PPI Taken out with HSBC in 2002, is a claim time barred please?

[redrose281]

I took a Personal Loan out with HSBC in 2002, although I receive a Dependants Pension which is payable every month for the rest of my life, meaning I would never be in a position where I was unemployed, sick or out of work etc, I was told by the Teller that I had to have this PPI or I wouldn`t be able to have the loan as the PPI was part of the requirement of getting the loan, I am trying to make a claim for the mis-selling of this product, but HSBC have said my claim is time barred, is this correct please? If not, why not please?

Many thanks xx

[FlamingParrot]

Re: PPI Taken out with HSBC in 2002, is a claim time barred please?

I took a Personal Loan out with HSBC in 2002, although I receive a Dependants Pension which is payable every month for the rest of my life, meaning I would never be in a position where I was unemployed, sick or out of work etc, I was told by the Teller that I had to have this PPI or I wouldn`t be able to have the loan as the PPI was part of the requirement of getting the loan, I am trying to make a claim for the mis-selling of this product, but HSBC have said my claim is time barred, is this correct please? If not, why not please?

Many thanks xx

You could argue that you were not aware that the PPI had been mis-sold, a lot of people weren't aware, that's why the banks kept mis-selling it. If HSBC have rejected your claim, you can take it to the FOS.

[redrose281]

Re: PPI Taken out with HSBC in 2002, is a claim time barred please?

Thank you FlamingParrot, to be honest I wasn't aware it had been mis-sold, when the bank employee told me it was a condition of the loan, I just believed her? :/ Thank you for your help xx