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Check for PPI on your HSBC:

  • HSBC Loan PPI CheckLoans
  • HSBC Credit Card PPICredit Cards
  • HSBC Mortgage PPIMortgages
  • HSBC PPI Claims
Our Simple Process
  • PPI Claim Step 1
    STEP 1Complete Our Simple 2 Step Claim Form
  • PPI Claim Step 2
    STEP 2Receive Free Pre-filled Forms In The Post
  • PPI Claim Step 3
    STEP 3Sign The Letter Of Authority & Return To Us
  • PPI Claim Step 4
    STEP 4If you've paid PPI, we can process your claim & retrieve your refund*
*There is no pressure, if you decide to handle the claim yourself that's absolutely fine.
 

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      What happens now?

      We’ll post you a FREE pack with all of your forms pre-filled

      Sign & date the Letter of Authority and return the pack ASAP

      Once we receive your pack, we will process your claim to identify if you have a PPI refund due.

      HSBC PPI Claims

      Over the past decade it has been difficult to dodge the news about the PPI scandal. We’ve seen extensive media coverage about the financial outrage and have been targeted by a range of advertisements and marketing methods in order to help people become aware of what PPI is and how to claim if you believe that you were mis-sold.

      It has turned into what we call today the biggest financial scandal to ever hit the UK banking sector and the following information will assess each of the aspects that could lead to someone being mis-sold PPI and how they could claim and receive the money that rightfully belongs to them.

      What is PPI and How Does It Work?

      In order to fully understand the concept of PPI, it’s important to start with the fundamentals. Payment protection insurance- better known as PPI was an optional policy that covered repayments on finance such as loans, mortgages, credit cards and store cards. If the policy holder was unable to meet the required repayments, then they could opt for a PPI policy- which would help them with the pay back process.

      There are numerous circumstances that could apply to someone who may need to utilise their PPI cover, these include:

      The FCA has said that it wants to see better practices. Many major providers, including Lloyds, Barclaycard and Santander have been fined for “not treating customers fairly”. If your bank has - you are likely to have a case.
      Who are HSBC?

      HSBC and many other financial institutes have mis-sold PPI on a large scale which has resulted in customers paying money for products that they didn’t need or want through a PPI policy. The history of HSBC dates all the way back to 1865 where the bank opened its door to business in Hong Kong. To date they serve around 46 million customers in 71 different countries.

      By 1900, after strong growth under Chief Manager Thomas Jackson, the bank had expanded into 16 countries and was financing trade across the world. HSBC widened its scope of its activities in Asia and issued loans to national governments in order to finance modernisation and infrastructure projects.

      In 1950, the bank took a key role in the reconstruction of the Hong Kong economy and during the 70’s the bank extending its range of services. During the 90’s and early 00’s HSBC adopted a fused brand by using the HSBC symbol and hexagon everywhere the bank operated.

      PPI HSBC Chart

      Source: FT Graphic

      HSBC have made millions of pounds from selling PPI, but past and present borrowers could now be entitled to claim their money back plus interest
      How Did PPI Come About?

      The issues that developed around PPI were first brought to light in the late nineties by Which? magazine when they questioned the product’s value; both in price and effectiveness towards its customers.

      Despite a number of complaints about the policy, PPI was still being sold by financial institutes across the country. It wasn’t until 2005 that the Financial Standards Authority (FSA) released a report on PPI and the poor practices that were being used in order to sell the policies.

      Smaller companies were under scrutiny a year later and found themselves facing large fines which were passed down by the Financial Services Authority for their role in mis-selling the policies. It wasn’t until 2007 that companies were getting slapped down with fines. Big banks and companies that thought they were untouchable were beginning to find that mis-selling was fast becoming public knowledge and very big fines followed.

      HSBC have made millions from selling PPI, through HSBC Loans, but past and present borrowers could now be entitled to claim their money back with interest by making HSBC PPI claims. The bank has admitted that they could have to pay back 6.7 billion pounds to borrowers who were mis-sold HSBC PPI.

      You will not receive the money you paid out for HSBC PPI just because you make a claim, it will need to be proven. This is why you must look for official forms and not just find one from the internet. People are often surprised when their claims are rejected and it’s because of the shoddy claims process.

      Many people fail to realise that companies keep copies of the paperwork or recorded information such as telephone calls. This is evidence that can come in handy when people are claiming. It can go one of two ways:

      Research in 2008 showed that over 2 million people in the UK had been paying for policies that they had little to no chance of being able to claim on. More than 1 million people were believed to have been sold an insurance policy after being told that that was the only way that they could be approved for credit and this was not the case.

      The five big banks that have been highlighted throughout the PPI saga have spent billions of pounds to compensate those who were mis-sold the payment protection insurance.

      How Has PPI Affected HSBC?

      HSBC- being one of the leading UK banks have been front-runners in the PPI scandal- being named and shamed as one of the top five banks in the PPI scandal.

      PPI Claims Deadline

      Mis-sold PPI Compensation claims MUST be made by June 2019 under proposals announced by the Financial Conduct Authority (FCA). It is important to understand that in some cases, you may have less time than this

      How Was PPI Sold?
      Contents

      In a lot of cases, PPI was added onto a policy without the customer’s knowledge and was being hidden away within the monthly repayments. Sales Advisors would often use dishonest sales tactics when it came to attaching policies. This was used as a scare tactic to encourage customers to buy a policy. It is always beneficial to know what defines mis-selling before beginning a claim.

      In other cases, some sales staff, at the request of the banks, were told to use whatever techniques they could in order to sell PPI to consumers. The policies sold in alot of cases wouldn’t cover the individual and leave people unable to claim on a policy should something effect their ability to earn money.

      Another way of mis-selling happened when salesmen failed to clarify to the customer that a PPI policy was optional and they were free to opt-out or even purchase the insurance elsewhere if they wanted to.

       

      PPI Map Statistics
      UK mis-sold PPI scandal statistics £10 Billion

      In payouts alone in the UK.

      By 2008, 20 million PPI policies existed in the UK that’s nearly 1 in 3 of the 2008 UK population

      HSBC PPI Percentages
      So What Does This Mean?

      In 2015 the Financial Conduct Authority (FCA) allowed customers who had their initial complaints rejected the right to appeal to the Financial Ombudsman Service. This means that thousands of people who initially had their claims rejected were allowed to have a second chance in claiming back mis-sold PPI. This meant that HSBC would pay back thousands of PPI claims that have been wrongly rejected.

      Until very recently, PPI was sold at the time you took out a loan, credit card, mortgage or financial deal. Policies were often sold to people when they weren’t eligible for cover. If you remember any such conversation, there’s a chance you were mis-sold PPI and can claim.

      Presently there is no definite figure for compensation as it depends on how many people come forward with a complaint. The banks were told two years ago to re-examine complaints they had already rejected. The new rules suggest that they will also have to contact all past PPI customers – even those who have never complained.

      Do I have a Claim?

      In order to have a valid PPI claim and get a hold of what is rightfully yours, you will need to provide HSBC with as much information about your PPI claim as possible. According to HSBC and most banks, the information that is required of you is as follows:

      If you have attempted to claim back PPI and you were rejected, then don’t give up. You can contact the FOS (Financial Ombudsman Service). They will independently assess your claim and decide if your case is worth pursuing or not.

      Bank officials are keen to draw a line under the PPI affair, which has escalated over the last five years into the costliest in UK banking history, and are trying to estimate how many consumers will submit claims once a huge publicity campaign gets under way.

      PPI Claims HSBC

      Over the past decade, the news about the PPI scandal has been raising a storm in the UK. We’ve seen extensive media coverage about this financial scandal.

      The resulting outrage has been broadcast through a range of advertisements and marketing methods to help people become aware of what PPI is and how to claim if you were mis-sold a PPI policy.

      PPI Scandal has turned into what we call today the biggest financial scandal to ever hit the UK banking sector and there is a pretty good chance that you may also have a mis-sold PPI.

      Therefore, in this guide, we have provided all the information that you need about PPI. It includes the aspects that could lead to someone being mis-sold PPI, how to claim and receive the money that rightfully belongs to you.

      What Is PPI?

      In order to fully understand the concept of PPI, it is important to start with its basics first. PPI is an acronym for Payment Protection Insurance. It was an optional policy that covered repayments on finance such as loans, mortgages, and credit cards. If the policyholder was unable to meet the required repayments under some circumstances, then they could use the PPI policy to help them with the payback process.

      There are several circumstances that could apply to someone who may need to utilise their PPI cover which include:

      Why are HSBC Involved?

      HSBC and many other major banks in the UK have mis-sold PPI on a large scale, which has resulted in customers paying money for something that they didn’t need or want.

      The history of HSBC dates all the way back to 1865 where the bank opened its first door to business in Hong Kong. Currently, they serve around 46 million customers in 71 different countries.

      By 1900, after strong growth under Chief Manager Thomas Jackson, the bank had expanded into 16 countries and was financing trade throughout the world.

      With time, HSBC widened its scope of its activities in Asia and issued loans to national governments in order to finance modernisation and infrastructure projects.

      In 1950, the bank took a key role in the reconstruction of the Hong Kong economy and during the 70’s the bank extended its range of services. During the 90’s and early 00’s, HSBC adopted a fused brand by using the HSBC symbol and hexagon everywhere the bank operated.

      How Did the HSBC PPI Scandal Come Into The Light?

      The issues that developed around PPI were first brought to light in the late nineties when finance experts questioned the product’s value-both in price and effectiveness towards its customers.

      Despite a huge number of complaints about the policy, PPI was still being sold by finance providers and banks across the country. It wasn’t until 2005 that the Financial Standards Authority (FSA) released a report on PPI and the fraudulent practices that were being used in order to sell the policies.

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      Smaller finance providers were under scrutiny a year later and found themselves facing larger fines which were passed down by the Financial Services Authority for their role in mis-selling the policies.

      It wasn’t until 2007 that finance providers were getting slapped down with fines. Big banks and companies that thought they were untouchable were beginning to find that instances of PPI mis-selling were increasingly coming into light and huge fines were being levied on the establishments that mis-sold the PPI to the people.

      HSBC have made millions from selling PPI, through HSBC Loans, but present and past borrowers can now be entitled to claim their money back with interest by making HSBC PPI claims. The bank has admitted that they could have to refund 6.7 billion pounds to borrowers who were mis-sold HSBC PPI.

      However, you will not receive the money you paid out for HSBC PPI just because you made a claim, it will also need to be proven. This is why you must look for official forms and not just find one from the internet. People are often surprised when their claims are rejected and it’s because of the substandard claims process.

      Many people fail to realise that finance companies keep copies of the paperwork or recorded information such as telephone calls. This is evidence that can come in handy when people are claiming. It can go one of two ways:

      A research in 2008 showed that over 2 million people in the UK had been paying for policies that they were not eligible to claim when required. More than 1 million people were believed to have been sold an insurance policy after being told that that was the only way that they could be approved for credit.

      The five big banks that have been highlighted throughout the PPI saga have spent billions of pounds to compensate those who were mis-sold the PPI policy.

      How Did HSBC Sell PPI?

      HSBC- being one of the leading UK banks has been front-runners in the PPI scandal- being named and shamed as one of the top five banks in the PPI scandal.

      In most cases, PPI was added onto a policy such as a loan, mortgage or credit card without the customer’s knowledge and was being hidden away within the monthly repayments.

      Sales Advisors would often use fraudulent sales tactics when it came to attaching policies. It is always beneficial to know what defines mis-selling before beginning a claim.

      In other cases, some sales staff at the request of the banks was told to use whatever techniques they could in order to sell PPI to consumers. The policies sold in a lot of cases wouldn’t cover the individual and leave people unable to claim on a policy.

      Another way of mis-selling happened when the sales person failed to clarify to the customer that a PPI policy was optional and they were free to opt-out or even purchase the insurance elsewhere if they wanted to.

