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Hi
Looking for some help and advice please.
My OH has received a letter from HSBC inviting him to put a claim in as they say :- We believe you may have been affected by following issues :-
We may not have established whether you were likely to repay or re-finance your loan before the end of the loan term. The PPI product you had did not give you a pro-rata refund if you paid off the loan early. This means, for example, that if you cancelled half way through you would get back less than half the premium you paid. if we had discussed this with you, we may not have recommended you take out this product.
If your loan was taken to pay existing debts we may not have considered whether the cost of cover or policy terms made it appropriate to recommend that you purchase PPI. if we had discussed this with you, we may not have recommended that you purchase PPI. if we had discussed this with you, we may not have recommended you take out this product.
He had had about 5 loans from HSBC over the years. His first then rolled into a second with them, and we the paid it off. A few years later he took out another loan with them and that rolled into 2 more loans and eventually our mortgage with them.
I've found all the agreements for all 5 and all the bank statements. I think they are front loaded loaded.
We need some help filling in the questionnaire as it seems that if you don't word it correctly you could loose out. I will post up more info on the loans tomorrow, later on today I should say!
Looking for some help and advice please.
My OH has received a letter from HSBC inviting him to put a claim in as they say :- We believe you may have been affected by following issues :-
We may not have established whether you were likely to repay or re-finance your loan before the end of the loan term. The PPI product you had did not give you a pro-rata refund if you paid off the loan early. This means, for example, that if you cancelled half way through you would get back less than half the premium you paid. if we had discussed this with you, we may not have recommended you take out this product.
If your loan was taken to pay existing debts we may not have considered whether the cost of cover or policy terms made it appropriate to recommend that you purchase PPI. if we had discussed this with you, we may not have recommended that you purchase PPI. if we had discussed this with you, we may not have recommended you take out this product.
He had had about 5 loans from HSBC over the years. His first then rolled into a second with them, and we the paid it off. A few years later he took out another loan with them and that rolled into 2 more loans and eventually our mortgage with them.
I've found all the agreements for all 5 and all the bank statements. I think they are front loaded loaded.
We need some help filling in the questionnaire as it seems that if you don't word it correctly you could loose out. I will post up more info on the loans tomorrow, later on today I should say!
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