HSBC PPI during 1990s

Annie1960

How far back can I go with a claim?

I had two car loans during the 1990s, and I seem to recall these both automatically added PPI.

They were with HSBC, and I still have the same current account, so I know the account details. However, I have not kept the loan paperwork.

I've read about the 6 year rule, so perhaps I have been time barred?

Does anyone know the position regarding how far back I can go?

dunstonh

How far back can I go with a claim?

There is no timescale that limits you complaining. However, the further back you go, the less evidence is likely to exist. Some have managed late 80s but others have been unsuccessful with early 2000s due to lack of documents/evidence.

I've read about the 6 year rule, so perhaps I have been time barred?

The 6 year rule can only be used in conjunction with the 3 year rule and they cannot start the 3 year clock without writing to you first inviting you to complain if you wish.

Annie1960

So is it worthwhile for me to complain?

I have not been contacted by the bank. How likely is it that their records will go back to the 1990s, and does it make a difference that I still have the account? Would they have contacted me if their records showed I had had PPI?

I don't want to annoy them if there is little chance of success as I wish to continue with my account there.

Has anyone had success with HSBC going back to the 1990s?

Agricolae

If you are unsuccessful then all you will have wasted is some time. HSBC will not close your account just because you've complained to them about PPI. If you're successful then you could claim back a significant amount of money plus interest at 8% or more.

I don't have any personal experience claiming that far back so can't say what the likelihood of there being documents at the bank will be (though I'd think it unlikely if the loans were paid off long ago).

-taff

When you say you had car loans, do you mean you had a loan and used it for a car, or do you mean you went to a dealers and they brokered the loan?

Annie1960

-taff wrote: »

When you say you had car loans, do you mean you had a loan and used it for a car, or do you mean you went to a dealers and they brokered the loan?

I mean I went into the bank and got a loan from them to buy a car. This was the days before the Internet and telephone banking.

-taff

I asked because if the loan had been brokered by the dealership, not directly from thebank, your complaint would be pre regulation and dismissed.

Annie1960

Agricolae wrote: »

If you are unsuccessful then all you will have wasted is some time. HSBC will not close your account just because you've complained to them about PPI. If you're successful then you could claim back a significant amount of money plus interest at 8% or more.

I don't have any personal experience claiming that far back so can't say what the likelihood of there being documents at the bank will be (though I'd think it unlikely if the loans were paid off long ago).

I've put in a claim using the form on the HSBC website, and await a response.

I still have the same bank account, and they opened a linked savings account for me when I got the first loan as they paid the money into the savings account so I could use it when I found a car.

[Deleted User]

Annie1960 wrote: »

I still have the same bank account,

That significantly improves the chances of there still being records going back so far. However, have you "complained" without any research first? Did you actually have PPI, for instance? If not, it will make your complaint a nonsense.

Annie1960

Moneyineptitude wrote: »

That significantly improves the chances of there still being records going back so far. However, have you "complained" without any research first? Did you actually have PPI, for instance? If not, it will make your complaint a nonsense.

Yes I do recall having something called loan protection. The bank told me it was to protect them in case I did not pay, and it was not optional.

As I was a civil servant with no chance of being made redundant and good sickness pay I recall even at the time thinking I didn't need it, but they made it sound compulsory.

Anyway, I will wait and see what happens.

Annie1960

I had a response from HSBC this morning, much quicker than I was expecting.

They say the a/c no. I gave them was for my current account. This is correct, and I still have the account. They seem to suggest the loan would have had a different account number, and they have no record of this.

They invite me to send further details if I have then, but sadly I don't as I did not keep the information after I had finished paying off the loan.

They also sent me a leaflet about the Ombudsman, but as I don't have any further details it's not worth taking it any further.