HSBC 'Mortgage Repayment Protection' = PPI?

nry_2

Hi all,

We've been wondering about claiming for what we think is PPI which we took out on our HSBC mortgage for the first 3.5 years (July 2004 through December 2007). We still hold the mortgage with HSBC.

We took out our first mortgage, payment protection and also seperate (individual) life cover plans and home insurance with HSBC all at the same time.

We cancelled the protection policy after this period when we realised we had the option of taking out such a policy with a provider other than HSBC for less money.

I think we're right in thinking that the 'Mortgage Repayment Protection' (which is what our bank statements show as being taken off, £29.70 a month for 42 months) backed up by the seperate life cover plans, suggesting it is PPI and not some form of life cover. Are we correct that this MPR is PPI?

We were sold all the repayment, life and home insurance policies at the same time, and whilst we knew the home insurance policy was something we could get anywhere, the other stuff we assumed and were never told we could source elsewhere.

We were never told the PPI was required, but are we able to claim the PPI back on the basis of not being told we had the option of sourcing it elsewhere?

The Life Cover was very expensive and again we cancelled this the same time as the mortgage repayment protection. Is there anything we can claim on that front or is the PPI all we can look into at present?

Thanks for any replies.

Chris & Becky.

misschicken

Mortgage Repayment Protection (MRP) is Mortgage PPI

dunstonh

We were sold all the repayment, life and home insurance policies at the same time, and whilst we knew the home insurance policy was something we could get anywhere, the other stuff we assumed and were never told we could source elsewhere.

There is and never has been any requirement to tell you that you can buy elsewhere.

We were never told the PPI was required, but are we able to claim the PPI back on the basis of not being told we had the option of sourcing it elsewhere?

No. HSBC are tied agents and will only offer their own product.

The Life Cover was very expensive and again we cancelled this the same time as the mortgage repayment protection. Is there anything we can claim on that front or is the PPI all we can look into at present?

Banks are expensive. You dont go to a bank to get best quality and/or best price. However, you cannot complain about price either.

Nothing you have said has indicated any reason for complaint.

deanofrancisco

hi
any help would be gratefully received .In 2005 took out a mortgage with HSBC advised that needed to have MPPI i explained that didnt want it as had 6 months full pay and 6 months half pay with my employer , but still advised cover needed for mortgage . Also cover not fully explained as since 2000 i had a transplant in my left eye and still have problems and regular visits to a consultant with regards to this ailment which is in both eyes , so possibility that surgery will be required again , cover notes with policy states that pre existing ailment are not covered .
Anyone feel i have a case
regards
dean

dunstonh

Also cover not fully explained as since 2000 i had a transplant in my left eye and still have problems and regular visits to a consultant with regards to this ailment which is in both eyes , so possibility that surgery will be required again , cover notes with policy states that pre existing ailment are not covered .

That does not make it mis-sold. A medical condition has to be significant that it virtually excludes the possibility of coverage in most areas. Your eye condition would be excluded but nothing unrelated to that.

Anyone feel i have a case

If the policy is one that would pay out even though you have 6 months half, 6 months full pay, then you dont have a case. If they policy is one that wont pay out then you do. Your medical condition is not a reason for complaint. It is not severe enough to void cover.

gp2010

I know this is an old thread but wondered if anyone could advise on my case. We had the same hsbc product sold to us with our mortgage but my husband was self employed at the time and as we understand, the policy would therefore not have been appropriate for him as it would not have paid out if his contract was ended. Does this count as misselling as it was not an appropriate product for our needs?

dunstonh

but my husband was self employed at the time and as we understand, the policy would therefore not have been appropriate for him as it would not have paid out if his contract was ended.

Self employment is usually covered on MPPI. it is loan and credit card PPI where self employment has patchy coverage.

Does this count as misselling as it was not an appropriate product for our needs?

You need to ask HSBC if they would pay out in your husband's circumstances. If yes, then you have no complaint in that area. If no, then you do.