PPI Reclaiming successes and failures

turbo.jet

GaryBC wrote: »

Not realising just how often this thread would be updated I set it to "instant e-mail notify".

Big mistake! While it is interesting to read about other people's experiences, I'm now getting too many e-mails!

Anybody know how to turn notification off please?

At the top of the thread click on 'thread tools' and unsubscribe. You'll then need to re-subscribe with the correct setting if you want to.

jodysenna

sam.T wrote: »

Hiya Jody,

Might be worth a try asking next time you ring up they may offer to you,my interest is worked out upto the 5th of October,have they said when you will be receiving your final settlement?

Hi Sam,
my interest is worked out until the 13th of oct, i have called them this moring and asked about the spreadsheet, they said the manger has to put me on if i complain, i told i have dealt with 2 managers on a daily basis since the first of sept, she is calling me back, well she meant to be, will let you know how i get on
Thanks
Jody

VSM_2

Hi all,

I’ve just registered so that I can post my success with HSBC on here as I’m chuffed! lol. I’m a regular visitor to the site but don’t usually post on the forum.

I originally wrote to HSBC on 10th March 2011 requesting repayment of my PPI as I believed I had been missold for several loans prior to the one I had on going at the time (which I finished paying for in June) – I did not have ANY of the paperwork in relation to the previous loans, or even the account numbers so I just blagged my letter (without the templates from here as I didn’t have the info to complete them) and gave my loan account number of the one I had running.

I had a letter back saying they could not see any PPI on my loan (I had told them in my letter I had it taken off my existing loan during the cooling off period) and therefore my complaint had been closed – they obviously didn’t read my letter or were trying to fob me off! So I walked into my local HSBC and literally five minutes later I was walking out with a print off of my previous loan account numbers so I wrote back on 18/03/2011 providing this information.

Numerous letters came saying my complaint was being dealt with and I would hear by X date, only to receive a further letter saying the same thing. Eventually I had a letter through saying my complaint had been upheld and I would receive a redress offer within 4 weeks. I had the letter on the final day of the 4 weeks offering me a massive £8312.33!!!!! And this covered a total of nine PPI products. I sent the letter back to accept and the money went into my account yesterday, 5 working days after they received my signed letter (I rang to confirm receipt and they told me the date and to expect payment within 10 working days).

So to sum it up, I’m chuffed! No paperwork, no template letters and still I managed to get over £8K back!!!...thank you money saving expert, I probably would not have complained if not for this website. I’m debt free having FINALLY paid off all my credit cards and loans BEFORE this money so its been a massive bonus to the house deposit fund!

Good luck to all the people still awaiting a result of their complaint.

I’ve pasted in the copies of the two letters I sent below:

The Manager
Service Quality Team
HSBC Bank plc,
Arlington Business Centre,
Millshaw Park Lane,
Leeds,
LS11 0PP

10-03-2011

Current loan account details – Sort code: **-**-** Account number: ********.

Dear Sir/Madam,

I have been a HSBC customer for many years and you will see from my records that I have taken out several personal loans with yourselves over a period of time. I started off with one loan which I consolidated into another and so on up until having my current loan which will be paid off this year.

I am aware of the recent publicity with regards to the misselling of payment protection insurance and I believe that I was a victim of this practice.

When I originally took out my first loan, I was advised that I would benefit from the insurance and it was ‘highly recommended’ to a person in my circumstances as I would be covered if I was ill and unable to work; however it turns out that was not the case. I was, and still am employed in the civil service which I told the person dealing with my loan at the time, where in the event of sickness I get full pay for a period of six months, followed by a further six months of partial pay. It has been brought to my attention that in these circumstances I would not have been unable to claim under the insurance anyway.

You will notice that my current loan no longer has PPI on it. This is because around the time I took out this consolidated loan with yourselves I became aware that the insurance was basically an overpriced piece of paper as in my circumstances a claim would be invalid anyway should I have ever needed to make one. You will see from your records that very shortly after taking that loan out, I revisited the branch and had the PPI removed, thus reducing my loan, from memory by around £3000! At this time, the person who removed the PPI for me agreed that I did not need it.

I have previously visited the ********* HSBC branch and requested copies of all my loan documentation but was advised they were held locally in branch and that I should write in. I have requested this information from both the ******* and ******* branches of HSBC and not had a reply from either letter.

Obviously I am now looking to reclaim my money spent on payment protection insurance from the outset of my loans with HSBC which was badly explained and thrust upon me when I clearly would have gained no benefit from it. Your loan advisors are the experts and should have made it clear to me, having told them what sickness benefit my employer provides, that I would not benefit from paying extra for the insurance. I feel like HSBC took advantage of my age and naivity at the time – I felt like I HAD TO take out the PPI and did not understand the nature of the product and that it was clearly not appropriate for my circumstances.

With your reply please enclose copies of the documentation I have previously requested; many thanks for your time.

Yours faithfully,


18-03-2011

COMPLAINT RE: PAYMENT PROTECTION INSURANCE

Dear Sir/Madam,

Thank you for your fast reply to my previous letter which was dated 10-03-2011 however I am not happy that my complaint has simply been closed. Please reopen the matter – I feel like the person who dealt with my letter did not fully understand it and therefore the response I received was not adequate.

My letter stated ‘I have taken out several personal loans with yourselves over a period of time. I started off with one loan which I consolidated into another and so on up until having my current loan which will be paid off this year.’ Therefore my complaint relates to all the loans I have had with HSBC prior to my current one, where I had the payment protection insurance removed within the cooling off period of the loan; hence why it is not showing on this loan. I am sorry for any confusion – I entered my current loan account number for reference thinking that you would be able to see the previous loans on my record.