      PPI mis-selling can be in form of any of the following:

      If you suspect that you have been sold mis-sold a PPI policy, you should act now and complain to your provider. You can take your claim to Financial Ombudsman Service (FOS) as well, if your finance provider rejects your claim.

      In 2015 the Financial Conduct Authority (FCA) allowed customers who had their initial complaints rejected by their finance provider or banks the right to appeal to the Financial Ombudsman Service.

      This means that thousands of people who initially had their claims rejected were allowed to have a second chance in claiming back mis-sold PPI. This means that HSBC would have to pay back for thousands of PPI claims that they had wrongly rejected.

      Until very recently, PPI was sold at the time you took out a credit card, loan, mortgage or financial deal. Policies were often sold to people when they weren’t even eligible for cover. If you remember any such conversation, there’s a chance you were mis-sold PPI and you can claim.

      Presently, there is no definite figure for compensation, as it depends on how many people come forward with their complaint. The banks were informed 2 years ago to re-examine complaints they had already rejected. The new rules suggest that they will also have to contact all past PPI customers – even those who have never complained.

      The FCA has confirmed that the deadline for making a claim will be 29 August 2019. This means if you’ve got a mis-selling claim over how PPI was sold; it must be received by the firm you’re complaining to on or by 29 August 2019. Miss it, and the complaint won’t be considered.

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      Do I have a HSBC PPI Claim?

      In order to have a valid PPI claim and get the deserving compensation, you will need to provide HSBC with as much information about your PPI claim as possible. According to HSBC and most big banks, the information that is required of you is as follows:

      If you have attempted to claim back PPI and it was rejected, then don’t give up. You can contact the FOS (Financial Ombudsman Service). They will independently assess your claim and decide if your case is worth taking forward or not.

      Bank officials are keen to draw a line under the PPI affair, which has escalated over the last 5 years into the costliest in UK banking history, and are trying to estimate how many consumers will submit claims once a huge publicity campaign gets under way.

      Although there is now a deadline of 29 August 2019, some people will have an earlier deadline to complain about mis-selling of PPI. This is most likely to affect you if you previously received a letter from your provider about failings in the way PPI was sold to you or you have made a claim on your policy.

      How Do I Check If I Have PPI With HSBC?

      Here are the key PPI mis-selling categories in our checklist. If you fit one or more of these, you probably have been mis-sold PPI by HSBC:

      Too many people are taken aback and surprised to discover that they have been paying PPI premiums for years – and are stumped as to why. Yet there are many ways it was mis-sold to you without your knowledge.

      This covers anything from the fact you were already covered, the policy was not what you agreed to, the insurance term was shorter than your loan and you didn’t realise it, or if you thought it was a joint policy but in fact, it was only in one person’s name.

      If you were retired or unemployed when you were sold the policy, make sure that you check if it included unemployment cover. If it did, the unemployment cover is worthless and this should’ve been pointed out.

      If you were self-employed at the time, check whether you were eligible for a payout if your business was in loss – if not, and it wasn’t pointed out, you may have a case.

      Most policies exclude existing medical conditions, meaning you’re unlikely to be covered for any medical problems you have had in the past. You should have been asked about this and informed that the policy could be affected.

      Many major providers, including HSBC, Lloyds, LV and Capital One, have been fined for “not treating customers fairly”. If yours has, it’s very likely you have a case.

      How much Money is set Aside by Banks for PPI Compensation?

      PPI is UK’s biggest mis-selling scandal. The amount set aside by major banks in the UK is almost double the £11.8 billion bill for misleading pension sales and is way higher than the £2.7 billion amount for mortgage endowments. So far, banks in the UK have earmarked over £22 billion to compensate the people they wrongly sold PPI too.

      Here is a list of major banks that have set money for PPI compensation:

      Britain’s major retail bank, which also owns Halifax and Bank of Scotland, is responsible for almost half the total cost of compensating customers. It has set aside £9.83 billion for mis-sold PPI refunds.

      This bank has set aside an extra provision of £1.35 billion, taking the total it has set aside to £4.13 billion for PPI compensation.

