Reclaiming PPI

jaspermoneysaver

I took out a loan with HSBC and it wasn't until a couple of years later my personal financial summary stated that I have taken out insurance. I believed this insurance to mis sold as I was self-employed and I had enough income/savings to pay off the loan.

I went to speak to them and they agreed to cancel the PPI but not reimburse me, they also advised taking out a new loan which I didn't want as the interest rate was much higher than the origninal loan. I decided to pay it all off as it was costing too much.

They stated as I had signed the loan aggreement which detailed aggreeing to have insurance that i would not get any money back.

I would be very grateful if anyone could offer some advice; I read an artical in the sunday times today which state that many PPI's have been miss sold and can be claimed back, unfortuatly I can't find any advice plans or template letters like there is available for unlawful bank charges.

Please point me in the right direction!

Cheers

oliviameg

I had the same problem the interest rate on the new loan they wanted me to take out was double the previous one where I ended up owing more than in the first place. I believe I was mis-sold as they never gave me the option to have it or not, they automatically done it, which I believed was part of the loan I took out. Sorry I can't point you in the right direction I am looking for some help myself - you are not alone!

spurs_nut

jaspermoneysaver wrote: »

I took out a loan with HSBC and it wasn't until a couple of years later my personal financial summary stated that I have taken out insurance. I believed this insurance to mis sold as I was self-employed and I had enough income/savings to pay off the loan.

I went to speak to them and they agreed to cancel the PPI but not reimburse me, they also advised taking out a new loan which I didn't want as the interest rate was much higher than the origninal loan. I decided to pay it all off as it was costing too much.

They stated as I had signed the loan aggreement which detailed aggreeing to have insurance that i would not get any money back.

I would be very grateful if anyone could offer some advice; I read an artical in the sunday times today which state that many PPI's have been miss sold and can be claimed back, unfortuatly I can't find any advice plans or template letters like there is available for unlawful bank charges.

Please point me in the right direction!

Cheers

They are no longer by law allowed to withhold a refund and in your case of being misold a policy your entitled to a full refund of your premium plus interest.

Although be prepared for a fight.

http://www.consumeractiongroup.co.uk/forum/ppi/

Try here for more info and support.

Hope this helps

evitaperon

PPI on an HSBC personal loan does cover you for unemployment as well as accident and sickness if you are self employed.

Cabaron

I actually did get my insurance back from clydesdale.I cleared a 10 yr loan in 13 months and was told I would recieve some of the 818.79 insurance back. It only amounted to 195.35 in the end. They explained how they worked it out to me. But what annoyed me was the early settlemment charges they were just stupid. Does anyone know how to claim back settlement charges back.

oliviameg

After writing off two letters to the bank complaining about PPI being mis-sold, I just received a letter from HSBC offering to return my PPI payments and cancelling it and I can take out a new loan with them at the same rate as the original. Success!!!!!!!!!