PPI, loan ad bank charges

sam1craven

Jacques im well aware now of what the insurance would have covered me for but at the time i wasn't. Can some1 please then explain to me under what circumstances ppi has been mis sold?

-taff

You were in full employment, had a good sick pay deal, with either redundnacy or death in service [not a guaranteed thing but still thatwould work], you couldn't have been made redundant [armed forces or police], you had a pre-existing illness, you were self employed and the terms meant you would have had to wind up your business, you had savings, you had another income.

sam1craven

Its ok i have found it myself and according to this info i would have been mis sold it due to the policy exclusions not explained to me and the advice i was given from HSBC that i was covered even if i went into unemployment due to maternity. This is a claims management company.

There are four main categories of claim exemption:

1. Medically Exempt. All those with pre-existing conditions will find it nearly impossible to claim. Anyone with a history of heart complaints, high blood pressure, asthma, diabetes, high cholesterol, back complaints or even migraine may have their claim refused.
2. Income Exempt. All those with irregular, insubstantial or variable sources of income will also see their claims rejected. These include students, contract workers, the self-employed, housewives, retired, company directors and part-time workers.
3. Existing Cover Exempt. Anyone who receives full sick pay when they are absent from work will see their claim refused. These include all public sector workers, nurses, doctors, policemen and women, those in the armed services, government or local authority employees. It also includes anyone who has alternative accident, sickness and redundancy cover either through their job or through an existing policy.
4. Mis-selling Exempt. This includes individuals who have been not been given all the facts or given misleading information to coerce or force them in to purchasing a policy. This would cover all those who had been told they could not take out a loan without taking PPI; those who had not even been told they had taken PPI; those who had not been informed that they would pay interest on the PPI; those who had not been informed that the PPI cover only lasted for 60 months; those who were never told that they could purchase cheaper cover elsewhere.

Although these are the four main categories, if any of the following apply, it is likely you were mis-sold Payment Protection Insurance and can make a claim:-

• You were not told that the Payment Protection Insurance was optional and it was indicated that the PPI was a compulsory part of the loan
• You were led to believe that your application for credit would be rejected if you did not take out the insurance.
• The policy exclusions were not explained to you either before, or at the time, you took out the insurance.
• You were suffering from a medical condition at the time you took out the policy and were not made aware of the specific exclusion which relates to pre-existing medical conditions.
• You were self employed / unemployed / in temporary employment / on a fixed term contract/retired at the time you took out the policy, and were not made aware of the specific exclusions relating to unemployment cover
• You were over the maximum age covered by the payment protection plan
• It was not explained to you that the policy premium would be paid upfront as a single premium and would be added to your debt and attract interest.
• The expiration date of the policy was not made clear to you when you were sold the Payment Protection Insurance

Thanks for the help

_Andy_

I thought HSBC had already paid out on your PPI complaint though?

sam1craven

I have in regards to the loan ppi but not the credit card ppi, but im also pushing for charges I incurred during financial hardship

_Andy_

Ok so to clarify (so others can help more easily) you're wanting to complain/get advice on

- Loan / bank charges
- Credit Cards PPI

and not

- On whether the loan was mis-sold
- Or the loan PPI (which as been paid)

-taff

Well now...how and when did you buy the credit card? In the bank, online or by post?

And the ship has sailed on bank charges, you can reclaim if they weren't reasonable, but otherwise, not much chance.

And there are no categories of exemption and claims companies put a load of rubbish on their sites to entice the gullible.

JuicyJesus

sam1craven wrote: »

I have in regards to the loan ppi but not the credit card ppi, but im also pushing for charges I incurred during financial hardship

The financial hardship reason isn't retroactive; you can't just say "I was in financial hardship x years ago, give me my money back". You have to be in current, clear financial hardship (i.e. you can't pay priority bills like council tax, rent/mortgage and food) and they will want to see proof. They will offer you assistance as best they can with the hardship, which may or may not involve refunding charges but will probably not involve all of your charges from the past x years being refunded.

sam1craven

The Ombudsman has said it will only look at cases based on ‘fairness' criteria – in other words, if you have been harshly or unfairly treated. It's specifically noted three different reasons which it would be likely to look at on this basis.
They can either apply to your situation now, or at some point in the past. Yet importantly, if you're no longer in hardship, the Ombudsman will look at how your bank treated you at the time and whether you are still struggling. To help your case, you should have contacted your bank for help when you had the difficulties.
So check whether you fit in one or more…
We've used these criteria, as well as guidance from the Ombudsman, to try to give some ideas as to what would count as hardship.
You're likely to have to meet several of these criteria to be successful, not just one, and you'll need to give the bank full details about how you've been affected.

• Can't pay for necessities. You're struggling to meet basic necessities, including your mortgage, council tax, food and utility bills.
• Can't pay debts. You're struggling to make loan and credit card repayments.
• Income eaten by charges. Your income's being eaten up by repaying charges (for example, you're being asked to pay £50 of charges from a £100 weekly benefit income).
  
  Note: this doesn't specifically cover the deduction of bank charges from your benefits under the Social Security Administration Act 1992 - this is an urban myth.
• Payments regularly returned. Your payments regularly get returned unpaid as you don't have enough money in your account.
• Substantial drop in income. For example, you've lost your job, started a lower paid job, needed to take parental or carers' leave, your partner has died, you've separated from your partner, you've started full time education or you/your partner has been in, or gone to, prison.
• Disability or illness. You've needed to increase spending on something due to a disability or serious illness.
• Going bankrupt or into debt management. You're going bankrupt, getting an IVA or debt relief order or are in a debt management plan.
• Continually living off credit. You're living off credit and regularly need to increase your credit limit.
• Regular credit card cash withdrawals. You are using regular cash withdrawals from credit cards to make ends meet
• Frequently over your overdraft limit. You frequently go over your overdraft limit. In earlier incarnations of hardship rules this was explained as having more than £500 of charges a year – so that seems a good benchmark.
• Bank charges have hurt your situation. The charges have contributed to making your financial hardship situation materially worse.

I found all this on this website, which clearly states i can claim hardship from the past and also 8 of these match my situation. I have been in financial hardship since 2008 and still am.

dunstonh

So yes, I might have got pregnant but like I said I was told that id be covered for that.

That isnt what you said in post 1. What you said in post #1 you would be covered for.

I found all this on this website, which clearly states i can claim hardship from the past and also 8 of these match my situation. I have been in financial hardship since 2008 and still am.

even some of those reasons are weak or not likely to succeed. Bankrupt for example - any refund goes to the official receiver. Not you. Continuing living off credit isnt a reason either. For some that is just a lifestyle choice.