Ppi offer from HSBC, but...

Vickles28

Hi everyone,
I made a quick call to HSBC recently to ask whether I'd paid PPI on a graduate loan I took out several years ago. To my surprise, only ten days later I've received a letter offering me £600.
Now, whilst I'm delighted that it was so straightforward to claim, I have a couple of reservations:
1) I don't have any of the paperwork regarding this loan - do you think it's worth me getting it from them so that I can check the offer is fair?
2) I got into some financial trouble not long after taking out the loan, and could not meet the repayments. This lead to HSBC forcing me to take out a 'managed' loan that I have only recently paid off, some 7 years later. If I had payment protection, should this not have been used to insure I had help with the repayments, to avoid having to take out the managed loan which has crippled me financially for all this time?!

Any advice gratefully received

-taff

If you defaulted on the loan, you wouldn't have paid all the PPI.
The PPI wasn't for financial trouble, it was in case you lost you job etc, so unless you met the criteria for claiming, you wouldn't have been able to.
You appear to be complaining that you had PPI and couldn't/didn't use it, and also then complaining it was missold.

Vickles28

It was missold because I wasn't aware of it. Now that I am aware, I was just wondering if I could have used it.

dunstonh

It was missold because I wasn't aware of it. Now that I am aware, I was just wondering if I could have used it.

Maybe you could have used it. However, now that you have complained it was mis-sold and they have agreed, that avenue has gone. Your complaint about mis-sale is asking them to void the insurance and refund the premiums as if they were never paid. They are doing that. You cannot now go back and say you want to claim on the policy as the policy has now been voided, as per your request.

The calculation for refunds is defined by the FSA. Do you have any reason for thinking it is incorrect?

kate1irwin1

Funnily enough I am in same situation, have only just sent off my PPI claim, not heard back yet. Do they take into account the interest you have paid on the managed loan because of the PPI?
Managed loans are bloody awful aren't they?!

[Deleted User]

kate1irwin1 wrote: »

Managed loans are bloody awful aren't they?!

I agree, but completely irrelevant to a PPI complaint I'm afraid.
If successful, you'll receive a full refund of any PPi you've paid plus 8% simple interest the same as other successful complainants.