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HSBC Historic Staff Loan

sonyhill
sonyhill Posts: 2 Newbie
in Reclaim PPI & other insurance
Hi

I apologise in advance if this matter has been covered before.

I had a loan with HSBC when I was employed by them back in 2001 / 2002. It suddenly dawned on me recently that we were not allowed to opt out of the PPI that went with the loan.

I do not hold any details of the loan anymore and wondered what my chances were of getting anything back from HSBC.

Does anyone have any experience of repayments from HSBC or indeed a similar situation to mine?

One other thing - Is there an easy step by step guide for handling the whole reclaim process anywhere on this site? Without trudging through 5 years of forums?

Any help would be really appreciated.

Comments

  • dunstonh
    dunstonh Posts: 121,294 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    It suddenly dawned on me recently that we were not allowed to opt out of the PPI that went with the loan.

    That means it was not mis-sold then.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • sonyhill
    sonyhill Posts: 2 Newbie
    Is that how it would be viewed then? Or just your view?

    I would have thought the fact that I could not wriggle out of having it was justification for a claim.

    Have you had any experience of this kind of case?
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    sonyhill wrote: »
    I would have thought the fact that I could not wriggle out of having it was justification for a claim.
    If the PPI was a condition of the loan for staff members then how can it have been mis-sold to you? It would only be mis-sold if you were told it was compulsory when it wasn't.
  • dunstonh
    dunstonh Posts: 121,294 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Is that how it would be viewed then? Or just your view?
    Its not my view. If purchase of an insurance was a requirement then it cannot be mis-sold.

    You are not getting a choice in the matter. Its not something you can opt to have or not. it is a condition.
    Have you had any experience of this kind of case?

    There are FOS outcomes published that have resulted in rejection where the insurance was a condition of the borrowing.

    http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=20819
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    dunstonh wrote: »
    There are FOS outcomes published that have resulted in rejection where the insurance was a condition of the borrowing.

    http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=20819
    The key sentence from that link;
    "it is for the lender to decide the terms on which it is prepared to lend, and such a practice is not prohibited".
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