HSBC PPI Letter - getting the optimum result

Ginger11

Hi all,

I have received a letter from HSBC explaining that I was sold PPI "when I took out a personal loan" with them. This was somewhat surprising, as I had previously contacted their PPI team by telephone to discuss my suspicions that I had been sold PPI. As I understood it, my loan was a "managed loan" and they told me immediately that there was no way I could have been sold PPI because that wasn't available on a managed loan (they took my name and checked my records I believe, so it's strange that this didn't come up then).

I now want to make sure I get the optimum result from this (without being deceptive of course). The problem I have is that it was over 12 years ago that I was sold the loan, and it was paid off about 6 years ago - my memory is a little hazy and I was sure the loan I was given was a managed type (which apparently doesn't carry PPI). I remember the lady in the office being quite firm that I needed to consolidate my student overdraft and credit card into the ML. I also remember her suggesting, should I not be able to meet payments due to ill health (I was a perfectly healthy 21 year old), that I take out some protection against this. Unfortunately I don't have any documents of the loan to hand - they're all at home a few hundred miles away.

I suppose what I am asking is - (1) did any people who have had managed loans get sold PPI, and if so what this itself an error because ML would never have required such protection?

(2) What's the best tack to take when completing the form - in terms of the optimum result for the "consumer" rather than the bank?

Thanks!

[Deleted User]

You need to focus on constructing a robust mis-selling complaint and forget about the "managed loan" aspect. Remember, it is not wrong simply to have insurance; in order for it to be refunded to you it has to have been mis-sold to you;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance?_ga=1.158330296.340047350.1365283676

Also, you should realise that there is no "optimum"-your complaint will either be upheld or rejected. You'll only ever receive a refund of the PPI you paid, plus associated interest, plus 8% simple interest.

The letter you've been sent by the Bank is not any admission of wrong-doing, it's an invitation to complain if you feel the insurance was mis-sold to you. The letter also sets up a time bar against future complaints you might make.