HSBC PPI Claim

GlamGirlie

It is a lump sum paid at the start to the INSURER (normally part of the same bank).

However, rather than debit the cost of the insurance to you in one lump, the amount is added to the loan, then you pay it back monthly with interest.

So the premium is paid by the bank to the insurer up front in a single premium, then you pay back the bank each month.

[Deleted User]

VivaPayne wrote: »

So would my claim be a single premium PPI as I was paying £87 a month ontop of my loan payment?

GlamGirlie wrote: »

So the premium is paid by the bank to the insurer up front in a single premium, then you pay back the bank each month.

Yes, but VivaPayne doesn't have "front loaded" PPI if her monthly PPI payment is separate from her loan repayment.

littlesue

what clever and helpful people we have on this site. We are currently claiming back mis-sold ppi with Northern Rock. We are paying £83 a month on top of our loan which we didn't realise it was like that until we looked at our paper work. Does that count as mis selling then?.

GlamGirlie

littlesue wrote: »

what clever and helpful people we have on this site. We are currently claiming back mis-sold ppi with Northern Rock. We are paying £83 a month on top of our loan which we didn't realise it was like that until we looked at our paper work. Does that count as mis selling then?.

It is only mis-selling if the protection wasn't appropriate for you at the time (eg the criteria for eligibility said you had to be working 16 hours a week when you actually only worked 12), or if you were told taking the insurance would mean it would be more likely to be approved, or if you genuinely didn't know you had it.

The trouble is, the world and his wife are jumping on the band wagon, when they knew exactly what they were buying and that it was suited to their needs at the time.

I had PPI on two loans I took in the late 90's, I knew what I was signing, I knew the cost, and I was employed full time so I was eligible. Hence, I would have no claim.

littlesue

we felt pressured to take the ppi thats why we did it. But when i read the paper work the other day we didn't know the ppi would be added on top of our loan in one lump sum.
I know a lot of people are claiming. I'm also sick of getting phone calls from ppi companies.The other day i was at school picking up the kids when my mobile rang and it was a ppi company. I was really annoyed, i don't even know how they got my number, i don't give it out freely and they said they had been passed on my records and i had good chance of getting my money back. I told them where to go and hung up. I mean, how are they getting peoples phone numbers? we're x-directory.

VivaPayne

Moneyineptitude wrote: »

Yes, but VivaPayne doesn't have "front loaded" PPI if her monthly PPI payment is separate from her loan repayment.

Thanks for that. I think I wrongly assumed 'front loaded' and 'single payment' were the same thing.

And I'm a him, not a her!

Banana_Hammock

Going thru the same thing myself with Natwest, I have 4 loand with Front Loaded pPI on and was Self Employed when It was taken out, the policy is no good to me at all bar Bankruptancy or Insolvency it appears so trying to reclaim what Id paid out over the years, good luck to you and also the help on here is worth its weight in gold.

VivaPayne

Thank you very much, and good luck to you too!

This morning I received a letter from HSBC about my claim by it had a blank questionnaire in and asked me to complete it and send it back. I assume this is standard practice for them. Would you suggest printing my copies off again and send them back to them?

[Deleted User]

VivaPayne wrote: »

This morning I received a letter from HSBC about my claim by it had a blank questionnaire in and asked me to complete it and send it back.

The form letter actually states "If you have not already done so,"

The next letter (in a few weeks) will tell you that they "regret to advise you that our enquiries into the circumstances surrounding your complaint are not yet complete". The full and final response (which is the only important one) will be along around eight weeks from the date of your original complaint.

amersall

Front loaded ( added to loan with interest over the term) and single premium ( lump sum put on the loan over term with interest)are the same, it is a stand alone PPI that is paid each month separately to the loan, this is the best Insurance as you can cancel this month to month with no penalty, whereas the SP and FL PPI if cancelled, would result in the loan term and/or APR increasing, you would get a rebate of the PPI but the remaining PPI is still on the loan to term end with interest.

Not showing off just clarifying.