Advice muchly appreciated! Ancient HSBC insurances :-)

Supermop

Hi everyone,

I've been going through old paperwork today to try and sort out my accounts etc. I destroyed a LOT of paperwork 18 months ago but have come across some bits and pieces which miraculously survived.

'PERSONAL LOAN PROTECTION PLAN'
One file is for a "Personal Loan Protection Plan" and I'm not sure if this is PPI. It was with a batch of documentation with a loan I took out in 2001.

It states that the 'Principal Loan' is for £4000, plus £1243.84 interest at 14.9% PLUS 'Credit Protection Insurance Loan' which is broken down as follows:-

Amount of premium = £725.22
Amount of Loan = £720.00
Charge for Credit (14.9%) = £223.89
Total payable = £943.89

Payable at £19.40 over 48 months.

A box says 'I have decided to take Personal Loan Protection' and the credit agreement was signed. There's no opt out box.

I honestly can't remember whether I agreed to it or not (it was 11 years ago!) and I am pretty sure the loan in question would have been paid off early with extending my mortgage when I moved lenders a year or so later.

Do you think this is worth pursuing?

'MORTGAGE PROTECTION PLAN WITH CRITICAL ILLNESS BENEFIT'
This was sold to me when I got my first ever mortgage with HSBC in 2001 and I DO remember I was scared into it in that instance by the lady at the bank who told me repossession horror stories.

The sum assured was £44250 (bless!) and was payable at £15.57 per month until 2026. I did some equity release to take my mortgage up to £54000 in 2002, in order to pay off a car loan I had.

I have a sole surviving bank statement from August 2002 and in addition to the £15.57 I'm paying 'HSBC Mortgage Protection' of £20.79. I have no idea what this is but I do have a policy number!

I've got a letter from July 2003 saying I've cancelled the Life policy for £15.39 a month and in August 2003 saying the policy had now lapsed.

In July 2003 I paid £53,232.86 to close the mortgage loan by signing up with a financial advisor who arranged a new mortgage for me with Yorkshire Building Society and Life Protection with Skandia and Pioneer Friendly Income Protection. These premiums were £23-odd each. I've got the policy documentation for these, but no longer have the Yorkshire Building Society docs to see if I had mortgage protection there that was unnecessary given the above two products.

Basically, I'm not sure where to start with these ancient loans and if it's even going to be financially worth it?

Supermop

Alo, to add: I had an Egg credit card from Dec 2002. I have NO records about that at all to know whether I paid PPI. It's on my credit file, but that's it. Is that one dead in the water?

amersall

With the Credit card, use the last 4 digits on the card and ask the bank if they can find the account, if they can't then there is no way to get this info as the data would have been destroyed to the lapse of time.
With the loan PPI, this is Single Premium, use this as a reason for mis sell and put the complaint in.

The Mortgage one, you need to post here
http://forums.moneysavingexpert.com/forumdisplay.php?f=187
They can help you more with this.

dunstonh

This was sold to me when I got my first ever mortgage with HSBC in 2001 and I DO remember I was scared into it in that instance by the lady at the bank who told me repossession horror stories.

Good to hear she did her job correctly. An adviser is required to make you aware of risks and consequences.

In July 2003 I paid £53,232.86 to close the mortgage loan by signing up with a financial advisor who arranged a new mortgage for me with Yorkshire Building Society and Life Protection with Skandia and Pioneer Friendly Income Protection. These premiums were £23-odd each. I've got the policy documentation for these, but no longer have the Yorkshire Building Society docs to see if I had mortgage protection there that was unnecessary given the above two products.

Skandia was high quality protection and Pioneer was very good PHI. SO, some quality products there. Both of those would have been arranged by an IFA. Based on limited info, that it is a good choice of product for that time.

Supermop

dunstonh wrote: »

Skandia was high quality protection and Pioneer was very good PHI. SO, some quality products there. Both of those would have been arranged by an IFA. Based on limited info, that it is a good choice of product for that time.

Thanks. To reiterate, I don't have a problem with these, the issue I wondered about was whether I had insurance as an add on to my Yorkshire Building Society mortgage imposed by them that I was unaware of. I chose Skandia and Pioneer for their cover and so Yorkshire Building Society insurance would have been unnecessary. However, I've made a further discovery in a letter from my IFA stating that 'Your lender does not require you to pay high percentage loan insurance', so now I'm pretty satisfied that they wouldn't have included it as part of the mortgage loan.

dunstonh

However, I've made a further discovery in a letter from my IFA stating that 'Your lender does not require you to pay high percentage loan insurance', so now I'm pretty satisfied that they wouldn't have included it as part of the mortgage loan.

That is MIG. It used to be charged on low deposit mortgages to protect the lender. You dont see it much nowadays. It is not PPI. If you had PPI, it would be a monthly direct debit going out. When you use an IFA or mortgage adviser, they will not use provider's own products.