Reclaiming PPI on HSBC personal loan that has a reward at the end of the term

annpgeorge

Hi,
My husband has a personal loan with HSBC taken out in Feb 08 that promises a £3000 'reward' if he were to keep repaying it for the full term of 8 years until Feb 16. He is sure there is PPI involved in this loan which he shouldn't have been allowed to take out as he was a self-employed IT contractor from Sept 2006 (proof would be that his company account was with HSBC themselves which they can check and we have the company acc. details).

My question is - can we reclaim PPI on this loan now without losing out on the reward or do we have to wait till after Feb 2016 to claim back on the PPI? He doesn't have any of the paperwork so can't check myself. Is the reward attached to the PPI going to full term as well?
Thank you in advance,
Ann

[Deleted User]

A successful PPI complaint should make no difference to any "reward" offered for paying the loan to term. The loan will not be cancelled if the PPI is refunded and as long as you don't make an early settlement you should still receive your dividend.

Of course, that assumes any PPI complaint will be successful.

annpgeorge

Moneyineptitude wrote: »

A successful PPI complaint should make no difference to any "reward" offered for paying the loan to term. The loan will not be cancelled if the PPI is refunded and as long as you don't make an early settlement you should still receive your dividend.

Of course, that assumes any PPI complaint will be successful.

Thanks for the quick reply.

Not sure if they'd ask us to go to bank to re-write the loan for the remaining term because any editing to the current loan would nullify reward. We thought of taking a new loan last year and one solution was to append new loan to existing loan. we didn't take the loan at all coz we were told we'd lose out on the reward.

Anyone has any experience on this kind of loan?

McKneff

It isn't miss sold automatically just because people are self employed.


Does he actually have any proof that he had PPI, is he still paying PPI on the loan
or did he start paying it and cancel it.

[Deleted User]

annpgeorge wrote: »

Anyone has any experience on this kind of loan?

A successful PPI complaint should make no difference to any "reward" offered for paying the loan to term. The loan will not be cancelled if the PPI is refunded and as long as you don't make an early settlement you should still receive your dividend. Taking a new or consolidation loan would be an entirely different scenario.