PPI Reclaiming successes and failures

bishbashbosh0260

I'm new to this forum but not to Martin Lewis and his teams advice. I really ought to have known better when he was telling us to reclaim but I've left it and left it until my bank wrote to me.

A few years back I downloaded the letter templates to reclaim bank charges and was very sucessful with HSBC and they refunded me about £2000.

This time I took note of the reclaiming the PPI but didn't think I had a chance. It wasn;t until Alliance and Leicester wrote to me and said that they may have mis sold me the loan insurance I had with them.

I've had a personal loan with them since 2002, it was only for a few thousand pounds to buy a new motor, but each time I got near the end of the loan period they convinced me to have another loan, and each time I took out the loan insurance.

When I got the letter, about 6 weeks ago, I thought I'd try my luck. I spoke to a really nice guy who took all the details. I told him that I beleived I'd been mis sold the insurance on my last two loans with them.

The first loan in question was taken out in 2004 for about £10K, the second was taken out in 2006 for £7.5k. They said they would not investigate the loan taken out in 2004 as the only loans in question were the ones taken out since 2005. I stated to them that I only had the loan insurance on the 2006 loan because of what I was led to believe from the salemans who sold me the 2004 loan, and that was they would do me a better interest rate if I took out the insurance.

I put the phone down and had a letter through a week later to say they were investigated the 2006 loan.

A couple of weeks later they stated that they would refund me all the insurance plus interest for the 2006 loan. A total of about £1885. They also refunded me for the insurance I have yet to pay just to keep the payments the same. I'm happy with this because there's only three payments left. I called them and asked them about the other loan and they said they were still investigating.

A week later they wrote to me to say that they would refund me the £1300 loan insurance including interest from the 2004 loan. I've since had both cheques in a very timely manner, paid them in to the bank and looking for what to spen my cash on.

Now I need some advice, I have another loan with HSBC, it was for £11k about five years ago, I have 24 payments left to make and I have loan insurance on the account. I went into the branch yesterday to cancel it and they said it wasn't that easy. They said I had to make and appointment to get a re quote and it would take 30 mins. Now to me that sounds like they want to sell me another loan at the current interest rate. What should I do, I don't want another loan, I think I may have been a bit naieve in the past and had the loan insurance because it's been sold to me and thought it was the best thing to do.

SAhould I use the template letter and complain, I genuinely feel that when I took out this further loan they pressurised me to take the loan out. I didn't really want to, but they sold it to me that it was the ebst thing to do.

Also if I'm going to complain to HSBC where do I send the letter to. Help!!!!

Thank you in advance fellow money savers

marshallka

bishbashbosh0260 wrote: »

I'm new to this forum but not to Martin Lewis and his teams advice. I really ought to have known better when he was telling us to reclaim but I've left it and left it until my bank wrote to me.

A few years back I downloaded the letter templates to reclaim bank charges and was very sucessful with HSBC and they refunded me about £2000.

This time I took note of the reclaiming the PPI but didn't think I had a chance. It wasn;t until Alliance and Leicester wrote to me and said that they may have mis sold me the loan insurance I had with them.

I've had a personal loan with them since 2002, it was only for a few thousand pounds to buy a new motor, but each time I got near the end of the loan period they convinced me to have another loan, and each time I took out the loan insurance.

When I got the letter, about 6 weeks ago, I thought I'd try my luck. I spoke to a really nice guy who took all the details. I told him that I beleived I'd been mis sold the insurance on my last two loans with them.

The first loan in question was taken out in 2004 for about £10K, the second was taken out in 2006 for £7.5k. They said they would not investigate the loan taken out in 2004 as the only loans in question were the ones taken out since 2005. I stated to them that I only had the loan insurance on the 2006 loan because of what I was led to believe from the salemans who sold me the 2004 loan, and that was they would do me a better interest rate if I took out the insurance.

I put the phone down and had a letter through a week later to say they were investigated the 2006 loan.

A couple of weeks later they stated that they would refund me all the insurance plus interest for the 2006 loan. A total of about £1885. They also refunded me for the insurance I have yet to pay just to keep the payments the same. I'm happy with this because there's only three payments left. I called them and asked them about the other loan and they said they were still investigating.

A week later they wrote to me to say that they would refund me the £1300 loan insurance including interest from the 2004 loan. I've since had both cheques in a very timely manner, paid them in to the bank and looking for what to spen my cash on.

Now I need some advice, I have another loan with HSBC, it was for £11k about five years ago, I have 24 payments left to make and I have loan insurance on the account. I went into the branch yesterday to cancel it and they said it wasn't that easy. They said I had to make and appointment to get a re quote and it would take 30 mins. Now to me that sounds like they want to sell me another loan at the current interest rate. What should I do, I don't want another loan, I think I may have been a bit naieve in the past and had the loan insurance because it's been sold to me and thought it was the best thing to do.

SAhould I use the template letter and complain, I genuinely feel that when I took out this further loan they pressurised me to take the loan out. I didn't really want to, but they sold it to me that it was the ebst thing to do.

Also if I'm going to complain to HSBC where do I send the letter to. Help!!!!

Thank you in advance fellow money savers

Are you saying the loan was missold to you or the PPI?

If it was the PPI and you feel it was missold you need to write a letter to complain with your reasons for this. There is a template letter in the red reclaim at the top but i would always make this your own words and your own reasons for misselling. You send the letter by recorded delivery and have to give them 8 weeks to give you a full and final response.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have told you you need to take out a new loan without the PPI included as this is how they work but this new loan should be over the same terms and interest rate as before. If you do cancel you can still go for misselling as well but sometimes cancelling it does not reduce your payments by much at all.

bishbashbosh0260

Marshallka - Thank you for your sppedy reply and helpful advice, I feel the loan insurance was mi-sold to me. I have written the letter and found the address. I'll get it posted tomorrow and keep you updated with their reply. Fingers crossed.

For those wanting a refresh on the address I found it on this thread.

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

di3004

bishbashbosh0260 wrote: »

Marshallka - Thank you for your sppedy reply and helpful advice, I feel the loan insurance was mi-sold to me. I have written the letter and found the address. I'll get it posted tomorrow and keep you updated with their reply. Fingers crossed.

For those wanting a refresh on the address I found it on this thread.

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

Good luck with this and post up for further help when required.;)

tiddler66

Hi all- Having missed a payment on a loan with Egg they sent me a statement with my balance. On the statement I discovered a charge of £1040.91 had been added to the loan to cover payment protection. Immediately I consulted moneysavingexpert.com. Following Martins advise i contacted Egg to demand my money back. Ten days later I received a refund of £1040.91 plus £153.79 interest . Thanks Martin! The next target in my sights are those parasites at Hsbc regarding bank charges!:beer:

di3004

tiddler66 wrote: »

Hi all- Having missed a payment on a loan with Egg they sent me a statement with my balance. On the statement I discovered a charge of £1040.91 had been added to the loan to cover payment protection. Immediately I consulted moneysavingexpert.com. Following Martins advise i contacted Egg to demand my money back. Ten days later I received a refund of £1040.91 plus £153.79 interest . Thanks Martin! The next target in my sights are those parasites at Hsbc regarding bank charges!:beer:

Wow, Well done you.
Congratulations.
:beer::T:beer:
And good luck with HSBC.;)

weeang_2

Hi All
Got a letter in on Saturday offering £2000,which I have accepted I know I am due about £2590 but need the money for my holidays.First offer was £400 wrote back and declined,made another offer of £1000 again declined another offer of £1500 declined again,then laster offer £2000.

I would like to thank everyone for their help especially Di.

Thanks again I am delighted.:T:T:T:j:j:j

di3004

weeang wrote: »

Hi All
Got a letter in on Saturday offering £2000,which I have accepted I know I am due about £2590 but need the money for my holidays.First offer was £400 wrote back and declined,made another offer of £1000 again declined another offer of £1500 declined again,then laster offer £2000.

I would like to thank everyone for their help especially Di.

Thanks again I am delighted.:T:T:T:j:j:j

Weeang this is fantastic news, well done, and good one for keeping pushing on the offer.:j:j
Congratulations:beer::T:beer:

And with pleasure.:A

So happy for you hunni XXXXXXX

amersall

:j:j:j well done all winners, everyone else keep at it, we will get there in the end:j:j:D:D

elfin

Hi all, I have just received confirmation that Egg are refunding the PPI and the interest charged on it. I sent the initial letter 10 days ago, received the standard response that they had received my complaint and aim to reply within 6 weeks. I have today been told they have refunded the money off my loan.

My reasons were that the person was not financially trained, my job is secure and therefore the PPI was highly unecessary and that I wasnt explained at the outset that the payment, and thus interest, were added immediately.

Only thing I was wondering is if anyone knows whether you are entitled to receive the money by cheque rather than paid towards your outstanding loan? Has anyone recieved cheque payment from Egg?

Lisa