redress on these.

bondy_lad

thank you for your reply.

hsbccomplainer

I have been going through the process of claiming back PPI that i had taken out in 2004. I have had several letters, as expected, telling me that i was basically wrong and that because there is a very small critical illness feature, it doesnt count as PPI, even though that is what the policy is called.
It seems from your forums that many posters are the same as me, they were told that this was compulsery insurance, without which, you would not be offered the mortgage. No insurance, no mortgage. However, nobody seems to have this in writing, I have.
I have today received another letter from HSBC, this time agreeing that the mortgage was indeed reliant on me taking out the insurance. What they are now saying is that i agreed to the insurance and that is the end of it, even though i had no choice. Can this be true?

dunstonh

I have today received another letter from HSBC, this time agreeing that the mortgage was indeed reliant on me taking out the insurance. What they are now saying is that i agreed to the insurance and that is the end of it, even though i had no choice. Can this be true?

Lenders are allowed to insist on insurance. It was particulary common in the 80s and 90s but by the 2000s it tended to be linked to the mortgage deals. i.e. you get x% rate if you bought an insurance product. That is allowed and wouldnt be a mis-sale.

As the lender has said it was required and the evidence confirms that then there is no mis-sale.