Hsbc ppi

griff11

Hi all, hope that I have posted this in the right place!
In 2009 I took out a loan from the HSBC which was to cover a previous loan and take more money for a major purchase.
I know that the previous loan had PPI attached to it but cannot find any paperwork relating to it.
The "new" loan does have PPI and I have a checklist type of form which I have signed saying that all had been explained to me etc etc, but as I remember it at the time the life cover was really pushed hard onto me and there was a bank supervisor who sat in, didn't say a word and just looked very stern!
I really believed that taking this PPI was the factor whether I got the loan or not.
Question 1, have I got a leg to stand on re-claiming this PPI back?
Question 2, when the previous loan was paid off would I have paid off the PPi with it and is there anything I can do regards claiming this?

Hope this all makes sense and any response will be gratefully received.

spring.babe_2

I had a bank loan with HSBC over 10 years and had still got the original paperwork - so sent off claim form and copies of the agreement showing PPI.

Fantastic response from HSBC - they ack. my claim and also located another loan which followed on the original and asked me to complete another form which I had and did not need the paperwork or agreement.

within the 8 weeks I received an offer from HSBC on both loans with interest - result.

so go for it what have you to lose.

dunstonh

Question 1, have I got a leg to stand on re-claiming this PPI back?

Can you clarify if you have PPI or life assurance? You indicate it is life cover and PPI but this would be two different products.

griff11

Thanks for taking an interest, the paperwork says that there are actually 4 products that I am paying for 1, Life choices level life, 2, Lifechoices level trauma, 3, Life choices sickness and 4, Life choices unemployment choice.
As I see it it really is just PPI but knowing how crafty the banks are I suppose this is a loophole and i'll be entitled to nothing!

amersall

Did you pay the "insurances" in with the loan monthly payment, or were they made separately.

griff11

They are paid seperately about 7 days after the loan goes out. I've got a bad feeling about this one - it's not sounding good!!

[Deleted User]

Yes, being only three years ago, the Banks had learned their lessons. It's not front loaded and it seems to be broken up into individual insurance policies paid separately to the loan.
If you complain, expect the Bank to give you short shift, particularly because they got you to sign that "all had been explained to you".
However, if you think you have valid complaint reasons, by all means complain.

griff11

Thanks for all your advice, looks like I might leave it, shame really as I missed out on the bank charges reclaiming by a month or so a few years back!
Might ask the bank about previous PPI on the other loans though.
Thanks again all

[Deleted User]

griff11 wrote: »

Might ask the bank about previous PPI on the other loans though.

Send a Subject Access Request (SAR) letter
https://forums.moneysavingexpert.com/discussion/1475553
If a loan you had earlier was consolidated into the "new" loan, it won't matter that the most recent loan was set up correctly...

griff11

Thanks for that but could you explain if thats good or bad for me?
Sorry just a bit dense in these sort of matters!

[Deleted User]

griff11 wrote: »

Thanks for that but could you explain if thats good or bad for me?

Sure.
The previous loan PPI, if mis-sold and then consolidated into the most recent loan, will be treated as a single complaint with the 2008 loan. So you could end up with redress from all your loan PPI.