PPI Reclaiming successes and failures

di3004

Jewell wrote: »

I'm about to make a claim to HSBC about mis-sold insurance. I took a loan out in 2006 when I was 18 to buy my car. The woman was very pushy and whilst I don't want to make age an issue I feel that maybe I was forced in to it more from a 'scare' point of view and if I was going for the same loan now 3 years on I'd have a better understanding.
Hello there, it seems then it was mis sold to you as they forced the PPI onto you.

I have my paper work with the figures on: the interest rate, the total amount payable and the amount it would work out at each month (£17). I was told that I could cancel it anytime I wanted and I would get a percentage back of what I'd paid depending on much of the loan I had re-paid.
Do you still have the terms and conds for this loan? this could help back you up, if it states you can cancel anytime, however you should be able to cancel at any time but some will suggest to take out a new loan without the PPI and to pay off the existing loan.

Fast forward 3 years and after buying a house with all the added insurance that comes with it I decided that It wasn't worth paying the insurance on the loan so called HSBC to cancel it. At first they said that I couldn't be paying £17 a month as that is far to high on a loan of £3000, to which I told them I had proof of the figures and would take them in to the branch. They then told me that they couldn't just cancel it (like the sales woman said) and would have to re-calculate the whole loan which they warned me would show on my credit rating and may affect my mortgage (which obviously I didn't want), they also told me my payments would only decrease by £4 a month due to how the loan and insurance is structured.
I didn't think it would make any difference to the credit rating, maybe someone else could clarify this. Unfortunately it seems to tbe the case by a small decrease, not much is it?

Hopefully the letter templates on here and the advice will help, I didn't even know it could be claimed back until a couple of weeks ago.

If you have not come across the useful information yet on guidelines of reclaiming, check this here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
You will come across a checklist of mis selling reasons and templates, write in your own reasons and they have 8 weeks in full to respond, post by recorded delivery, this is your proof of posting.

Keep at them until they resolve in your favour, or until you receive the final response ,the final response should disclose details of the financial ombudsman service (FOS), you can take your complaint to the FOS if they do not resolve in your favour.

Hope this help, but please do post up for further help if required, good luck.;)

Jewell_2

Thanks for the advice :T

I've filled in the letter template and will send it off tomorrow. I've still got all the documentation from the time so I can send copies of that too.

di3004

Jewell wrote: »

Thanks for the advice :T

I've filled in the letter template and will send it off tomorrow. I've still got all the documentation from the time so I can send copies of that too.

Good luck Jewell.:T;), we look forward to hearing the outcome of your reclaim.;)

Jagger

:DOK! After lodging my first complaint with EGG in 2007 about PPI on my loan and then passing it on to the FOS in January 2008 I have finally received £2012.66 from EGG in full settlement of an upheld complaint to the Ombudsman (May 2009). The figure includes £200 in compensation for my " distress and inconvenience" and 8% interest on all payments made to EGG. It has taken nearly two years but it was worth it. Im £2000 better off than if I had just given in to the EGG crowd when they first rejected my complaint. Give it a go! Its very much worth the hassle!!:j

funkyc27

Oh goodness- i have just realised that i forgot to transer my money into my acount for council tax- i done it at 5.30 this morning- will the robbers still charge me?:o

amersall

they shouldnt, i have deposited in the morning before and i have never been charged, i think as long as it is in by close of buisness today you should be ok

pinknico

Jagger wrote: »

:DOK! After lodging my first complaint with EGG in 2007 about PPI on my loan and then passing it on to the FOS in January 2008 I have finally received £2012.66 from EGG in full settlement of an upheld complaint to the Ombudsman (May 2009). The figure includes £200 in compensation for my " distress and inconvenience" and 8% interest on all payments made to EGG. It has taken nearly two years but it was worth it. Im £2000 better off than if I had just given in to the EGG crowd when they first rejected my complaint. Give it a go! Its very much worth the hassle!!:j

Jagger how long did Egg take to pay out from Ombudsmans decision?


EDIT : its ok just found your original post, well done!

funkyc27

amersall wrote: »

they shouldnt, i have deposited in the morning before and i have never been charged, i think as long as it is in by close of buisness today you should be ok

Oh god i hope thats right, nobody in bank land would have been awake at 5.30!! it took me overdrawn by £18 for not very long!! back in credit now

di3004

Jagger wrote: »

:DOK! After lodging my first complaint with EGG in 2007 about PPI on my loan and then passing it on to the FOS in January 2008 I have finally received £2012.66 from EGG in full settlement of an upheld complaint to the Ombudsman (May 2009). The figure includes £200 in compensation for my " distress and inconvenience" and 8% interest on all payments made to EGG. It has taken nearly two years but it was worth it. Im £2000 better off than if I had just given in to the EGG crowd when they first rejected my complaint. Give it a go! Its very much worth the hassle!!:j

Well done and Congratulations, this is wonderful.
:beer::T:beer:

amersall

:beer::beer::beer: another pat on the back for all winners :Dwell done:j:j:j:j:j:money::money::money::money: