HSBC Letter RE PPI

Sarah2490

Hi

Just over 7 weeks ago I had a letter form HSBC about being miss sold PPI. I hadn't though about PPI . . I was one of those people still in a bubble not understanding what it was all about.

Any way the letter said HSBC were reviewing policies and I had been identified as a customer that might have been miss sold PPI. It requested that I filled in the survey/questions provided and returned it to them.

I was one of those people who though you had to have PPI with loans/card ect so I put this on the form where it asked for it. I did not have any PPI policy numbers so left that part blank.

A few days later I received a standard letter saying they'd received the claim it can take up to 8 weeks to process and I would get an update in 4 weeks. I received another letter a few day after the 4 week mark saying they were still dealing with claims older than mine and that will look to resolve my claim in the next 4 week or write to me again advising why not.

This letter had 3 policy numbers on the it so I presume I have had 3 PPI's over the years with them (I took my first loan with them in 2001 ish I also had a credit card with them 2004- ish)

Any one had the same letter? What's the likelihood of getting anything back? What might I get back if I do get something

Thanks in advance for any info/help I realy don't know anything about this at all

amersall

If you win mis sell they give you the whole PPI back plus the 8%, if one loan consolidated into the next then at settlement of these loans you would have been given a rebate of the PPI and they will take this off any redress that they pay you.

If you have been mis sold there is a very good chance that you will win.

Fingers crossed.

roonaldo

Sarah2490 wrote: »

Hi

Any one had the same letter? What's the likelihood of getting anything back? What might I get back if I do get something

Probably most likely you will see some money. They are writing to customers where they know there has been sales failings and have identified that you were probably mis-sold.

Sarah2490

Thanks

The 8 weeks is up next Fridays so we shall see what they say!

amersall

Fingers crossed x.

mbtstars

Hi, I wish I had left my complaint to HSBC now, perhaps they wouldve contacted me regarding mastercard that opened in August 1990. They are only refunding period 2005-2012....I have been passed from pillar to post and they are digging their heels in with my request for consideration for earlier ppi payments

[Deleted User]

mbtstars wrote: »

perhaps they wouldve contacted me regarding mastercard that opened in August 1990.

I'm certain you'd have been waiting forever for the Bank to make contact about PPI dating back 22 years!
The reason they will not pay for periods earlier than 2005 is that they have destroyed your records from earlier than this in accordance with FSA guidelines.
In order for you to have any hope of redress from this earlier period you'd have to provide them with comprehensive documentary proof (statements etc) from your own archive.
If you have no such documents it's game over, I'm afraid.

At least you will receive what you paid over the last seven years.

eddgti

hi people, im currently awaiting a reply from hsbc for 4 seperate ppi claims 2 of which are over 8 years ago.i provided copies of the original loan agreement and statements from these years.do you think i stand a good a good chance off a repayment?

DebtMagnet

Moneyineptitude wrote: »

The reason they will not pay for periods earlier than 2005 is that they have destroyed your records from earlier than this in accordance with FSA guidelines.
In order for you to have any hope of redress from this earlier period you'd have to provide them with comprehensive documentary proof (statements etc) from your own archive.
If you have no such documents it's game over, I'm afraid.

At least you will receive what you paid over the last seven years.

I had never heard this before?

I have a claim in with HSBC going back at least 10 years. Ironically I have all my statements going back to 2005 but can't find any before that!!!

I just presumed with it being an active account that they would be able to work out the rest from my history of balances but seems that I am mistaken.

And seeing as I canceled the PPI not long after 2005 it would mean that the vast majority of what I paid will not be refunded?

Pretty gutted if so as they did mis-sell the PPI and it looks like they will get away with it