I visited HSBC yesterday to obtain my loan product numbers to assist you. Prior to my current loan, all payments were taken from my HSBC current account, sort code **-**-**, account number ********. I have a green bank account therefore I do not have paper statements to enclose, all my banking is done online therefore please check your records and you will see all the payments made, should you require this. The customer service agent in branch advised me that you would be able to do this. All payments were made by direct debit, on time; I have no defaults.

The loan product numbers my complaint relates to are as follows:

(eight loan product numbers were listed here)

As previously requested on several occasions, please provide me with copies of the loan agreements in related to the above products.

Also, first and foremost, please investigate my complaint in relation to the mis-sold payment protection insurance. As quoted from my previous letter ‘I felt like I HAD TO take out the PPI and did not understand the nature of the product and that it was clearly not appropriate for my circumstances.’ The massive cost implications of the payment protection insurance were not explained to me and it was not made clear to me that the insurance was optional. Everytime I consolidated my loan, the payment protection insurance was added on again and in my naivety, I took it as if it were simply part of the loan; noone from HSBC ever raised or questioned with me whether I needed it or infact actually wanted it; they assumed I did based on my existing loan at the time. It was a friend that actually educated me on the nature of such products and the cost implications hence why I removed the PPI from my existing loan. I mean this in the politest of ways but please, please read both this letter and my previously letter, a copy of which is attached, thoroughly as I do not want another reply fobbing me off.

Many thanks, I look forward to hearing from you,

Yours sincerley,

turbo.jet

dilus wrote: »

Very true, isn't it typical you win back money that is legitimately yours and the tax man is over you like a rash :mad:
Better to stay on their side though whilst you have the money to do it, rather than get a nasty shock months down the line

I've spoken to the HMRC - for a government department it was a very good customer service experience! No wait time on the phone queue and he was very helpful. I just told him the amount of interest I'd made and what it was for. He made a note of it and said that as it was a one-off and I've told them immediately they'd just adjust my tax code accordingly. I don't have to fill in any forms either.

So I don't have to do a self-assessment tax return and I don't have to pay them a lump sum, and I can pay off my entire debt. Happy days!

Thanks all for the advice.

sam.T

jodysenna wrote: »

Hi Sam,
my interest is worked out until the 13th of oct, i have called them this moring and asked about the spreadsheet, they said the manger has to put me on if i complain, i told i have dealt with 2 managers on a daily basis since the first of sept, she is calling me back, well she meant to be, will let you know how i get on
Thanks
Jody

Really hope it works out for you,and we're both awarded what we're owed sooner rather than later,the only assurance I have ever been given is I will be paid my refund before christmas this year.Let me know how you get on.

Thanks Sam

Sandyhills

spaniellover wrote: »

Hi All

First of all congrats to all winners:j
Have now signed the acceptance letter for FP enclosing a letter pointing out the mistake with initials.

Have had the 16 week wait now for the 6-8 week wait:(

Well done to you. I have been told that i would get an offer in about two weeks from FP. I phoned them last night and the "Gemma" told me that as I had paid my loan in two years then i would not be entitled to the whole PPI that was frontloaded onto the loan. Did you experience this? And well done again.

offcumden

mapleoak wrote: »

I originally lodged my forms with M&S on 4th June and have just received a letter saying that my case has been upheld to the tune of £2113.90! Whilst this is fine by me (the letter states the offer will remain open for 6 weeks after which time it will be withdrawn) I have no idea whether the figures are correct. The breakdown is:-

Total amount of PPI charged - £1260.82

Contractual Interest (?) - £850.22

8% Statutory Interest - £2.86

The card ran from Oct 2003 until Sept 2010 with varying balances.

Does that sound about right, does anyone know?

The £2.86 sounds a bit odd but I haven't the foggiest.

Finally, it makes mention of declaring the gross interest to HMRC - I'm assuming they mean the £850.22?


Regards and thanks again to everyone on the forum, your help and assistance has been invaluable!:rotfl:

Hi Mapleoak
See my recent response to Di
I am not happy with the way M&S are dealing with this and am thinking of a suitable riposte by e=mail to the CEO of HSBC cc to CEO of M&S
Having spoken with FOS they believe 8% simple interest should be added but as it appears neither you nor I know the date they basing their offer on ,in my case anywhere in a twenty year period, its impossible to accept that their offer is anything other than a fob off to
a Meet the sixteen week deadline
b Hope that I'm mug enough to accept their offer and be grateful

Whilst they have stated that the offer is without prejudice they have to my mind accepted that I have a case
what has yet to be be established is their statement that their offer does in fact put me in the position I would have been in had ppi not been applied all those years ago

Banks0mewin

I have been informed this morning by the Halifax that a letter is on its way to me regarding a final reclaim calculation covering some loans (7 restructured over a 10year period,final loan amount £15,000)....at last some progress.....:):):):):):):)

Guy on the phone would not discuss the contents but stated the letter is on its way...Waiting for the Royal Mail now...;);););)

Still awaiting final figures for 3 CC's plus another loan though.But these are also with the redress team...:):):):):):)

hunnyluvinbear

Hi
Does anyone have a contact phone number for MBNA. I'm on day 21 out of 28 waiting on a cheque. I just don't want to get to day 28 (which is how long they say it could take) and find they've conveniently 'forgotten' me!
Thanks
Bear

The_Marksman

Banks0mewin wrote: »

I have been informed this morning by the Halifax that a letter is on its way to me regarding a final reclaim calculation covering some loans (7 restructured over a 10year period,final loan amount £15,000)....at last some progress.....:):):):):):):)

Guy on the phone would not discuss the contents but stated the letter is on its way...Waiting for the Royal Mail now...;);););)

Still awaiting final figures for 3 CC's plus another loan though.But these are also with the redress team...:):):):):):)

:rotfl::j:beer: WELL DONE :beer: :j:rotfl: