HSBC PPI Claim

embers

Hi everyone

I could really do with some help with a PPI matter against HSBC.

I made a claim in 2013 against 2 loan agreements and 1 credit card but didn't receive anything. I moved house since and left the claim until now sending the letter from this site but the bank claimed I was not on their internal system but had policy numbers if I wanted to make a claim. I filled out the claim letters as advised. I have received a letter today saying they had sent me a letter and offer (both attached) to a previous address but had not heard from me. The offer was for £1400 to be paid off my outstanding debt with HSBC and if accepted would be paid to Metropolitan collection services.

Firstly I didn't know I had a debt with HSBC and secondly I don't know who metropolitan are.

What should I do next? any help would be greatly appreciated.

Also they are only upholding one claim and saying the other loan I had a cooling off period and the policy amounts appeared on my statements so I was fully aware I had PPI and could cancel it. I am not trying to argue that, my argument was I was in a financial mess back then, 2004 and I was stuck with a manged loan, flexi loan and credit card. I needed help and HSBC offered it to me but only if I had PPI on the agreements. I had a meeting in branch and can still remember the employees name but I can't prove that. Again any help would be very much appreciated with this matter.

Thanks

Ian

antrobus

embers wrote: »

...Firstly I didn't know I had a debt with HSBC and secondly I don't know who metropolitan are.....

Metropolitan Collection Services is the HSBC in-house debt collection agency.

[Deleted User]

How you can say you didn't know about a defaulted debt is unfathomable, but if you genuinely believe the Bank are mistaken you need to contest the debt.

However, from what you say, it sounds like HSBC wrote off some of your debt as part of your Debt Management back in 2004.

Since the Bank are allowed to offset this against any PPI redress awarded, there is little point in attempting to progress your failed complaint any further.

embers

I can quite easily say that as there is no debt on my credit file, HSBC have not contacted me about the debt unless to a previous address and they initially told me when I claimed that I didn't exist on their internal system. What else am I to think?

As I have all the original paperwork and statements I know they did not write anything off in 2004 as that's when the loan started. I appreciate your reply but it is of no help to be honest. I need to know how I contest the debt in the right way and what do I do about the claim.

[Deleted User]

embers wrote: »

As I have all the original paperwork and statements I know they did not write anything off in 2004 as that's when the loan started. I appreciate your reply but it is of no help to be honest. I need to know how I contest the debt in the right way and what do I do about the claim.

You write to them, querying the debt. There is no "right" way to do this.

"Helpful" or not, I still suspect you have had owed monies written off.

embers

Could I also ask another question please to everyone.

I have another claim going with Beneficial finance/HFC bank which have since been transferred to HSBC. If they find in my favour on the claim can that then be used to offset this debt aswell?

I have just written a letter to HSBC asking for clarification of the debt and where has it come from. Also asking for copies of the original loan agreements etc

[Deleted User]

embers wrote: »

have another claim going with Beneficial finance/HFC bank which have since been transferred to HSBC. If they find in my favour on the claim can that then be used to offset this debt swell?

Depends how much you apparently still owe. They certainly can't offset once the debt is completely paid.
http://www.moneysavingexpert.com/banking/setting-off

embers wrote: »

asking for copies of the original loan agreements etc

They won't send you original loan agreements once the accounts are closed. What use would you have for these in your circumstance?

embers

I don't know if the debt is satisfied until I speak to Metropolitan tomorrow.

I am trying to find out where the debt has come from. All the paperwork I have concerning my loans with HSBC show them all being satisfied. I can only presume it has something to do with my managed loan from before 2004.

[Deleted User]

embers wrote: »

I. All the paperwork I have concerning my loans with HSBC show them all being satisfied.

"Satisfied" is not always the same as completely paid off, of course.

-taff

If your debts are showing as satisfied, does that mean you paid them off in full, or did you agree a partial payment, or did they waive the interest and you paid back the capital?
2004 debts wont show on your file now, even if defaulted they only stay for 6 years.

dunstonh

When you agree a reduced settlement with a lender, this means they will no longer pursue you for the outstanding debt. However, in the case of PPI redress, the lender is allowed to use the redress payment to go against the debt that was written off as part of the agreed settlement.

You are not entitled to that money. It is quite logical really. By defaulting, you never effectively paid it. So, you don't get a refund of something you didnt pay.