      The government-controlled bank has set aside an extra £465 million for PPI, taking its total provision to £3.1billion for mis-sold PPI.

      The total bill amount set by HSBC is £1.7 billion for PPI compensation.

      Now the question arises- How much money are you entitled to get from your bank as PPI compensation?

      The amount that you may be entitled to get for a mis-sold PPI is determined by many factors

      One of the first things you’ll need to know about your PPI policy is:

      1. a) Whether it is/was a single premium policy or a monthly premium policy and
      2. b) Whether it’s for a loan, mortgage or credit card.

      How Do I Claim Back A Refund From HSBC?

      Below are the steps you can follow to claim for a Mis-sold PPI by HSBC.

      You can complain to HSBC about the sale of PPI yourself. You can usually complain by phone, post or on their website.

      Although complaining is a simple process, you should be prepared to provide information to support your complaint, such as:

      The more information you provide, the easier and quicker it will be for your provider to review your complaint. But you can still complain even if you can’t find any paperwork.

      If you want to post your complaint you can use the free complaint form provided by the Financial Ombudsman Service. Many such providers also offer their own PPI complaint form that you can use.

      You must have come across the term FOS or Financial Ombudsman Service a few times while looking for financial dispute settlements, especially while claiming for PPI compensation from a money lender or bank. But, do you really know what exactly is FOS and how does it operate in the UK? Below, we have shed some light on it for your clarity.

      Financial Ombudsman Service

      The Financial Ombudsman Service (FOS) is an ombudsman in the United Kingdom. It was established in the year 2000 and given statutory powers in 2001 by the Financial Services and Markets Act 2000.  Its main objective is to settle disputes between consumers and UK-based businesses providing financial services such as banks, insurance companies, investment firms and finance companies.

      What are the Services provided by the FOS?

      The FOS deals with various types of complaints from consumers about most financial matters including- banking, insurance, mortgages, pensions, savings and investments, credit cards and store cards, and loans or credit.

      Before the ombudsman can step in, the consumer must first give the business they are unhappy with the opportunity to look into the complaint itself. The businesses have a maximum of 8 weeks to resolve the complaint. If they do not resolve it within the given deadline of 8 weeks or the consumer is not happy with the response then they can refer the complaint to the ombudsman service.

      How Does FOS Operate?

      The ombudsman treats each case differently and makes decisions on the basis of what it believes is fair and reasonable in the particular circumstances of each case.

      In making decisions on individual complaints, the law in the UK requires the FOS to take the relevant law and regulations, regulator’s rules, guidance and standards, and codes of practice into account to operate.

      While FOS deals with all types of consumer complaints, PPI compensation claims are the most common types of complaints they receive.  Recently, the FOS reported that it had more than 400,000 unresolved cases in which banks had refused compensation when customers complained to them.

      The question here is that why PPI claims are so common and are in majority?  It is because PPI (Protection Payment Insurance) was sold widely across the UK by various banks, often using misleading sales practices, alongside personal loans, mortgages and credit cards.

      The policies were meant to cover payments if customers were sick, unemployed or in a situation where they could not pay the debt. But eventually, upon requirement, the banks did not pay out or the buyer did not qualify in the first place for receiving the money covered.

      Why Claim For PPI And How Does FOS Help In Getting The PPI Refund?

      There are still millions of mis-sold PPI policies out there amongst the general public for which no claim has yet been made. As an ombudsman, FOS wants to ensure that they do everything possible to ensure that the consumers claim back their mis-sold PPI before it is too late.

      Initially, PPI appeared a good thing as if people fell behind with their repayments due to a sudden loss of income due to illness, accident or unemployment, the insurance policy would meet the repayments for the customer.

      But the product was widely mis-sold to millions of people across the UK who did not know that they were being sold PPI and they were charged for it without utilising the policy.

      This resulted in one of the biggest banking scandals of all time. Banks and lenders have so far set aside more than £22 billion to compensate people who were mis-sold policies and the bill is still expected to rise by time.

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      Who Can Claim?

