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    • LouBot
    • By LouBot 11th Jan 18, 11:04 AM
    • 2Posts
    • 0Thanks
    HSBC Mortgage PPI Help!
    • #1
    • 11th Jan 18, 11:04 AM
    HSBC Mortgage PPI Help! 11th Jan 18 at 11:04 AM
    I have been reading a lot on this forum about PPI and I am hoping to find help in understanding my situation. I sent a claim a few years ago to HSBC for mortgage PPI and was rejected which I accepted. Last year they wrote to me about Plevin so I filled in the form and sent it off. I also sent an online form as I wasn't happy about the original rejection as since I found out further info that I had not put in my original application, therefore why not submit again!

    Here are the details: Paid monthly PPI from Sept 2003-Feb 2011 approx 3000 in total as was about 30 a month
    It was cancelled when I had a mortgage review as I was moving house by the gent in HSBC who said it was nothing to do with them and I didn't need it! (In my mortgage file he had written that he did not give me advice to do this!!)
    I believe I was missold as I was a student from 2003-2007 so for those years at least I wouldn't be able to claim as while I was working more, my contract was for Saturdays only therefore below the hours threshold of my policy.

    I put the claim in at the end of November and today 270 arrived in my account! I have not had any letter/email/phone call about this so popped into an HSBC branch to find out more. The gent I spoke to said it seemed very low and that I should have received a letter from HSBC with an offer or an explanation of the decision. So has put me down for a phone call to talk about it in the next week as there is no way to contact the department directly.

    Does this seem correct? As I also think its low!

    My other question is how is Plevin calculated as the more I read about it the more confused I am as I'm not sure if they have agreed it was missold or Plevin!

    Thank you for your help!
Page 1
    • societys child
    • By societys child 11th Jan 18, 11:45 AM
    • 5,224 Posts
    • 5,773 Thanks
    societys child
    • #2
    • 11th Jan 18, 11:45 AM
    • #2
    • 11th Jan 18, 11:45 AM
    Inviting you to complain re Plevin, does not allow you to reopen a rejected mis-sale complaint made "a few years ago" (you had 6 months to appeal).

    As I also think its low!
    Any refund made under Plevin is defined and based on the commission paid. It's not negotiable, so unless they've forgotten how to add up, and got their sums wrong, can't be too low, or too high.
    Last edited by societys child; 11-01-2018 at 11:48 AM.

    • LouBot
    • By LouBot 11th Jan 18, 12:32 PM
    • 2 Posts
    • 0 Thanks
    • #3
    • 11th Jan 18, 12:32 PM
    • #3
    • 11th Jan 18, 12:32 PM
    Thank you for your reply!

    Its only recently that I found out about the minimum working hours which was why I didn't appeal at the time (at least I think I didn't?!) I was moving house and have lost the paperwork which is annoying.

    I really don't understand the Plevin ruling so am off to do some more research about it, its just when I popped into the branch the gent I spoke too didn't think it was Plevin, he thought it was to do with the claim I had resubmitted so hence the confusion.

    Cheers for your help!
    • dunstonh
    • By dunstonh 11th Jan 18, 2:08 PM
    • 93,047 Posts
    • 60,441 Thanks
    • #4
    • 11th Jan 18, 2:08 PM
    • #4
    • 11th Jan 18, 2:08 PM
    plevin requires a refund of the excess commission over 50%. The vast majority of MPPI is well below the 50%. However, a relatively late change that affected the banks was that profitshare had to be included. This pushed the total just over 50% for bank arranged MPP. That is why the figure is low
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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