HSBC PPI Assistance Please

Lou2006

Hi Everyone,

This is my first thread on MSE and I am wondering if I can get some advice. I sent a FSA questionnaire to my bank, HSBC, about 9-10 weeks ago.

Due to me noticing on this website that you can apparently claim PPI on overdrafts I asked HSBC to investigate my entire financial services with them (I have only ever had loans and overdrafts with them). I asked if they could check to see if PPI or its equivalent was applied knowingly or unknowingly or with concealed/hidden charges to any of my loans and overdrafts.

They initially replied stating that they were looking into my claim and also saying "I can also confirm that overdraft products do not benefit from PPI". I thought this was a strange way of replying to my initial question as they did not supply a yes or no!

They have since offered me £1700 from my loans. I sent them an email after receiving their offer asking them to answer my questions concerning PPI on overdrafts and updated it by also including Overdraft Protection Insurance (also asking for the dates of these loans).

Today they have replied saying that having reviewed this matter further, their position remains the same (e.g. they are only offering what they originally said they would offer). My issue is that I believe HSBC have not answered my question regarding PPI/OPI on my overdrafts, have they included it yes or no? I have no evidence that there is PPI/OPI on my overdrafts. Should I just accept what has been offered or dig further?

Sorry for the 'wordathon'.

Little_Miss_Uni-Debt

Hi Lou,

I would take their letter to mean that they don't sell PPI on overdrafts, so that would be a no. I can't say I've heard of PPI on overdrafts before. Bank charges - yes but not Insurance.

With regards to the £1700 you really need to have worked out what you paid originally to see if what they are offering is fair.

Keep the offer letter very safe while you do some investigations.

You could send a SAR (Subject Access Request letter) to the bank and they would respond with all your banking history, so you could see exactly what you paid, then you could work out interest etc.

Try going back through your online bank account history to the date your loans started, see if your PPI was listed as a separate figure.

Mine are are listed as "LOAN PROTECTION" on my HSBC statement.

If they've made you a reasonable offer, then take it. You can do a lot with £1700.

[Deleted User]

Lou2006 wrote: »

"I can also confirm that overdraft products do not benefit from PPI". I thought this was a strange way of replying to my initial question as they did not supply a yes or no!

They are replying "no" indirectly by telling you that PPI policies were not available on overdrafts. If they weren't available, you couldn't have had a policy.

Lou2006 wrote: »

They have since offered me £1700 from my loans. I sent them an email after receiving their offer asking them to answer my questions concerning PPI on overdrafts

Why are you delaying acceptance of this offer? Your loans are an entirely separate issue to any concerns you may still have over overdrafts.
Accept the offer.
Investigate the overdraft situation separately and subsequently make another complaint if appropriate.