Forced a new policy with HSBC as they missold me PPI

[lolls8985]

Hi
Wonder if anyone can help me? I got a loan out with HSBC in June 2006 which had PPI. Being very young at the time I was miss-sold the PPI and went through the process of claiming the PPI awarded by OFT compensation for this in 2008. However I am still not satsifisified as I feel that HSBC ripped me off as had to get another agreement out to compensate HSBC mistake in the first place. I had paid 21 months out of the 48, when I was forced to take out a new agreement to remove the PPI as was already intergrated into the orginal loan with a chance of not getting my money back for PPI as only obtained that 3 months after I had to change the agreement to remove the PPI. I was also forced to take out at a higher rate than previously sold. Is there anything I can do?

[enaid]

Re: Forced a new policy with HSBC as they missold me PPI

Hi lolls and welcome to Beagles.
Firstly can I ask what you mean by 'OFT compensantion'?
Please have a read of the information on here http://www.legalbeagles.info/forums/...ad.php?t=22339 it is a new procedure to make things simpler by claiming mis sold PPI through the FOS.
I think they too condone the signing of a new agreement but i am sure they will take up your complaint if you have been treated really unfairly by HSBC.
Enaid x

[lolls8985]

Re: Forced a new policy with HSBC as they missold me PPI

Hi
Thank you for coming back to me so quickly. I meant Financial Ombudsman as I have already been awared the money back for the PPI by HSBC through that process. However I stopped the PPI in the loan 21 months into the orginal loan over 48 months. I was then forced by HSBC to sign a new agreement to remove the PPI which was at higher rate of interest that the first and then had to pay the new agreement for 36 months. Not sure if I can get any more money back but feel because i was forced into a new agreement to take of there missold policy i have paid through the nose.... Not sure where i would stand???

[enaid]

Re: Forced a new policy with HSBC as they missold me PPI

Well in this case maybe a letter to FOS saying exactly what you have said here and that you were of the understanding when PPI was missold and returned it would take the loan back to what it would have been if PPI had never been applied and not to cost you more in the long run.
There is always the court route to consider also, this you can do because you went to the FOS first off and the other way around is a no no with FOS.
Enaid x

[lolls8985]

Re: Forced a new policy with HSBC as they missold me PPI

Thanks for your help.

Im not sure if anyone else has had a similar situation? Would i need to go to HSBC first or would I just got straight to FOS?

[enaid]

Re: Forced a new policy with HSBC as they missold me PPI

I would write to FOS and give them the facts and figures and how unfair you think the outcome is.
I do know that they allow and condone new agreements to be made but maybe they should be more aware of how this leaves the lender no better off without the PPI.

[lolls8985]

Re: Forced a new policy with HSBC as they missold me PPI

I have just spoken to FOS and they have said i would need to claim about the new loan as already claimed on the PPI. So will have to see what happens.

Thanks for your help

[enaid]

Re: Forced a new policy with HSBC as they missold me PPI

Ok, well good luck and please let us know how you go on, if only to help others in this situation.
Enaid x