Bank Told Me To Deliberately Put Loan Account In Arrears!!

Crinklewood

Hi,
I set off with one complaint about PPI with my bank. It turned into 3 different complaints with how they "advised me" in 2007 when my world turned upside down, etc etc.

In my discussions on the telephone with them this week, I was dragged through a financial circumstances questionnaire, told the PPI repayment would pay the Managed Loan (which I shouldn't have because I had the PPI in 2007, I was ill then but adviser didn't flag it up - 2nd complaint).

I objected and the Adviser I was speaking to told me to stop my Managed Loan payments for 3 months until all complaints sorted and whilst it would put my account in arrears not to worry because the PPI payment would sort it out eventually!!
I've written to HSBC Complaints about this advice.

Surely it is illegal for a Financial Institution to advise a customer to deliberately let a loan account go into arrears?:mad:
Be very careful when dealing with these people.
Cheers

-taff

I very much doubt it's illegal. At least you have it written down that they advised you to do this.

Crinklewood

Hi,

It's like digging in murky waters or a quicksand. The further along the complaint route I go and more questions I ask, the more I get passed from department to department. I thought being told to deliberately not pay my loan payments just took the biscuit.

Particularly when they have acknowledged a fault because they offered me the first year's interest back on the loan along with PPI repayment which, when I did my own calculations, did not add up either.

Also, I'm disabled and currently receiving hospital treatment for a serious illness every afternoon (something the bank know about) - still got a phone call on my mobile from the bank. When I said I couldn't talk, the person talked to me as if I was a criminal because I wouldn't talk.

I'm sitting back and waiting for the Head of Complaints (Centre of Excellence !!) to respond to my letter.

I would advise anybody trying to deal with their own bank to be very careful and watch their every move.