Should I, shouldn't I?

sdjames

Hi there

I was totally missold PPI in 2007, the employee said that the loan looked good to go, etc. He asked if I wanted PPI, I said no as had a stable job. He turned to his computer, typed a few things in, then turned around and said "computer says no! No PPI, no loan". He was clearly bumping up his wages via commission.

Anyhow, during 2010 I made a successful claim following redundancy and received c.£3000.

I contacted HSBC recently to make a claim for misselling, they have offered me £1500. The total cost of the PPI was £4500, I used £3000 and they've offered £1500. Should I take it to the Financial Ombudsman because at the end of the day, I was without doubt missold the PPI.

Will I forfeit the offer if I do go to the Ombudsman?

Regards

antrobus

sdjames wrote: »

...
I contacted HSBC recently to make a claim for misselling, they have offered me £1500. The total cost of the PPI was £4500, I used £3000 and they've offered £1500. Should I take it to the Financial Ombudsman because at the end of the day, I was without doubt missold the PPI.

Will I forfeit the offer if I do go to the Ombudsman?

...

If you go to the Ombudsman they will award you ...... £1,500. You might as well accept the offer on the table.

_Andy_

Does make me laugh when people say it was 'mis-sold' but made successful claims on it.

warwicktiger

_Andy_ wrote: »

Does make me laugh when people say it was 'mis-sold' but made successful claims on it.

Exactly.

The successful claim leads me to think it was very helpful selling by the bank advisor, I hope the op has made a point of trying to trace and thank him/her.

JimmyTheWig

sdjames wrote: »

Should I take it to the Financial Ombudsman

Ok, what you are entitled to if mis-sold is to be put back in the position you would have been in had you not been mis-sold.

Had they given you the loan without PPI then you could have built up £4500 in your bank account with the PPI premiums you weren't paying.
You would then have needed £3000 of this when you were made redundant.
Leaving you with £1500 in your bank account.

So the proper redress from the mis-selling would be to give you £1500 to put in your bank account. Which is what you are being offered.
The Ombudsman won't give you any more than that.

They might, however, decide that you weren't missold to. They might decide that, based on the fact that you claimed, that you were aware of the policy and that the policy was appropriate.
Given that you have nothing to gain from going to the ombudsman I would take their offer.

JimmyTheWig

warwicktiger wrote: »

The successful claim leads me to think it was very helpful selling by the bank advisor, I hope the op has made a point of trying to trace and thank him/her.

But they still claimed less that they paid out. So it wasn't that good a deal for them.
They still would have been better off (hence the offer of £1500) if the advisor had accepted that they didn't want the PPI.

warwicktiger

Clue........

PP Insurance !

The insured paid a premium, made a claim, the insurer paid out. With insurance you do not always get as much out as you pay in, my favourite definition of insurance, is "spreading the risk". Yes I accept that there are m,any instances of mis-selling PPI but in this case the sale seems valid, If I represented the insurer I would be miffed that the ombudsman had ordered any compensation at all.

[Deleted User]

warwicktiger wrote: »

If I represented the insurer I would be miffed that the ombudsman had ordered any compensation at all.

The Ombudsman ordered nothing, the Bank offered £1500, a definite win for the customer.

jellie

sdjames wrote: »

Hi there

I was totally missold PPI in 2007, the employee said that the loan looked good to go, etc. He asked if I wanted PPI, I said no as had a stable job. He turned to his computer, typed a few things in, then turned around and said "computer says no! No PPI, no loan". He was clearly bumping up his wages via commission.

Anyhow, during 2010 I made a successful claim following redundancy and received c.£3000.

I contacted HSBC recently to make a claim for misselling, they have offered me £1500. The total cost of the PPI was £4500, I used £3000 and they've offered £1500. Should I take it to the Financial Ombudsman because at the end of the day, I was without doubt missold the PPI.

Will I forfeit the offer if I do go to the Ombudsman?

Regards

What else do you believe you are entitled to and why?

sdjames

_Andy_ wrote: »

Does make me laugh when people say it was 'mis-sold' but made successful claims on it.

No disrespect to you Andy, but I was mis-sold the PPI. I was desperate for the loan as was paying 6 credit cards at crazy APR, my income was barely covering my debt. The employee knew I was desperate so he knew how to play it. I was over a barrel with my @rse in the air and he exploited it!

Don't get me wrong, i was and still am hugely grateful that the PPI was there when I needed it, but at the end of the day - I was MIS-SOLD PPI. FACT!

PPI is an option Andy, I said "no thank you", he said "Ok, no loan".

[Deleted User]

sdjames wrote: »

Don't get me wrong, i was and still am hugely grateful that the PPI was there when I needed it, but at the end of the day - I was MIS-SOLD PPI. FACT!

Yes, but you want the whole policy refunded to you despite having claimed two thirds of it already.

Accept the Bank's offer, you'll get no more.
Redress is defined as putting you back in the position you would have been if you didn't have the insurance.