Endowment Mortgage & PPI & HSBC

lala7_2

I was sold an endowment Mortgage with critical illness in 1996. I was also sold PPI as a separate policy as I was told it was free initially for the first x months & that I required this for the loan to be successful. Usual pressure of what happens if you loose your job or become ill etc and young & nieve.

So I have the paper work, policy numbers etc...but:

1. Do I have a case to claim?
2. if so obviously the meeting was not recorded so what proof is their to say missold? I signed papers & paid out money to this PPI for years, until I paid of my mortgage.

I tried to claim against missold endowments a few years ago & was unsuccessful so would like to really understand what is my argument / case if i have one.

Cheers.

dunstonh

I was also sold PPI as a separate policy as I was told it was free initially for the first x months & that I required this for the loan to be successful

Quite common in the 90s. I recall deals from that period that insisted on the insurance purchase to get the deal. There is nothing wrong with that.

1. Do I have a case to claim?

Assuming you mean complain rather than claim, nothing you have said indicates any mis-sale. There is nothing wrong with having the insurance. Indeed, for most people it is the correct thing to do. Most people are sensible enough not to risk their house by not protecting it.

2. if so obviously the meeting was not recorded so what proof is their to say missold? I signed papers & paid out money to this PPI for years, until I paid of my mortgage.

Most verbal allegations fail unless there is a factual or provable reason or it gets auto paid out. HSBC are not auto paying out and it appears no wrong doing has taken place. So, based on that limited information, there appears to be no wrong doing to complain about.

lala7_2

Hi thanks for that but I am confused if the following applies:

Didn't make it clear the policy was optional or tell you about any cooling off period

Implied i take out their policy to qualify for the product or help with your application

Was very pushy when selling the product, so that you felt you could not say no


Does this not make an argument for a case?

Also Critical illness cover was with my mortgage already, surely this was a duplicate policy?

dunstonh

Didn't make it clear the policy was optional or tell you about any cooling off period

Implied i take out their policy to qualify for the product or help with your application

that is correct when you are told it was compulsory when it actually wasnt. When it is compulsory, then it is not a mis-sale reason.

Deals nowadays are rarely compulsory for insurance and havent been for most of the 2000s. However, for 80s and 90s it was very common.

Was very pushy when selling the product, so that you felt you could not say no

If you felt that way then why didnt you complain in the period afterwards? 16 years after the event is a strange time to complain about that.
What is your definition of pushy? They are allowed and required to disturb you. How do you prove that allegation after all this time?

Does this not make an argument for a case?

Very few complaints get upheld on the basis of unprovable allegations. There has to be an actual failing identified or you get lucky and yours in auto paid out. Most loan PPI complaints get paid out due to single premium front loaded with interest charged. Mortgage PPi is set up correctly when it is monthly premium. So, it gets far fewer complaints and has the lowest uphold rate of the different types of PPI. Partly as it is usually set up correctly and partly because it is covering a major debt and is viewed as being important.

Also Critical illness cover was with my mortgage already, surely this was a duplicate policy?

There is not a single area of overlap on a CI policy and PPI policy. Two totally different things.