HSBC ‘scared’ us into getting individual PPi for or first ever joint mortgage...

Gilbo70

So back in 2001, we bought our first ever house together as a married couple. My husband was the one who went to a face to face meeting and did all the paper work for the mortgage as the HSBC was around the corner from where he worked. He can’t remember the exact details but he does remember he felt he was pressured into that we must have PPi cover for the mortgage repayments from HSBC. It was ‘advisory’ but he felt it was pressured as HSBC implied we couldn't get the mortgage (as it was our first) unless we had the cover. I vaguely remember him coming home with papers that I needed to sign.

So we had PPI from 2001 (from Cardif Pinnacle) until 2009. Firstly with with the HSBC mortgage, but then we moved house and got a new mortgage with Alliance and Leicester but continued the PPi as A&L said you need PPi cover. We sold up in 2008 and cancelled the PPi.

Thing is, all this time we were both in full time employment with pensions and good sickness pay packages. What I can't get my head around is the fact we both had an individual policy - each paying £19 for a house that had a joint-mortgage of £87,000.

Being our first ever house purchase and being young and naive we just went with it. Is it worth us trying to claim mis-sold PPI? Did we really need to have individual policies? if so what is the best way forward...

We have all the paperwork from 2006 (from when we moved) but not from 2001 when we started the PPI or the HSBC mortgage. (Although the Cardif Pinnacle policy states: Start date from 2001). Again we have bank accounts from 2006, showing the payments and the A&L mortgage paperwork (but not from before this time.)

We would be really please to hear anyones opinions.

Bermonia

Pressure allegations are impossible to substantiate... unless the polcies were unsuitable for you (sick pay not a good enough reason) - usually restrictive or onerous policy terms then I would aay your chances are slim I’m afraid.

Nasqueron

Cancelling the policy can allow them to invoke the time bar (3 years after knowing you had, or could reasonably have known you had, reason to complain) as well as the 6 year time bar (6 years after taking it out).


Sick pay line works for a short term package like a loan or CC, not a mortgage which is against your home, even civil service sick pay (6 months full, 6 half) is rejected for MPPI complaints, particularly if the PPI paid out on top.


You can't prove the pressure sale took place and the fact you had to sign the papers later gave you chance to reflect and you could have decided not to proceed.



Add on the fact it was a good form of PPI (monthly premiums) and a good product, still sold today, and I wouldn't hold out much hope of a refund. Are you sure it was even sold by HSBC given it was Cardiff Pinnacle who provided it? Not a broker or estate agent?

dunstonh

HSBC ‘scared’ us into getting individual PPi for or first ever joint mortgage...

Which they are allowed to do and expected to do. Disturbance is valid. It is knowing where it crosses a line or not. The problem is that people who generally feel pressured tend to complain within first weeks or months. Not nearly 20 years later. A complaint about pressure this far gone has no credibility and would be rejected on that point (could go on to succeed on another point but not that one)

Thing is, all this time we were both in full time employment with pensions and good sickness pay packages.

Excellent. That means recommending MPPI to you was suitable and you were eligible.

FOS rejects complaints about MPPI when people have 12 months sick pay. It works with loan and credit cards but not mortgages. Pensions have no overlap with PPI

What I can't get my head around is the fact we both had an individual policy - each paying £19 for a house that had a joint-mortgage of £87,000.

The choice is either to do a joint plan but the benefit is split 50/50 or 75/25 or 100/0 or other variations. To get full cover each, you would need individual plans.

Nasqueron

@Dunstonh - would HSBC staff in an HSBC branch sell Cardiff Pinnacle cover?

dunstonh

Nasqueron wrote: »

@Dunstonh - would HSBC staff in an HSBC branch sell Cardiff Pinnacle cover?

Possibly. Pinnacle used to underwrite a number of the banks PPI policies. it wouldnt be badged as a pinnacle product but the direct debit would say pinnacle.