Friend has HSBC statements...but no 'agreement'?

buel

Hi,
My friend had a loan with HSBC with PPI that ended in 2006.
He has the vast majority of statements from the loan period but not the agreement that actually shows the PPI was added to his loan.

HSBC have replied saying the expected 'We cannot find any proof of PPI on that loan, if you have any then send it to us'.

Am i right in thinking that the statements alone are not enough?

[Deleted User]

buel wrote: »

Hi,
My friend had a loan with HSBC with PPI that ended in 2006.
He has the vast majority of statements from the loan period but not the agreement that actually shows the PPI was added to his loan.

HSBC have replied saying the expected 'We cannot find any proof of PPI on that loan, if you have any then send it to us'.

Am i right in thinking that the statements alone are not enough?

The Statements are useful if the PPI is paid for separately, but not if the policy was incorporated into a front-loaded single monthly premium.
Does your friend have any idea of the actual amount of the loan?

buel

Hi, thank you!
He knows the exact amount?

[Deleted User]

buel wrote: »

Hi, thank you!
He knows the exact amount?

Well, if he also knows the interest rate charged and the term of the loan he may be able to convince the Bank armed with that information.
It'll be an uphill struggle, though!

buel

Hi,
an update:

My friend has now found some statements (not loan agreements) where he claims that he has found the exact amount of the loan and then the subsequent deductions/payments so he believes that being as the PPI isn't visible on there then he may not have had it.

My argument is that if it was 'front loaded' then it wouldn't show on a statement but only on a loan agreement.

My two questions are:
1, Am i right in thinking that?
2, The loans started over 6 six years ago but finished under 6 years ago. If he sends an SAR will he not get the loan agreements and just the 'tail end' of the statemenets?

manama

Hsbc had my loan details from 2000....I would say good chance there was on ppi..

Has he got his bank statement from when he got the loan? When I took my one out my bank statement showed money going in, and then insurance coming out...could help.

buel

Thanks.
Well if the insurance/ppi was added to the loan amount at the beginning then all that would show on the statements is the total amount so that's where my friend's problem lies.

Please can anyone help answer my two questions?

amersall

Do the Sar, ask for all info they hold on you and not just the agreement.

If you get the agreement then if PPI is on there it will show as a separate item with the interest.
Some get info back from the 90s so do the Sar and see what comes back.

buel

amersall wrote: »

Do the Sar, ask for all info they hold on you and not just the agreement.

If you get the agreement then if PPI is on there it will show as a separate item with the interest.
Some get info back from the 90s so do the Sar and see what comes back.

Thanks for that.
However, i have to ask question 2 again:
2, The loans started over 6 six years ago but finished under 6 years ago. If he sends an SAR will he not get the loan agreements and just the 'tail end' of the statemenets?

misschicken

There's only one way to find out. Often the banks have archived records going back longer than 6 years - an SAR will bring those to the surface in theory. I've had paperwork going back further than 6 years from SARs.