Ppi Question

[little_miss_]

Hi all,

I wrote to hsbc claiming mis-selling of ppi ( i was not informed that it was optional) and asked for the policy to be cancelled. I received a response back stating that i signed all the documents and that they would not uphold my complaint.

They also said that i cannot just cancel the ppi i would need to reschedule my loan onto a new loan at the same interest rate... my question is .....

: as the old loan includes the PLP paid upfront, will this be deducted from new loan

: will i be given a partial refund on money i have already paid

thanks in advance for help

[Paule]

Re: Ppi Question

Hi there

Firstly I will move your thread to to PPI forum.

Do you have a copy of the T&C for the PPI at the time is was set up?
You really need this to find out exactly what there conditions are

They also said that i cannot just cancel the ppi i would need to reschedule my loan onto a new loan at the same interest rate

This is correct and is what they should be doing. The new loan should not detriment you in any way, ie same rate, payments, term remaining, also they should not credit check you again

Did you actually pay the full amount at the start or was it added to the loan and split amongst your loan payments?

As with most insurance policies you will not get a full refund on the payment.

It is hard to answer fully without knowing what your original loan documents contained, I presume you have a copy of these.

They will most likely refinance the balance outstanding of the loan and may give you a partial refund of the ppi if you paid it in full, but dont expect a pro rata refund.
This is where you need the T&C to see what the cancellation details are for the PPI

PKea