opnion/advice welcomed on ppi claim

Flo239

Hi,

Fist time user so sorry if i get anything wrong!

Husband and I both have good employment benefits to cover us financially if we are out of work through sickness/accident, redundant, death in service etc (husband even has added insurance through his work) so never needed, always declined on applications etc. We had an old mortgage company contact us saying we might have been mis-sold on a loan we also took with them, very odd as we didn't ask for ppi, phoned them up sure enough had been added and included in monthly payment so we were never aware, anyway complaint upheld and all premiums plus interest paid back. So from this i am now checking all other old loans/CC to see if the same has happened.

Sent inquiry form to HSBC for old secured loan taken in 2003, expecting it to come back with no ppi (original company was Endeavor Personal Finance), the loan also taken through a broker so still expected no ppi. I am fully aware we are supposed to go through the broker, at this stage was just an inquiry. Broker has since ceased trading and as was pre 2005 so fscs cant help.

My question is as expected HSBC wrote back sending all information they had on the loan, at the top clearly states account number, type of loan, amount, interest all usually stuff then payment protection insurance: No so not added. Upon closer inspection of the statements account opened in October 2003, each month payment taken and interest added, then come October 2004 a new Insurance Premium Payment had been added to the loan! Surely this is the bank that is responsible a full year after the start of the loan, adding an insurance we didn't request not the broker?
HSBC has stated in its letter that as it was a broker so they are not responsible, and anything further should be directed to either FSCS or FOS, do I have valid reason to approach them again or should i go direct to the FOS?

Thanks in advance any advice welcomed.

dunstonh

Surely this is the bank that is responsible a full year after the start of the loan, adding an insurance we didn't request not the broker?

The lender is just an instruction taker. It is not responsible for what happened in the sale. They just do what the documentation says.

do I have valid reason to approach them again or should i go direct to the FOS?

Have you a copy of the application forms? I wonder if this is one of those PPI plans that was free for 12 months and then kicked in after that.

If HSBC have followed instructions then the FOS will not consider them responsible. If you go straight to FOS, then it may only be viewed as a missale complaint and the FOS will reject that. So, you need to get this 12 month delay confirmed.