Why is my bank asking about savings?

osteobex

Hi

I have just submitted a PPI claim to HSBC.

Yesterday a man from HSBC rang me to ask the same questions that I have answered on the form I sent in and wouldn't tell me why this was necessary.

He then proceeded to ask if I had savings when I took out PPI, if I was paid sick pay or redundancy by my employer at the time.

I asked why this was relevant but he could not tell me. To me, my PPI was either mis sold, or it wasn't. Surely it's the same as if a criminal cons an elderly person out of their pension and the criminal is taken to court. The judge does not decide if the criminal has committed a crime based on the amount of money the elderly person has, it is irrelevant.

Does anyone know if there is a justifiable reason for the banks ringing and asking all the questions I've already answered in a form, and asking questions about any savings, sick pay and redundancy?

Many thanks in advance

Osteobex

MoneyMission2015

It depends on what your reason for claiming the mis-selling was.


If you had put on the form that you believe it had been mis-sold because you had other means to pay if you did lose your job or on long term sick, then they will want to know what those means were i.e savings, sick pay or if you would have been entitled to redundancy pay.

comeandgo

One of the reasons I would never need PPI is because my employer pays full sick pay for a year so therefore it should be agreed if I had PPI it was misold as I'd have no use for it. Not all PIP was mis-sold.

Angry_Bear

My understanding (and feel free to correct me if I'm wrong), is that these questions are asked to determine whether "you should have PPI" would have been good advice or bad advice based on your circumstances at the time.

If PPI wasn't a good thing for you (for example, if you had sufficient savings such that you didn't really need insurance), then it shouldn't have been recommended and may well have been mis-sold.

osteobex

Hi Angry Bear, oh I see, I hadn't thought of it like that! many thanks, that helps, I had sick pay and redundancy! fingers crossed:)

osteobex

Hi MoneyMission2015, thanks, thats very helpful!:)

osteobex

Many thanks Comeandgo, that it very helpful

dunstonh

Does anyone know if there is a justifiable reason for the banks ringing and asking all the questions I've already answered in a form, and asking questions about any savings, sick pay and redundancy?

If you have mentioned savings in your complaint then they can raise it to clarify. Or if you havent mentioned savings and there are no other failings, then they may be looking at that to see if you have a case there.

One of the reasons I would never need PPI is because my employer pays full sick pay for a year so therefore it should be agreed if I had PPI it was misold as I'd have no use for it. Not all PIP was mis-sold.

It can be a good reason on advised cases for loan and credit card PPI. It is not a good reason on MPPI (the FOS has been rejecting 12 months sick pay as a reason on MPPI).

magpiecottage

osteobex wrote: »

I had sick pay

That may, or may not help you. It depends how much sick pay you would have got. It might have been just Statutory Sick Pay, which is not very much.

and redundancy

Nobody is guaranteed redundancy save for a statutory maximum that the employer will pay or, if unable to, the state will. Again, it is not very much. Anything more is at the discretion of the employer and, if they go bust, they will not be able to pay it.

So again this may not help you.