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HSBC CPP Claim settlement
captainreiss
Posts: 2 Newbie
Hi All
I am a newbie here so not sure if this has been asked before, but with so many search terms having multiple threads I could not see the answer to my question anywhere easy.
I have had a cc with HSBC and 'enjoyed' the CPP card protectition without ever needing it or even being made aware that due to my circumstances I no longer need it.
I had the HSBC card for years prior to the regulations but in 2005 I had a windfall and a healthy cash balance with HSBC. They raised my credit limit and I used to pay off my balance every month without fail. In certain months I would spend £2-3000, part for me part for company expenses. My PPI was at an annual fee AND I was charge protection based on the amount spent even though I always paid, never defaulted.
This went on for a few years and there must have been £100s if not £1000s on repayment protection paid to CPP.
Now last year I went through the CPP claim procedure which took 18months to complete. At the end there was an amount equal to what I believe would have been the annual fee, but nowhere near what the total insurance paid out would have been.
At the time when the refund came I was going through some stressful changes and family bereavement and it sort of drifted until I had a rethink this year looking at some old credit card bills when I cleared the study.
And now after all these ramblings my question(s).
Is this right, that I should have only received the annual fee back?
I believe there may have been a cool off period which has now lapsed.
What is the best way to approach this matter now, 4 months after receiving the settlement?
Your expert help is very much appreciated.
Many thanks
Tom
I am a newbie here so not sure if this has been asked before, but with so many search terms having multiple threads I could not see the answer to my question anywhere easy.
I have had a cc with HSBC and 'enjoyed' the CPP card protectition without ever needing it or even being made aware that due to my circumstances I no longer need it.
I had the HSBC card for years prior to the regulations but in 2005 I had a windfall and a healthy cash balance with HSBC. They raised my credit limit and I used to pay off my balance every month without fail. In certain months I would spend £2-3000, part for me part for company expenses. My PPI was at an annual fee AND I was charge protection based on the amount spent even though I always paid, never defaulted.
This went on for a few years and there must have been £100s if not £1000s on repayment protection paid to CPP.
Now last year I went through the CPP claim procedure which took 18months to complete. At the end there was an amount equal to what I believe would have been the annual fee, but nowhere near what the total insurance paid out would have been.
At the time when the refund came I was going through some stressful changes and family bereavement and it sort of drifted until I had a rethink this year looking at some old credit card bills when I cleared the study.
And now after all these ramblings my question(s).
Is this right, that I should have only received the annual fee back?
I believe there may have been a cool off period which has now lapsed.
What is the best way to approach this matter now, 4 months after receiving the settlement?
Your expert help is very much appreciated.
Many thanks
Tom
0
Comments
-
Does no one have any experience with this or have I posted this in the wrong area?
Any advice would be great
0 -
If I were you, I would contact them and let them know that you have statements that show payments made and ask them to recalculate.
If you get no joy, go to FOS as you are within the 6 months to do so.0
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