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Do you need PPI documentation to suceed

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
4 replies 3.7K views
kazahobkazahob Forumite
1 posts
edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
Can Martin or someone advise??
We approached HSBC about a mortgage we had with them and mis-sold PPI. When we took out the mortgage in 2003, they said we needed to take out PPI in order to get the specific mortgage deal. At the time a 100% mortgage.
We no longer have the paperwork (because we got rid of it) after they told us we couldn't make a claim for anything older than six years old and that they didn't keep records for longer than six years. (this was back in 2011).
Now, obviously people are claiming PPI back 10 -20+ years. Is this because they have the paperwork? I'm assuming so.
I do still have the the account number though.
Any hoo, has anyone else experience this with HSBC. They've obviously found a loop hole in terms of highlighting that they do not keep records longer that six years old. In my view, they probably swindled so many people on this basis. Can anyone advise? :(
Apologies, if there is a thread with a question like this already.

Replies

  • SonOfSonOf Forumite
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    Can Martin or someone advise??
    Martin sold this website some years ago.
    We approached HSBC about a mortgage we had with them and mis-sold PPI. When we took out the mortgage in 2003, they said we needed to take out PPI in order to get the specific mortgage deal. At the time a 100% mortgage.

    That does not sound unreasonable. A number of lenders had deals that required the purchase on an insurance policy. That is allowed and is not a missale unless the insurance was unsuitable or it was a lie.
    Now, obviously people are claiming PPI back 10 -20+ years. Is this because they have the paperwork? I'm assuming so.

    Different firms hold onto documentation for different periods. You tend to the record keeping for "current" customers is longer than those that have no current relationship. So, if you have no current business with HSBC, then they are less likely to retain documentation beyond the 6 year period recommended by the FCA.
    I do still have the the account number though.

    Which is unlikely to be helpful as HSBC only ever put in place standalone MPPI. i.e. it was not built into the mortgage but it had its own monthly direct debit.
    They've obviously found a loop hole in terms of highlighting that they do not keep records longer that six years old.

    Its not a loophole.
    In my view, they probably swindled so many people on this basis.
    its not a swindle either. Indeed, retaining that data unnecessarily is unlawful under the data protection act 1994 (and subsequent acts)

    if it makes you feel any better, it doesnt sound like you were missold from your description. Most MPPI is not missold anyway (most complaints are rejected) and if you had to buy it to get that particular deal then it wasnt missold. You could always have bought a different deal without the insurance cross subsidy.
  • edited 26 July 2019 at 5:56PM
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    edited 26 July 2019 at 5:56PM
    kazahob wrote: »
    Can Martin or someone advise??
    Martin left the building a few years ago.
    kazahob wrote: »
    Now, obviously people are claiming PPI back 10 -20+ years. Is this because they have the paperwork? I'm assuming so. They've obviously found a loop hole in terms of highlighting that they do not keep records longer that six years old. In my view, they probably swindled so many people on this basis.
    If the Bank have no records of your account that's not a "loophole" or "swindle" I'm afraid. The Data protection act 1994 (and subsequent amendments/acts) requires the destruction of data when it is no longer required. The FCA recommend different destruction points but 6 years after the event is the most common. Some firms will keep data longer for existing customers but speed up destruction once the business relationship ends.
    So, the answer is that people who have kept hold of documentation in their own archive and/ or have banked with the same bank for many years will obviously have a better chance of making a a mis-selling complaint than those who have flit from lender to lender and have destroyed their documents.
    But there is no conspiracy or swindle.
    Finally, note also that the PPI mis-selling scandal is about the sales process not the financial product. There is nothing wrong with simply having insurance, so in order for it to be refunded you have to show it was mis-sold.
    kazahob wrote: »
    When we took out the mortgage in 2003, they said we needed to take out PPI in order to get the specific mortgage deal. At the time a 100% mortgage.

    EDIT:From what you say here, it sounds like you may not have actually had PPI. The insurance most usually associated with 100% mortgages is Mortgage Indemnity Guarantee (MIG). This was indeed a condition of mortgages with little or no deposit and, since it covered the lender in case you defaulted, it is not somehow recoverable.
  • LibmarLibmar Forumite
    1 posts
    I am currently making several PPI and MPPI claims on the basis that I can prove I had 2 jobs at the time of taking this insurance, so could not have made a claim for unemployment benefits. Prior to complaining I have made direct PPI requests and SARs to all these companies and all but HSBC have been helpful and sent me the data I requested. All of them, again with the exception of HSBC have been able to send data back to the 1990s,even though my accounts closed in early 2000s. I appreciate that different companies will hold records in various ways but I don't believe HSBC when they say they can only go back six years after the account closes. I believe they hold the information but cannot be bothered to do an extensive search if the customer no longer has details.
    Like Kazahob and I suspect thousands of others we are at the mercy of a devious, evasive organisation.
  • DAKOTA45DAKOTA45 Forumite
    592 posts
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    kazahob wrote: »
    Can Martin or someone advise??
    We approached HSBC about a mortgage we had with them and mis-sold PPI. When we took out the mortgage in 2003, they said we needed to take out PPI in order to get the specific mortgage deal. At the time a 100% mortgage.
    We no longer have the paperwork (because we got rid of it) after they told us we couldn't make a claim for anything older than six years old and that they didn't keep records for longer than six years. (this was back in 2011).
    Now, obviously people are claiming PPI back 10 -20+ years. Is this because they have the paperwork? I'm assuming so.
    I do still have the the account number though.
    Any hoo, has anyone else experience this with HSBC. They've obviously found a loop hole in terms of highlighting that they do not keep records longer that six years old. In my view, they probably swindled so many people on this basis. Can anyone advise? :(
    Apologies, if there is a thread with a question like this already.

    HSBC will deny everything until you find your documentation... then they miraculously find screenshots etc., relating to your account from 30+ years ago... I know they keep historic info... but they won't own up until they are cornered by evidence... Luckily, I still had my old loan agreement from 1986, which they couldn't deny.. but oh, how they tried!!:mad:
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