PPI Reclaiming discussion Part II

goonlord

I've just been advised to post here so hope it is the right place!

Following Martin's campaign I tried to reclaim on two policies that I was mis-sold (in my opinion) when I took out my mortgage with HSBC. 1 was for level term cover and 1 was for PPI.

I told the guy arranging the mortgage that i did not want either policy (being single with no dependents and having family support should anything go wrong job-wise or health-wise etc.) but he knew I was desperate to get a mortgage arranged as another lender had messed up my offer and my flat purchase was about to fall through (I used to work with him so I know that he would do anything for a sale)...

Anyway, he made it perfectly clear that without taking out these policies my mortgage would not be arranged quickly. I was young, naive and very stressed at this point and felt I had no option.

Found out yesterday that my claim for the level term assurance has not been upheld since it is my word against his (even though another HSBC advisor has since told me that level term assurance is not appropriate for a single person with a repayment mortgage). Also - 'if I felt I had been pressured I could have cancelled during the 14 day cooling off period'. Awaiting the outcome of the other but I'm not hopeful to be honest.

I feel totally gutted as I have always felt I was ripped off and had no power against a massive bank.

Not sure what to do now so any advice would be really welcome!

maxdp

goonlord wrote: »

I've just been advised to post here so hope it is the right place!

Following Martin's campaign I tried to reclaim on two policies that I was mis-sold (in my opinion) when I took out my mortgage with HSBC. 1 was for level term cover and 1 was for PPI.

I told the guy arranging the mortgage that i did not want either policy (being single with no dependents and having family support should anything go wrong job-wise or health-wise etc.) but he knew I was desperate to get a mortgage arranged as another lender had messed up my offer and my flat purchase was about to fall through (I used to work with him so I know that he would do anything for a sale)...

Anyway, he made it perfectly clear that without taking out these policies my mortgage would not be arranged quickly. I was young, naive and very stressed at this point and felt I had no option.

Found out yesterday that my claim for the level term assurance has not been upheld since it is my word against his (even though another HSBC advisor has since told me that level term assurance is not appropriate for a single person with a repayment mortgage). Also - 'if I felt I had been pressured I could have cancelled during the 14 day cooling off period'. Awaiting the outcome of the other but I'm not hopeful to be honest.

I feel totally gutted as I have always felt I was ripped off and had no power against a massive bank.

Not sure what to do now so any advice would be really welcome!

Hi the HSBC will turn your claim down 'cause they do not like to pay out money. When did you take Mortgage out. Is it still on going. If you could give more details somebody on here will help you.

Your next step will probably to get a form and go to the Financial Ombudsman Services. All is not lost so do not be concerned lots of us have several claims going through Ombudsman at mom:D

goonlord

Sorry - I didn't make myself very clear (too cross!).:mad:

The Financial Ombudsman Service have just turned down my claim. I have 2 weeks to get back to them with more evidence but as I don't have any I'm not sure what to do.

maxdp

goonlord wrote: »

Sorry - I didn't make myself very clear (too cross!).:mad:

The Financial Ombudsman Service have just turned down my claim. I have 2 weeks to get back to them with more evidence but as I don't have any I'm not sure what to do.

Do not know about term insurance but am sure others on here will be able to help.

I understand that the PPI reclaim is still with FOS what reasons did you go for for mis selling of this PPI:D

marshallka

maxdp wrote: »

Hi All

Just found this in the Mail Newspaper today wonder if this goes along with all the phone calls etc some of us have been getting from reclaiming companies.
http://www.dailymail.co.uk/money/article-1051918/Can-REALLY-cut-credit-card-debt.html

thanks for that maxdp. I have just done the link for another thread on here where someone is asking about them. (cartel)

marshallka

goonlord wrote: »

Sorry - I didn't make myself very clear (too cross!).:mad:

The Financial Ombudsman Service have just turned down my claim. I have 2 weeks to get back to them with more evidence but as I don't have any I'm not sure what to do.

If the FOS have turned it down then you still take this through the courts if you feel you have a strong enough case.

Write back to the FOS and state more reasons for misselling perhaps??

goonlord

Thanks maxdp - same reasons for the PPI claim. I said I didn't want it but felt forced to take it to progress the mortgage application and i was in a desperate situation which was exploited.

Still comes down to my word against theirs unfortunately. I took the mortgage and policies out in 2000 but was still paying the PPI one until 2006.

I'm so annoyed with myself for being walked over - just wish I had stood up for myself against the bully!

maxdp

goonlord wrote: »

Thanks maxdp - same reasons for the PPI claim. I said I didn't want it but felt forced to take it to progress the mortgage application and i was in a desperate situation which was exploited.

Still comes down to my word against theirs unfortunately. I took the mortgage and policies out in 2000 but was still paying the PPI one until 2006.

I'm so annoyed with myself for being walked over - just wish I had stood up for myself against the bully!

Don't be annoyed with yourself we all do things like this then regret them earlier. It is a learning curve in life.

Can you give details of what the FOS gave as the reason it was not upheld?

di3004

maxdp wrote: »

Hi All

Just found this in the Mail Newspaper today wonder if this goes along with all the phone calls etc some of us have been getting from reclaiming companies.
http://www.dailymail.co.uk/money/article-1051918/Can-REALLY-cut-credit-card-debt.html

Thanks for this maxdp.;)

Interesting this.

Will re-read again later.

It now makes me wonder though, between me and hubby we have 3 complaints in with the FOS at present regarding Credit Card PPi, we had these products just after 2001 with Lloyds TSB, we settled these when we had a mortgage and borrowed a little more on this to pay off these in 2003, wonder where we would stand with this as they are settled, because we still believe we were not treated fairly with this product and so on, the same as the complaint we have in about the ppi.

To me we still been deprived of this settled or not, because we still had to borrow more credit to settle this credit......:rolleyes: :rolleyes: .

What are your thoughts folks ?;)

goonlord

maxdp - I got a 3 page letter but in essence:

The advisor gave a good enough reason for suggesting the level term assurance and therefore the policy was suitable for my needs.

HSBC says it does not impose conditions (i.e. you must take the PPI/ policy to get the loan) on lending and I cannot prove that it happened in my case.

There was a 14 day cooling off period which I could have used if I felt pressured.

GL