PPI Reclaiming discussion Part II

pchads

hi all and thanks in advance for any help on my 1st post.....

took out a mortgage pre 2002 with hsbc and a repayment protector with hsbc from the salesperson at my local branch.....ppi was seperate policy and came out of my bank account by dd each month.

about 20 months ago i said farewell to hsbc and got a new mortgage supplier but completely forgot about the ppi. 2 months ago while reviewing my statements i saw the ppi and rang up to cancel it...which was no problem.

my question(s) is/are, is it too much to assume that hsbc should have automatically cancelled my ppi with the mortgage when i payed the mortgage off , or atleast called me to see if it was still needed. do i have any grounds for claiming back the last 18 months worth of payments or is it my fault for not realising sooner, in a way the ppi would have been void by changing my mortgage and the amount of mortgage the ppi covered....which hsbc would have known about when i paid off the mortgage


regards and thanks again

pchads

marshallka

pchads wrote: »

hi all and thanks in advance for any help on my 1st post.....

took out a mortgage pre 2002 with hsbc and a repayment protector with hsbc from the salesperson at my local branch.....ppi was seperate policy and came out of my bank account by dd each month.

about 20 months ago i said farewell to hsbc and got a new mortgage supplier but completely forgot about the ppi. 2 months ago while reviewing my statements i saw the ppi and rang up to cancel it...which was no problem.

my question(s) is/are, is it too much to assume that hsbc should have automatically cancelled my ppi with the mortgage when i payed the mortgage off , or atleast called me to see if it was still needed. do i have any grounds for claiming back the last 18 months worth of payments or is it my fault for not realising sooner, in a way the ppi would have been void by changing my mortgage and the amount of mortgage the ppi covered....which hsbc would have known about when i paid off the mortgage


regards and thanks again

pchads

I would say that it definately should of been cancelled when you you paid it off. What were you protecting as you owed them NOTHING? I would try to get back all the ppi since your mortgage was paid up plus 8% interest too. Are you saying it was missold??

marshallka

Just received my copy of the agreement of my loan from Co-op. Its only the front copy but readable (just about). Just waiting for reply from them now:rolleyes:

stereo_mike

pchads wrote: »

hi all and thanks in advance for any help on my 1st post.....

took out a mortgage pre 2002 with hsbc and a repayment protector with hsbc from the salesperson at my local branch.....ppi was seperate policy and came out of my bank account by dd each month.

about 20 months ago i said farewell to hsbc and got a new mortgage supplier but completely forgot about the ppi. 2 months ago while reviewing my statements i saw the ppi and rang up to cancel it...which was no problem.

my question(s) is/are, is it too much to assume that hsbc should have automatically cancelled my ppi with the mortgage when i payed the mortgage off , or atleast called me to see if it was still needed. do i have any grounds for claiming back the last 18 months worth of payments or is it my fault for not realising sooner, in a way the ppi would have been void by changing my mortgage and the amount of mortgage the ppi covered....which hsbc would have known about when i paid off the mortgage


regards and thanks again

pchads

Check your mortgage offer, as this will state if it is your responsilbility to cancel the protection policy. Its usually under the insurance section.

Also the policy maybe portable, and therefore can be used to cover your new mortgage payments.

Mike

tiggrae

roseanneb wrote: »

Hi,
We bought a car from Welcome Financial Services in Dec 2001.
The repayments were £269 per mth over 48 mths APR 49% ( I know that's high!)
After 36 mths we part ex the car in Dec 2003 . No payments were missed. We were told we had to take PPI out or we could not have the loan. I have searched my credit record and found the address of the firm but need to know which letter to send first and if any one knows how to calculate what I should be asking for, plus do I add on 8% intrest ?? I hope I have posted in the right forum!

