PPI Reclaiming discussion

googleman10

I am hoping that someone on the forum may be able to give some advice or recommendations on this.

I took out a loan with HSBC in September 2006. Following a lot of publicity by Martin recently, I came across his site and found I have been sold PPI incorrectly and now in the process of trying to cancel the PPI and claim a refund. HSBC however are not being entirely helpful. The culmination of which is yesterday I had to send a complaint to the Financial Ombudsman to instigate an adjudication and investigation.

Contrary to Martin's table which indicates that HSBC are able to cancel the PPI seperately, I have been advised by the service quality team (complaints escalation) that they can only cancel the PPI by cancelling the loan account and replacing it with a new one. Fair enough. However, at first they were going to do this at a rate of 14.9% APR against the original 9.9% APR on my loan (it has been 13 months of a 5 year loan). Further, they told me that in order to consider this, they would have to cancel the loan, do a new credit check which means I may not necessarily get approved for the new loan!
I have quoted the FSA recommendations that the customer should not be penalised for the cancellation of PPI and that a credit check should not be deemed necessary when it is their restrictive systems that are preventing me from simply cancelling an insurance. They are not willing to budge!

Short of it is, in order to cancel the PPI, I will need to "early settle the loan", cancel the loan down, take out a new loan and be credit checked.

Has anyone else experienced a similar problem on this with HSBC.
My blood is now at boiling point with HSBC and I now fear they are going to withdraw my other lending facilities as a result.

Why is it I could cancel the PPI on my HSBC Credit Card instantly and without so much fuss, the principle is still the same and I cannot see how I can try to insure something that I cannot insure against? I have found out that I should have been asked about previous medical history and advised that existing conditions would not have been covered. None of this happened! The PPI is useless and all I need is a unemployment policy which I can obtain from Burgess for 1/7th of the monthly premium that HSBC are charging for their PPI insurance which includes sickness cover.

Any thoughts are greatly appreciated...

Kind regards.

chocaholic110

Really hoping someone can help with this...

I had a Barclays Masterloan that ended in 2004. I am 100% certain that they said I needed to take out the PPI as I was pretty annoyed about this at the time but in no position to argue. I rang Barclays today to be told that they don't have information on their system going back that far and also that they have never told anyone that they need to get PPI.

That can't be true can it? And where do I go from here as I stupidly don't have the loan agreements so how can I get them?

Thanks inn advance to anyone who can offer any advice!

greengrass

can anyone advise me on the following please, my dad is self employed, went to hsbc for a car loan and was given a business motor purchase loan with hsbc and he had to take out the ppi, this was back in 2004, can he claim??

Bluerover

My circumstances are very similar to sussexsimba as I took out a loan with LTSB in March 2003 £5,000 over 5 years (so finished next year:T ) I have been in my job for 23 years now full time. I am entitled to 6 months full sick pay and 1/2 pay (which could be upped to full pay dependant on circumstances) for the other 6 months. Which resets every year. I would also be entitled to a good redundancy package if that were the case.
So would be able to pay off the loan fully.
I would/do not need PPI. I have claimed from LTSB, they have refused the misselling in the first letter.
But I have now sent 2nd letter, so hope for a step in the right direction. I have been a customer of theirs for 26 years since first leaving school. And have previouly taken out loans with them but I do not have the paperwork for those - but I now think I may have taken out PPI with those loans too, but that would be outside the window for claiming back. Hope that common sense prevails now.

ginjaninja_2

Hello, I'm trying to reclaim from halifax, sent the letter a couple of weeks ago, just had one back yesterday saying they are dealing with this 'shortly and certainly no later than 4 weeks'.
They did the same with my bank charges and I only had to wait another week for the cheque to arrive, so with any luck they'll be just as quick with the PPI on my loan! I'll keep you updated.

The_D.A

I would reccomend anyone reading this thread to follow the link to the petition set up to raise awareness of the overpriced selling on PPi, with loan agreements.

Petition to: Prohibit loan companies from selling payment protection insurance with credit agreements.

spread the word, too many people are being steered towards taking overpriced ppi, in spite of the FSA's efforts to regulate the industry

alterego_2

Good article by an ex-insider. Mostly background material, but all useful to know (and to let the banks know you know!)..
http://www.fool.co.uk/news/your-money/insurance/2007/11/06/reclaiming-rip-off-insurance-premiums.aspx?source=ioowftxt0010011

peawack

In September 2002, took out a loan with the Co-op Bank while medically retired and in receipt of benefits. When applying I was offered PPI, but explained that it was not really relevant to my situation. The woman at the other end of the telephone 'advised' me that I would have more chance of being granted my loan if I took the PPI. I naively accepted the PPI.
Some time later I cancelled the insurance.
In 2004 I complained to the Co-op Bank about the £1274 which I paid in PPI, but was refused a refund in their 'final response' letter
I did complain to the Ombudsman, but unfortunately, due to illness and a basic lack of confidence, I had let time slip by and my case has been 'time-barred' by the Ombudsman.
If the Bank had allowed my complaint to be dealt with by the FOS, then it could have been resolved, but the bank has objected.
My last letter informs the bank that I intend to go to the small claims court has not been answered. I would be grateful for any advice.

timbogay

i got a loan from firstplus but after a couple of months i paid it off. the loan included a ppi of £5,000. i wrote back to firstplus as per the template letter on this website. they wrote to me back saying they had the original transaction of my telephone conversation when i took the loan out agreeing to the insurance. i think £5,000 for ppi is a lot of money . can anyone suggest my next course of action?
many thanks

essexjim

Hi all,

Need some advice on this, do i need to know exactly how much to cliam or can i ask for this information from them and will it cost me anything for this information.


regards jim.