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HSBC success and failure

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Comments

  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    Josh615498 wrote: »
    No one else added PPI to loans I took out as I didn't want it.
    Which beggars the question of why you signed a loan agreement including PPI?
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    sussexbhoy wrote: »
    I'd complain on the basis of single premium PPI on the loan in 2000, I'm pretty sure the bank didn't explain verbally or in any documentation that the PPI would be added to the loan and therefore additional interest would be charged, basically a loan on a loan.
    Can't just keep on complaining once rejected. How can you be sure the PPI was front-loaded, anyhow? The Bank will have checked this as part of their investigation.

    Regardless, the OP has six months to go to the Ombudsman who will also check for single premium.
  • sussexbhoy
    sussexbhoy Posts: 73 Forumite
    Tenth Anniversary Combo Breaker
    Moneyineptitude wrote: »
    Can't just keep on complaining once rejected. How can you be sure the PPI was front-loaded, anyhow? The Bank will have checked this as part of their investigation.

    Regardless, the OP has six months to go to the Ombudsman who will also check for single premium.

    HSBC only sold single premium or front loaded PPI on loans in 2000, just put in the complaint to the FOS and just add that you're now aware of the single premium aspect.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    Could be worth a shot...
  • sussexbhoy
    sussexbhoy Posts: 73 Forumite
    Tenth Anniversary Combo Breaker
    Moneyineptitude wrote: »
    Could be worth a shot...

    it's always worth a shot
  • Josh615498
    Josh615498 Posts: 15 Forumite
    Thank you all. I'm grateful for the advice. I'll let you all know how I get on.

    Regards,
    Lisa
  • Josh615498
    Josh615498 Posts: 15 Forumite
    edited 14 January 2016 at 10:19AM
    Just another question. Should I take the complaint back to HSBC or go straight to the Ombudsman?

    Also, all I've had in respect of the loan they are paying out, is a figure of £550.71 with a calculation as follows:-

    PPI Premium Redress £302.55
    Plus taxable interest £310.20
    Less Basic rate tax £62.04
    Policy total £550.71

    Does this look right for a loan of between £3k and £5k (1 loan was for one and 1 was for the other)? They haven't given me any other calculations other than this. Should it have detailed the loan amount, interest rate, etc?
  • Nasqueron
    Nasqueron Posts: 11,356 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Josh615498 wrote: »
    Just another question. Should I take the complaint back to HSBC or go straight to the Ombudsman?

    Also, all I've had in respect of the loan they are paying out, is a figure of £550.71 with a calculation as follows:-

    PPI Premium Redress £302.55
    Plus taxable interest £310.20
    Less Basic rate tax £62.04
    Policy total £550.71

    Does this look right for a loan of between £3k and £5k (1 loan was for one and 1 was for the other)? They haven't given me any other calculations other than this. Should it have detailed the loan amount, interest rate, etc?

    Ring HSBC again, ask them to confirm if the PPI was included in the loan "single premium" where you pay interest on that element or if it was a separate monthly payment - if the former, complain to them again about that new evidence (just don't leave it more than 6 months to contact the FOS). If the latter you won't get anywhere with HSBC.

    They will only refund PPI that you paid (plus the interest element) - if you don't have any figures or paperwork to dispute it then just accept it - the total will vary depending on the interest amount, length of loan, if it was paid back early and so on

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • Josh615498
    Josh615498 Posts: 15 Forumite
    edited 14 January 2016 at 12:15PM
    New evidence? You mean that HSBC only sold single premium policies in 2000?
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