      If your answer is “yes” for any of these quick questions below you too may be one of the millions of people who were mis-sold the product.

      How to Claim PPI Yourself?

      If you have found that you have been mis-sold PPI on some or all of your loans or credit cards, you have the option of hiring a firm that specialises in PPI claims or you can handle the claim yourself with the assistance from FOS.

      Here are the steps you will need to take when filing your own claims with FOS:

      What Next?

      If you find it the daunting task to make a claim with FOS, you can always choose to alternatively employ the services of a claims management company who can do the required work for you.

      Making a claim requires a lot of work and guidelines to follow and if you feel that it can be cumbersome to you, you can always seek external assistance.

      You could pay to use a claims company, which are also known as claims management companies (CMCs), claims handlers or claim firms to make a complaint on your behalf.

      If you decide to use a claims company you should read the terms and conditions carefully and make sure you understand what it will cost you. Choose a trustworthy claim management company that has extensive experience in dealing with PPI claims.

      Seeking assistance from a good claim firm will ensure that your claim is dealt at the earliest and you get the deserving compensation without any delays and complications.

      Banks, lenders and other providers are subjected to acknowledge that they have received your complaint.

      They must then send either a final decision in writing within 8 weeks of your complaint to tell you whether it has been successful or explain why they need more time to look into it.

      If you want help understanding the final decision or you would like it in a different format, you should contact HSBC or ask your claim management company to make it clear to you.

      What to do if you disagree with the final decision?

      If you are not happy with the final decision you receive from HSBC or you do not get a response within 8 weeks, you can complain to the Financial Ombudsman Service. If you are receiving services from your claim management company, they will do it for you.

      The Financial Ombudsman Service will contact both you or your claim management company and your provider to find out what has happened, and then decide if your provider has treated you fairly.

      It is important you contact the Financial Ombudsman Service within 6 months of your provider sending its final decision, or it may not be able to deal with your complaint.

      You will still be able to complain to the Financial Ombudsman Service after the 29 August 2019 deadline if you made a PPI refund claim to your provider before that date and it is within 6 months of receiving your final decision letter.

      Tips for PPI reclaiming

      If you don’t know if you had PPI sold to you by HSBC along with a loan, mortgage or credit card, are missing info or lack paperwork, don’t worry – it’s easy to find out

      Lots of people worry about reclaiming PPI because they don’t have full details or can’t remember, but don’t let this put you off. Here’s what you need to do:

      First, you can try finding out by going back through all your old loan and mortgage statements and checking for any mention of an insurance fee or product to cover your payments if you lost your job through sickness, accident or unemployment.

      Look for the bank papers and find something that may be called ‘payment cover’, ‘protection plan’, ‘retail payment protection’, ‘ASU’, ‘loan protection’, ‘loan care’ or similar. The PPI charges can even be reflected on your bank statements, so do check it meticulously if you were being charged for the PPI policy.

      If you fail to find your paperwork, don’t panic. There’s a way to get hold of it. If you don’t have a copy of your agreement or T&Cs, you can contact HSBC to ask for a copy (make sure the T&Cs date back to the time of your agreement, as terms, will change over time).

      The easiest way to check is to contact your bank. Most will be able to tell you whether you’ve had PPI, either now or at some point in the past.

      If this doesn’t work, what’s needed is likely to depend on how old your policy is. Some lenders only need a name and address (remember to let them know if yours has changed) others may need more details.

      It can be easier if you have the original agreement and papers with terms. Under the Data Protection Act, if your account’s still open, you’ve a legal right to get your agreement from the lender for £1.

      If your account is closed and HSBC can’t find your PPI policy terms, it’ll be harder to process your complaint. Contact your provider with as much details as you can, or ask for a full breakdown of your account. It can cost £10 to get this.

      At this stage, you could hear back from your bank with an offer to refund your PPI premiums. Some offer letters may also include a leaflet. Ask your claim management company to help you check whether the PPI offer is fair and know your right if you feel it isn’t.

      If you’re rejected during the reclaim stage with your bank, you’ll have to take your complaint to the Ombudsman.

