Final response letter from bank

richje100

Hi guys. Sent off my claim form Back in sept and had letter saying they will respond within 8wks which is today. Come home to a letter starting off "we have tried to contact you several times to discuss my allegations but to no success". No I've had no phone calls (wouldn't hav discussed it with them anyone cos any guarantee they are who thy at thy are) and neither any letters asking me to ring them. Also they are declining my complaint on the following:

At the time I purchased the protection plan it was HSBC process to issue me with a policy document and information pack which explained how the policy works.
I would also like to bring to your attention that the pack confirmed it was optional and had 30 days opt out. This provided you with time to read the spinner and raise any queries.

Therefore adequate steps was made to ensure you knew about the policy.

Any advice guys? I can't remember seeing such document and if there was one it would've been in a pile of about 30 pages, how would anyone be able to read through all of this?
The ppi was not explained at the point of signing the loan and therefore the key contents of my monthly payment not expalined.
I work for a very small insurance broker and I have seen claims being paid when the documents contain an exclusion but overturned because the ombudsman has commented "how do you expect a customer to read all this information "
Also, I've had 2 loans and only the one had ppi so surely ifi needed ppi I would've taken it on the 2nd one?

Any advice guys?

-taff

Your next step is the FOS. You need to show you coul dhae paid your loan with savings, or an extra income, or good work benefits, or that it excluded you in some way, or either with single premium.
Your next step is the FOS

richje100

thanks taff.
the grounds on which they have declined do you think the FOS would overturn them?
i had bonuses from work (albeit not guaranteed), full sick pay, family would help me out & my partner was in full time work but i suppose this wouldnt count!
just astonished that they wouldve expected everyone to read every document they give you which made up of about 30pages. it was signed for in branch too and i think i did the initial inquiry over a webchat which they agreed in principle.

-taff

full sick pay would help, and if it's single premium you're in with a good chance.

richje100

What is one premium?

-taff

Singel premium is an upfront loan to pay the PPI charge, and then they add interest to it, and then they add it to the loan. If it was single premium, you were paying one monthly amount, it wasn't taken separately.
If you consolidate with another loan, even if you don't take PPI out on the second one, a portion fo the interest will roll over to the second one.

richje100

Thanks for reply Taff really appreciate it. I don't know if it was single premium all I know is I was paying one monthly payment. Ill send te complaint to the fos and wait and see.

-taff

In that case, it was single premium.