HSBC PPI - to date so far I've been refused... what next??

lil_redhead

What Are You Reclaiming: A Loan PPI Insurance
Who Is It With: HSBC
How Much: 4087.20

I sent the first template letter in February this year stating how I believed I was mis-sold. I took out the loan in January 2005 as I had just moved to London to start a new job. I was on a training wage for my first 3 months and it meant that I would not be able to meet all my payments. I went to the Bank with my contract in hand and we consolidated my existing loan together with other debts. The loan was a large amount £15,000 and taken out over 5 years. The monthly payments were for £308.24 including interest and then on top of that a sum of £68.12 for the PPI. I did show concern at the time re the PPI amount and was advised that if I did not take out the PPI then it would likely result in my loan application being declined.

When I wrote to HSBC about the mis-selling I stated about the likelihood of my application being declined and also said that the advisor, even if he insisted in his recommendation that I should have PPI, then he did not mention I was not obliged to have it with them and could go to any other provider. I also stated that I wanted to cancel PPI payments with immediate effect.

I received a letter acknowledging mine and then shortly after another letter advising they were still looking into it. On the day the 8 weeks were up I received a letter from them stating they are unable to support my complaint. They have enclosed a copy of my signature against the 'optional PPI' and said that if I was not happy then I should have cancelled it within the 30 day cooling off period.

They also advised that they are unable to cancel my PPI payments without rescheduling my loan.

I am now asking for any advice on what to do next...

Is it worth pursuing further? My work does have benefits such as sick pay for 6 months and this is detailed in my contract which he saw, plus if I should pass away whilst still employed by my work then my next of kin will receive a lump sum amount depending on how many years service I have. My employment is for the public sector, there are no redundancies so to me the only thing I am not covered for is if I were to be dismissed or hospitalisation. Could I possibly write back and say that the PPI was not tailored to my needs?

Does anyone know where I stand re getting these PPI payments cancelled? I really do not want to have to reschedule the loan as it means going through a new loan application and therefore having a credit check and I only another 18 months to go.

Answers on a postcode pretty pretty please!

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Pound-Of-Flesh

Sounds like they have completely failed to address any of your grounds for the complaint.

The fact that you signed is neither here nor there, as they say. The whole point about mis-selling cases is that you are encouraged to sign something that has not been properly explained to you. If that is the best answer they can come up with, you should win this hands down.

marshallka

Write back to them and get a final response and take your complaint to the FOS if i was you. You seem to have good grounds for your complaint and they have completely ignored what you have complained about.

di3004

Definately keep on at them or go to the FOS.

State every possible reason why you believed you were mis sold, and if you do write to them again only give them something like 7 - 14 days to respond, if they still deny this was mis sold then fill in a complaint form (FOS).

Please add on the next letter that if they do not resolve and uphold your complaint, you will not hesitate but take this complaint to the ombudsman further investigation.

good luck.;)

Di.
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