Ppi/asu

BakingCookies

Hi

I requested information from HFC Bank to see if i had PPI - just received back a statement from HSBC (only a statement no cover letter) regarding my second mortgage/secured loan taken out in March 2002 (paid off in full November 2004).

It states at the top Payment Protection Insurance: No

But at the begining of the statement is says Insurance Premium (ASU) - £1,860.

Is this the same as PPI?

I think it may be too old to claim but thought i would check!

Many thanks for reading.

LABMAN

BakingCookies wrote: »

Hi

I requested information from HFC Bank to see if i had PPI - just received back a statement from HSBC (only a statement no cover letter) regarding my second mortgage/secured loan taken out in March 2002 (paid off in full November 2004).

It states at the top Payment Protection Insurance: No

But at the begining of the statement is says Insurance Premium (ASU) - £1,860.

Is this the same as PPI?

I think it may be too old to claim but thought i would check!

Many thanks for reading.

No, it's not the same.

[Deleted User]

BakingCookies wrote: »

But at the begining of the statement is says Insurance Premium (ASU) - £1,860.

Is this the same as PPI?

I think it may be too old to claim but thought i would check!

It's not the same as PPI, but you can still complain it was mis-sold if you have valid reasons for doing so.

It's also not too late at all, but do realise that not every insurance policy is PPI and not even all PPI was mis-sold.

What would be your complaint reasons, given that the policy protected your mortgage and therefore your home?

SonOf

ASU is a form of PPI. Accident, Sickness and Unemployment = ASU. PPI covers accident, sickness and unemployment. ASU was the name used before it became more recognised as PPI.

However, some places refer to ASU as regular monthly premium (how it should be set up) and PPI as single premium.

BakingCookies

Thank you so much for taking time to reply.

It looks like it was taken as a single lump payment. Its says on the statement that I borrowed £13,860.00 (including the £1,860.00 - which is underneath Insurance Paid and dated the same date the loan started) - so I asked to borrow £12,000. I had/have life insurance/sickness etc with my work (I am still working at the same place now (time flies!)). The loan was paid in full in 2004 including the lump insurance sum.

I had never heard of ASU Insurance until today and would not have asked for it as I knew the loan was only for a couple of years until i remortaged - which paid off this loan and my then Abbey National Mortgage - to be honest i cannot remember much of the application but i know i would never had said add nearly £2k on for insurance for what I knew was a short term loan.

Would it be worth putting in a claim then? I used the Resolver webpage at begining of August 2019 so this was within the timeframe for PPI claims - but not sure about ASU Insurance from 2002.

Many thanks.

[Deleted User]

BakingCookies wrote: »

I had/have life insurance/sickness etc with my work

The ASU would have paid out in addition to those benefits and was designed to supplement not replace such benefits.

It is not Life Cover, though, and also won't have been added without your knowledge and permission.

Look for more compelling reasons than that if you want to be sure of a refund..