      The Ombudsman is the official, independent service for settling disputes between financial companies and their customers. It is completely free to use and will adjudicate on whether your complaint should be paid out.

      The ombudsman will decide whether your policy was sold unfairly or unreasonably. It can only do so once eight weeks have passed from the date of your first complaint letter unless your bank sends a final letter within the eight-week period.

      While the process of using the Ombudsman PPI claim form is simple, and the amount of money you could receive is massive, it’s not usually quick. Your case may take a couple of years to be settled, so don’t count on the cash now.

      The claim management company can take all the hassle of informing and coordinating with the Ombudsman and can suggest you the best actions to be taken.

      Quick HSBC PPI Questions

      I’ve asked but HSBC says I didn’t have PPI. Is there another way to check?

      If HSBC says you didn’t have a PPI, as a backup you can ask who it used as its underwriter (the company that decides whether you’re eligible for the insurance). You can then contact this organisation directly to see if a policy exists.

      There’s no time limit on how far back you can go to make a PPI claim; the only problem may be the paperwork.

      You can complain about a product mis-sold at any time though here are some guidelines which may help. It’s easier if your insurance was active in the last six years, but don’t let this put you off.

      Now, due to Plevin, even just having PPI means most were mis-sold

      A whole new route has opened up for millions of people who have either had claims rejected or didn’t think they had been mis-sold PPI.

      In 2014, a court ruling held that customer Susan Plevin was treated unfairly because she wasn’t told about a large amount of commission (71.8%) taken from her PPI payment. The FCA has now confirmed that this can be used as a new reason to claim for compensation.

      The Plevin rules mean if over 50% of your PPI’s cost went as commission to the lender, and that wasn’t explained to you, you are due back the extra amount above that. For this to count your PPI had to still be active at some point since 2008.

      Staggeringly, with loan PPI, on average 67% of what you paid was kept by banks as a commission from insurers, and banks almost never mentioned it. So, millions of more people are owed possibly billions of more pounds. On a £10,000 loan over 5 years, your ‘Plevin’ compensation would typically be £500.

      HSBC PPI timeline

      Has your PPI reclaim been rejected? If you believe you were mis-sold, try again.

      The PPI story is always changing and we hear new stories of bad practice all the time – many banks such as HSBC and Barclays have been fined for fobbing customers off and shoddy handling of their complaints.

      -Rejected in the last six months? If so, you’ve got a right to take your case straight to the Financial Ombudsman Services.

      -Has your claim been rejected more than six months ago? If it’s been more than 6 months since your complaint was rejected and you didn’t go to the FOS, you may find that reclaiming for PPI is not as easy anymore, so what you’ll have to do is restart your claim – unless, for example, a severe illness may have prevented you from being able to write to the FOS or you couldn’t find original documents as part of a claim – and later found some.

      So, for the most part, your only choice is to restart your case.

      Whether you’re allowed to do that or not is complicated. Generally, as stated above, you’ll need a major reason why you didn’t, but the Plevin case may help you here. If you’re not sure whether you can restart, the best thing to do is contact a claim management company can contact and co-ordinate with the Ombudsman.

      Don’t give up, the fact you were rejected by HSBC in the past does not mean you weren’t mis-sold PPI.

      Should I Claim Myself

      When it comes to making a PPI (Payment Protection Insurance) claim, most people face the common dilemma between choosing to do it themselves and using a claim management company.

      If you are someone who has been mis-sold PPI by HSBC in the past, you may be entitled to receive a fair compensation for your loss. But first, you must inform your bank about the mis-selling of PPI to you followed by the claim making process.

      Making a claim for PPI is a complex process and you need to ensure that the right steps are taken and pre-requisites are met to receive a fair compensation. In this guide, we have provided the information that would help you in making a decision whether to claim yourself or take help from a claim firm.

      Some PPI mis-selling victims, who claim themselves, may have to wait for over two years to discover if they will receive compensation. At best, the Financial Ombudsman Service admits most will need to wait between nine and 12 months.

