Midland Bank Loan Credit Protection Insurance

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

See orange points above mate

FOS initially said they are upholding our complaint, and gave HSBC a few weeks to make any further points which may alter their decision.

HSBC havent really said anything new, its all a repeat with a few more fancy words from their final response letter pre FOS.

So it may well be that it hasnt actually altered the FOS' view et all.

The letter from them today said they would be in touch again shortly and would let my mother know whether they have made a final decision or whether it will be refered to an adjudicator (i think, ill re-read the letter tomorrow)

[Never-In-Doubt]

Re: Midland Bank Loan Credit Protection Insurance

FOS initially said they are upholding our complaint, and gave HSBC a few weeks to make any further points which may alter their decision.

HSBC havent really said anything new, its all a repeat with a few more fancy words from their final response letter pre FOS.

So it may well be that it hasnt actually altered the FOS' view et all.

The letter from them today said they would be in touch again shortly and would let my mother know whether they have made a final decision or whether it will be refered to an adjudicator (i think, ill re-read the letter tomorrow)

Ok mate, PM me if they reverse their decision before replying to anything

Good luck

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

just thought id update the thread, heard nothing from FOS since 24th of June, think i will email someone and see if theres any update. Im sure they make these things 8 week turnarounds but its getting silly now, could do with a final decision

[MattyA]

Re: Midland Bank Loan Credit Protection Insurance

They are shockers, both HSBC & FOS.
FOS definatley siding with banks more these days.
As Ken says in a post above.....was your mum told that ppi was a requirement??
If so it worked for me too with a ppi claim against Midland bank.
Did she have a current account with them at the time which was upgraded to an 'Orchard' account c/w credit card ? if so that is another claim in the making.
I did em for both and won them both.

Good luck !

Matty

[di30]

Re: Midland Bank Loan Credit Protection Insurance

They certainly had more than ample time, to deal with this!
Time to get chasing then, good luck.

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Cheers guys. last letter i got was, heres the response from HSBC, we may need to pass to an ajudicator or make a final decision, will be in contact soon, due to the high level of claims this could take a while.

That was 24th June, its been over a year now in total i think, time for the FOS to say yes or no, so i can either accept a payout or take it further.

Will try and chase it up this week and let you know (got a lot to get done this week, wifes due any day now!)

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Hey guys, quick update.

Had an email back from FOS, they say they have had to pass our complaint to an ombudsman as HSBC are still disagreeing with ours and their decision to uphold the complaint.

They say that they will continue to try and get HSBC to accept the complaint in the meantime, but will let us know in due course once the ombudsman has made a ruling.

So hopefully the ombudsman will uphold our complaint also, and my mother will get an even bigger payout due to the length of time, who knows!

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Just to keep this thread updated, have heard nothing since my last post. Perhaps no news is good news. Who knows!

[di30]

Re: Midland Bank Loan Credit Protection Insurance

Just to keep this thread updated, have heard nothing since my last post. Perhaps no news is good news. Who knows!

Hiya

The FOS should update you every 2 to 3 months, if you hear nothing, you can contact for an update.
I understand even if its in the queing system they should keep you informed as said above.

When I had one in a few years ago (when I was not clear about the procedures) it was some months before they sent a letter, so I made contact only then to be informed that it was passed on to an adjudicator the month before, but I would not had known that if I didnt contact them.

You could ask them for an update if you wish to, and hopefully all is or will go well. Fingers crossed.

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Finally heard back from ombudsman today, HSBC have finally agreed to pay out.

Just gotta wait 8 weeks for them to write with their calculations and the amount they are offering.

Should be pretty straight forward as it was on a loan, so not too long to calculate I hope.

Anyway when it comes ill double check their figures with you guys first.

[Turboman]

Re: Midland Bank Loan Credit Protection Insurance

Be pleased to check em over for you

[cookie2112]

Re: Midland Bank Loan Credit Protection Insurance

Finally heard back from ombudsman today, HSBC have finally agreed to pay out.

Just gotta wait 8 weeks for them to write with their calculations and the amount they are offering.

Should be pretty straight forward as it was on a loan, so not too long to calculate I hope.

Anyway when it comes ill double check their figures with you guys first.

Great news SXGuy, really pleased for you - and your mum!

[Turboman]

Re: Midland Bank Loan Credit Protection Insurance

Hi SXguy

Further to my post of 12/11/2012---I have updated what i believe is your anticipated redress---in blue below---updated SS attached

SXGUY-4.xls

Unlike credit card PPI redress interest ---which under the new FSA rules. does not increase over time elapsed---Loan SPI redress 8% interest increase over time elapsed




QUOTE=Turboman;256190]I know that you are working with my friend di30 re the procedures to activate the obtaining of the data and the claiming process but for interest I detail below the figures involved:

I have extrapolated that your overall premium was in fact £340.13 and have put the figures into one of my spreadsheets -- claim calculated up to 31/12/12 and I deduce

• Refund of PPI premiums £1,717.44 (this includes the PPI Premium and associated interest) {unchanged}
• 8% Compensatory interest on each payment from date of payment £1,648.10 {£1,835.18}
• Overall refund expected as at 31/12/2012 {12/5/2014} if an upheld successful claim £3,365.5 {£3,552.62}

Please note we don't mention the figures in our claiming letter--it is up to the bank to produce it's figures--my methods are so we can predict the expected offer or check it when received

SXGUY.xls

Turbs[/QUOTE]

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Thanks for this Turbo! 3.5k is still loads more than my mother or I was expecting. Shes gonna use it to have a well deserved holiday. Just hope HSBC don't take too long now, its been long enough already!

[di30]

Re: Midland Bank Loan Credit Protection Insurance

Congrats SXGuy, that is fab news, well done!!!

Turbo, Happy Belated Birthday! Hope you had a great one! XxX