If youíre looking to make a PPI claim against HSBC the following page tells you all you need to know. Aside from explaining all the info you need in order to pursue your claim, we also explain exactly how to go about making your HSBC PPI claim. Of course, weíd love you to use us to help you with the process, but unless you have all facts first, how you can you decide the best way to proceed?
A bit of backgound on HSBC...
HSBC is one of the major retail banking groups in the UK. The UK operations are part of a very large worldwide banking organisation. HSBC completed its acquisition of former UK bank Midland in 1992, and re-named all Midland branches under the HSBC name.
HSBC sold PPI on mortgages, personal loans, credit cards and business loans.
Like all major banks, HSBC has set aside significant sums in order to pay PPI compensation. HSBC increased their PPI redress provision by £220 million in November 2012, taking the total to £1.2 billion. This amount is lower than that for three other major banking groups, but it still represents a significant sum. The lower compensation bill at HSBC may be due to the fact that it ceased selling PPI in its branches in December 2007 and throughout the rest of the group during 2008.
HSBC PPI Claims - were you mis-sold?
Did you have a loan or mortgage with HSBC? Like so many banks and other institutions, it is possible that some of HSBCís PPI was sold to customers who were unaware they were buying it, so you may need to read your statements carefully, or contact the bank, to establish whether you have the insurance.
A proportion of HSBC customers were also led to believe either that PPI was compulsory, or would improve the applicantís chances of being approved for the loan, neither of which is the case. Others were not made aware of the significant number of exclusions that often apply on PPI policies, such as not being able to claim for stress or back complaints, or restrictions on when the self-employed can claim for unemployment. If you were led to believe that PPI was compulsory, or the policy was not fully explained to you, you have excellent grounds to make a claim.
Complaints about PPI sold by HSBC can be made:
- by calling 0800 881 155;
- by writing to: HSBC, PPI Complaints, PO Box 6177, Coventry CV3 9HP
The HSBC website, www.hsbc.co.uk, says they expect to complete investigations into PPI complaints within eight weeks, and anecdotal evidence suggests HSBC are one of the quickest in resolving PPI complaints. However the site also recognises the possibility that they may fail to meet the eight-week target by saying that they will always update complainants after eight weeks as to the progress of their complaint.
If the complaint is rejected, or you are dissatisfied with the amount offered, or HSBC has not closed your complaint within eight weeks, you can refer the matter to the Financial Ombudsman Service (FOS) - www.financial-ombudsman.org.uk. The FOS resolves most complaints within a few months, but in exceptional cases can take over a year.
The FOS ruled in favour of the customer in 66% of the HSBC PPI cases it closed in the six months to June 30 2012 ñ slightly below the industry average of 71%. The FOS also received just over 5,000 new PPI cases from HSBC customers in this six month period.
One thing to bear in mind before making your claim either through us or direct with HSBC is whether you were sold PPI by HSBC or an intermediary. If itís the latter, then youíll need to make the claim against them, rather than HSBC.
Next steps to making your HSBC PPI Claim...
Now you know all about HSBC PPI claims, let us take all the stress and hassle out of your hands. Simply fill in the form on the right and weíll crack on and get your claim processed straight away.