Advice re HSBC Plevin and missold PPI

ssbjham

I originally had PPI on a loan in 2003 but I am confident that it was missold due to it being added onto the loan which then incurred interest but only lasted for 5 years (on a ten-year loan ) and also the usual misselling complaints, of I was told I had to have it etc. The problem is that it was pre 2004 so was not regulated.
However, due to Plevin HSBC wrote to me as they have now taken over HFC and I have since received a letter stating that they will be upholding my complaint (Plevin ) and have offered me £688.49. (PPI was £6680) added on to the loan on a ten-year loan.
Can anyone help me with my following questions :

1)I thought that at the same time, they were to look at mis-selling as I strongly believe that I was
2) According to their offer, they state that the Paid Premiums were £458.95 but these were not paid monthly but were added to the loan so is that incorrect?
3)I feel that I should go to the Ombudsmen or should I just accept their offer?
Thanks

RonoB

We had to go to the ombudsman as rejected by hfc despite having paperwork. We were successful after that. I had heard hfc were terrible and rejected most claims. You have nothing to lose as the Plevin part should still be due to you anyway. Good luck

dunstonh

1)I thought that at the same time, they were to look at mis-selling as I strongly believe that I was

Rejected complaints automatically get looked at under Plevin.

2) According to their offer, they state that the Paid Premiums were £458.95 but these were not paid monthly but were added to the loan so is that incorrect?

It would be the total paid. Whether single premium or monthly.

3)I feel that I should go to the Ombudsmen or should I just accept their offer?

Do you have access to the FOS? You say it was a pre-regulation case. That doesnt normally impact on banks but does on brokers and HFC stuff was a mixture. Have HSBC rejected your complaint or have they said it is pre-regulation and they are not looking at it?

but I am confident that it was missold due to it being added onto the loan which then incurred interest

That was a good complaint reason in the early days of PPI but it isnt so much any more. If the loan gave a pro-rata refund of the PPI premium if you repaid early then it is not a good reason. If there was no PPI refund on early repayment then it is a good reason.