MPPI Complaint Do I need to change banks?

jsambrook

So I think I have a pretty good case for being misold PPI as I only found out this week that it was PPI! I got the mortgage in February 2002 and always thought that the additional direct debits that came out for HSBC was for life insurance. I had even rung them up a few years ago and asked what they were for a there was more than I thought there should be. I've always been really bad at not checking my statements are OK. Anyway, I was clearing out my desk and found the letter for PPI on m mortgage and was surprised I had it. I knew I had life insurance, and I'm not entirely sure what the difference is as I'm pretty sure that when I went for a review of my mortgage a few years ago, they checked with me how long I would get sickness pay for with my current job. I also remember that I didn't think I had options in terms of what went with the mortgage and am convinced that I was told I had to have everything I took out. (I was only young and not very worldly!)

Anyway, I want to know if I can keep my mortgage with HSBC as I'm on an excellent rate and have a poor credit rating now so am unlikely to get another mortgage.

Many thanks
Janni

dunstonh

I also remember that I didn't think I had options in terms of what went with the mortgage and am convinced that I was told I had to have everything I took out. (I was only young and not very worldly!)

A very weak complaint as anyone could say that. It lacks any evidence after 13 years of paying it.

nyway, I want to know if I can keep my mortgage with HSBC as I'm on an excellent rate and have a poor credit rating now so am unlikely to get another mortgage.

You are free to complain and it will not affect your mortgage.

Do note that most MPPI complaints are rejected. It is one of the few PPI plans that is worth having. Indeed, today, it is only one of two types of PPI still retailed. Even the FOS rejects most MPPI complaints (whereas it upholds most loan and credit card PPI).