I thought I would just post an update with regards to my PPI & Bank Charges claims with HSBC.
Previously HSBC had refused to payout on my PPI claim due to my IVA (I understand this is being disputed by the PPI Claim Companies). So you can imagine my surprise yesterday when I received a letter from HSBC advising that are going to payback all of my excess bank charges plus interest.
They were very keen to remind me that this is considered a windfall and should be paid direct to my IP, which I am aware of.
Well it is not a windfall at all - so they are quite wrong there. The money is an asset, and whether it needs to be paid into your IVA or not will be dictated by the IVA's specific terms and conditions.
Thats good to hear! My IVA was completed 18 months ago. I've made a successful claim against Egg, who were very helpful and paid up (minus an amount for the slight amount of outstanding debt - I did'nt mind, I found it fair that they did so), however HSBC are just so painful!
I started the claim knowing of one PPI that I was told I had to take out for a loan, only two find that there were a two further policies in place on credit cards. They dismissed my complaint as I had been in an IVA at one point - no other reason!!! In fact the letter I had from them was hilarious as to their rationale! But not to be fobbed off, my complaint is now with the Finanical Ombudsman. You know I don't mind if it gets reduced to settle any outstanding debt with them or I get a token amount of 1p, its the fact that they dismissed the complaint because I had been subject to an IVA at one point.
I refuse to let them dismiss us IVA-ers past and present be treated in this way!!
Anyway - rant over! I shall keep you posted! [:)]
Mrs S. x
Its been a while but just wanted to provide an update.
After several months of refusing to payout HSBC have now decided to refund my claimed PPI - on the condition they take their share of the funds first and then the rest goes to the other creditors.
Today has been a good day as my IVA company have advised my file has gone to a supervisor for checking and then I should receive my completion certificate.
A good result for all concerned I would say - particularly HSBC who due to exercising set-off have effectively preferred themselves over the other creditors.