      To make matters worse, banks are now attempting to derail the compensation process by putting PPI claims on hold pending the result of a test case brought by the British Bankers’ Association.

      The 2,000 weekly complaints figure is double the typical number the FOS was receiving before the hold on PPI, which covers loan and credit card repayments if you cannot work.

      The volume could grow further as there is usually an eight week lag between complaining to a bank and then to the Ombudsman.

      This process of getting a fair compensation for your loss can get daunting for you as banks are doing all they can to keep hold of the billions of pounds they have unfairly taken as this is just another side effect of their delaying tactics.

      In this situation, you need a team of professionals who can work on your claim from the start by first finding out if you have a mis-sold PPI on a loan or credit card sold to you and work strategically to bring out a fair compensation for you.

      Your bank will most likely reject your letter but then you can take it to the Ombudsman.  Even in this situation, the banks can try to get away by providing you with a low compensation.

      Therefore, it is better to have a team of professionals who have experience of dealing with the PPI claims who can negotiate with the bank to provide you with a fair compensation at the earliest.

      What to do if the Ombudsman wrongly turned you down?

      The Ombudsman’s decision is usually made by an assigned adjudicator, but if you disagree with the result, you can request for a formal decision to be made by one of the official ombudsmen at the service.

      This usually takes several months as it involves a detailed investigation into your case, but don’t be afraid to push your complaint further if you think the initial decision isn’t right.

      After that, while your bank must accept the Ombudsman’s decision, you still have the right to take the bank to court.

      It’s also worth noting that if you feel the Ombudsman hasn’t handled your case correctly, for example -there have been unnecessary delays, you must put it across to the Ombudsman.

      Make sure that you always have an expert on hand who can provide you with the guidance you require to make your claim successful.

      This will ensure that you receive the compensation that you rightfully deserve without any complications or delays from the Ombudsman.

      How Does A Claim Firm Help In Getting PPI Compensation?

      First off, if you are not sure whether you are entitled to file a PPI claim to HSBC, a claim firm can help.

      Claim management companies take all the efforts that you have to make from your side, where you just have to provide information and they will find it if you have been mis-sold PPI or not. As soon as the banks provide them with an answer, they will let you know and will also take the required steps after it.

      When the results are forwarded to you, it is up to you to decide if you would like the claim management company to handle the claim for you. You may also decide to proceed on your own as many claim firms provide you with the information and then you can proceed on your own from there.

      The PPI scandal has affected millions over the past 10 years but the majority of people who are entitled to compensation do not know where to start when it comes to making a claim.  A claim management company takes all the hassle of finding and making a claim for compensation away from you and ensure that you get the fair compensation for your losses.

      We would advise you to use our free service to find out if you have been mis-sold PPI on your loan or credit card. If you are entitled to a claim, a claim handler can negotiate with your bank that you are entitled to get the refund.

      The banks can take 6-12 weeks to make a decision.

      If the bank has been taken over then you can still complain to the new provider. Advisably you should act as soon as possible to make your claim and a claim company can get the ball rolling from there.

      If the claim is not successful, you may wish to take matters to The Financial Ombudsman Service. In terms of PPI, if a claim has been dismissed by a bank then you have the right to take things further onto the Financial Ombudsman Service.

      Claim firms can contact the Financial Ombudsman on behalf of you to get things sorted. Customers will receive a FOS complaint form to review and sign and once completed this can be sent off by us to the Ombudsman followed by the process to make your claim successful by us.

      The PPI scandal has affected millions of people over a decade but the majority of people who are entitled to get compensation do not know where to start when it comes to making a claim.

      Hopefully, this guide was helpful in making you understand how you can go about finding whether you have been mis-sold PPI by your HSBC bank, so that you can make a successful claim.

      It is best to get assistance from a trustworthy complaint management company that specialises in dealing with PPI claims. Take the right steps as mentioned above and you will have a successful claim resulting in a deserving compensation for your financial loss.

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      It’s quite easy to procrastinate and put things off until tomorrow but more often than not, tomorrow never comes.

      So, if you believe that you have been mis-sold PPI, it’s important to act now before it’s too late.

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