PPI failure

[Deleted User]

-taff wrote: »

Hmmm...I'm thinking that thanks to the PPI debacle, companies are now actually destroying their records.

Well, it's only an FSA recommendation to destroy after six years, but I do suspect the Banks apply it rather more stringently than they might have done had the PPI scandal not occurred.

magpiecottage

hirobmay wrote: »

so I have to prove I had payment protection, rather they having to prove I did not

That is correct. If it was not, I could claim you owed me £1 million and the onus would then be on you to prove I did not.

That road leads to chaos.

close to contacting a PPI claim back company if I have nowhere to go

They can do nothing more than put a stamp on an envelope and put it in the post. They have no particular skills, are mostly unqualified and all looking for easy wins.

Living_a_good_life

Hi sorry to hijack this thread - I've had the same letter today re a PPI claim for a loan that ended in 2004 - I have the loan agreement but no statements proving repayment as I only keep my bank statements for 7 years. Sending in what I have - anyone got any idea what if anything is likely to come of this?

Thanks for reading

Should add this is also with HSBC

Update - had a good old turf out and found some statements - thought I'd decluttered the lot ages ago - back atcha Mr HSBC

hirobmay

Hi all,
I want to bump this post after listening to an old podcast of BBCR4’s ‘Money Box’ and a comment made by UK consumer Lawyer & social justice campaigner, Mr Mike Dailly (@mikedailly) .
The episode is dated 25th September 2013 and the related slot starts about 14minutes in.
The caller’s story is the same as mine in regard to a personal loan from HSBC. The claim was rejected due to the fact that HSBC cannot keep records over 6 years, so they put the emphasis back on the consumer to provide the evidence.
Like me, the caller had no statements kept as evidence from this old loan.
At this same point last year my claim went cold (see above) but Mike Dailly quotes on BBC’s MoneyBox, the following:
‘The fact that they say they haven’t kept the paperwork is not the end of the matter. The financial conduct authority that regulate all the Banks has made it absolutely crystal clear that firms that have mis-sold PPI need to go back and need to go over all of those sales and look to redress the losses that consumers across the UK have suffered, so this is an excuse. I think what you need to do is make a formal complaint the them to say that they should be looking to piece together what they can do to work out if your due a refund, and if you were mis-sold, and if they don’t do that is that you can take a complaint to the financial ombudsman service, so don’t take that answer as the end of the matter’
Upon hearing this I am re invigorated to pursue this claim.
What now? So I plan to write back to the HSBC’s regulated Sales Complaints office in Bristol, stating words to this effect, also including the original claim form.
Any other templates, tips, or advice on this?
One worry I have is that HSBC say on the letter that if I wish to take this to the Ombudsman then I should do so within 6 months of the date of the reply. Can they really dictate the timing on the claims?
Thanks,
Rob.

dunstonh

‘The fact that they say they haven’t kept the paperwork is not the end of the matter. The financial conduct authority that regulate all the Banks has made it absolutely crystal clear that firms that have mis-sold PPI need to go back and need to go over all of those sales and look to redress the losses that consumers across the UK have suffered, so this is an excuse. I think what you need to do is make a formal complaint the them to say that they should be looking to piece together what they can do to work out if your due a refund, and if you were mis-sold, and if they don’t do that is that you can take a complaint to the financial ombudsman service, so don’t take that answer as the end of the matter’

I think you misunderstand. The regulator said that when a complaint is upheld but no records exist, then they have to calculate what would have been paid on the loan PPI. That is different to there not being any records to support the complaint.

One worry I have is that HSBC say on the letter that if I wish to take this to the Ombudsman then I should do so within 6 months of the date of the reply. Can they really dictate the timing on the claims?

They cant. It is the regulator that dictate it and 6 months is the timescale set by them.

hirobmay

Hi,
Thanks for a quick reply.

If 1st base is acknowledging PPI was attached to a product, and 2nd base is upholding the complaint, I feel that HSBC and I have not reached first base yet.
If the FCA have put emphasis on the Banks to check for mis sold policies (as per the quote) then what is wrong with my complaint?
Thanks,
Rob.

dunstonh

If 1st base is acknowledging PPI was attached to a product, and 2nd base is upholding the complaint, I feel that HSBC and I have not reached first base yet.

1st base is acknowledging PPI was attached.
2nd base is really you making your complaint and giving reasons
3rd base is them seeing if your complaint is provable or likely
4th base is then working out how much to repay if your complaint is successful

If the FCA have put emphasis on the Banks to check for mis sold policies (as per the quote) then what is wrong with my complaint?

I dont know what your complaint is. However, if it is a weak complaint (such as an unprovable allegation of what was said) then they would rely on documentation to see if there are other failures. If no paperwork exists, they cannot see if there are other failures. So, they can reject the first point. If its a strong complaint reason, then they should consider those as they dont need paperwork.

safestored4

You are grasping at straws here. If you have no documentary evidence to support your claim that you had PPI (before even considering whether or not it was improperly sold) and the bank no longer have any records then it's game over. No business can be expected to to keep records forever, and while not wishing to pass judgement, for all we know you are making the whole thing up and are looking for some free money.

[Deleted User]

Coming back here a year after the thread was started with the same complaint and the same circumstance is not going to result in a payout.

You have no records of PPI, neither do the Bank. You are wasting your time pursuing this.

hirobmay

In my case I had a loan, with an account number and sort code associated with it. I don't know if I had PPI (Ive forgotten and cant prove it) but is this quote incorrect?

‘The fact that they say they haven’t kept the paperwork is not the end of the matter. The financial conduct authority that regulate all the Banks has made it absolutely crystal clear that firms that have mis-sold PPI need to go back and need to go over all of those sales and look to redress the losses that consumers across the UK have suffered, so this is an excuse. I think what you need to do is make a formal complaint the them to say that they should be looking to piece together what they can do to work out if your due a refund, and if you were mis-sold, and if they don’t do that is that you can take a complaint to the financial ombudsman service, so don’t take that answer as the end of the matter’

They have evidence of the account, my understanding of the ruling puts emphasis on them proving their innocence as they've been guilty in many cases. I feel they can dig deeper.
am I wrong?