Sorry I'm a little confused as to what you're asking - are you asking about mis selling (that's letter one on the PPI mis selling forum) or that you received an unfair rebate when you settled 36 months later?
If you want to know how much to claim you need to separate the cost of the PPI from the cost of the loan. The best way would be to ask Welcome, use a Data Subject Access Request letter (di on here has a good one) and include a £10 cheque.

tiggrae

marshallka wrote: »

Thanks for that Di and Sarah. Yes i did keep it quiet. At 43:eek: you do....

there's nothing wrong with being born in '65 - I happen to know it was a very good year for producing ppi reclaimers !!!!

Pixie983

Pixie983 wrote: »

Thanks for this - I have sent a letter to First Plus this afternoon (recorded delivery) claiming they mis-sold me the policy as a savings plan even after I stated to the salesperson (over the phone) that I would be able to make the repayments in the case if unemployment or long-term sickness. Basically, after I'd told them this they said I may aswell take out the policy as I would get the refund after 5 years as long as I didn't claim on it therefore I had nothing to lose and everything to gain! YEAH RIGHT. How about telling me I'd pay interest on it ON TOP of the interest I was already paying on my loan! It makes my skin crawl thinking about how they can get away with doing this. Just gotta wait now to see if they respond to my letter.....:p

Good News! I received an initial letter from First Plus about 10 pages long fobbing me off, we have reviewd all the phone calls, we sent you all the documentation blah blah blah! So I used the Letter 2 template and have just had another reply offering me an enhanced rebate of 78% (22% being held back for the provision of claims and administration costs).

"I would like to offer oyu an enhanced rebate of £1465.76 in addition to the £590.91 that will be applied to my loan account on cancellation of the policy.

I would point out that this additional refund is made with no admission of liability by either the insures or FIRSTPLUS and is purely a gesture of Goodwill. I would be grateful if you would confirm acceptance of this offer in writing at your earliest convenience."

I'm not sure whether to accept this offer or write to them again asking for more? 22% seems a lot to me for administration costs or have I got it wrong - are they being fair here? Also another question - will this amount be deducted from my loan or will I receive a cheque for this amount (which is what would have happened if I kept the PPI for the 5 years). Not sure I'm happy with the amount coming off my loan as I still have 11 years left to pay (don't intend to keep it this long) so would not make much of a difference - would be better use to me as a cheque so I could pay some off my credit card.

di3004

Redirected !:mad:

I mentioned on here yesterday about posting a letter as I always do by 1st class recorded delivery, checked on the Royal mail website today and its states 'sorry your mail have been redirected and will maybe take an extra day ot 2 before it reaches the department !

Strange that! I have posted to Endeavour many times over the months for different things, SAR etc and never had this problem before, so would this possibly mean it was sent to the wrong address for this to happen ?
(Due to the postal services fault maybe) ?

I have only given them 14 days to respond too !:rolleyes:

pchads

marshallka wrote: »

I would say that it definately should of been cancelled when you you paid it off. What were you protecting as you owed them NOTHING? I would try to get back all the ppi since your mortgage was paid up plus 8% interest too. Are you saying it was missold??

thanks for that...yeah i feel cheated that i have been paying for nothing for 18 months and i'm sure that by moving mortgages this warrents a change in the terms of the ppi but i feel it comes down to whether or not it is "fair" to expect hsbc to automatically be promted to ask me what to do with the insurance policy or whether its just soley down to me to cancel it after the mortgage was repaid?

i know that to cancel ppi on mortgages with some lenders its locked to the mortgages and you have to re-do your mortagage to get another ppi....but is this true for the reverse....to cancel a mortgage should the same mortgage lender not ask you to re-do your ppi?

anyways i don't actually have any grivance with the initial selling of the policy origionally...i still feel that it was a good montly dd amount etc its just purely since moving mortgages i was hoping i could do something to recover the 18months after that date.

thanks for your time

pchads

stereo_mike wrote: »

Check your mortgage offer, as this will state if it is your responsilbility to cancel the protection policy. Its usually under the insurance section.

Also the policy maybe portable, and therefore can be used to cover your new mortgage payments.

Mike

thanks mike...i don't have the t+c's anymore....would the bank still be able to or be obliged to provide me with that information if i asked them for it?