YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR HSBC CREDIT CARD ACCOUNT
People who use credit cards can find themselves in situations where they cannot repay what is owed, so end up in debt. For this reason customers would want something like payment protection insurance (PPI) to protect their repayments.
The PPI would be payable as a monthly fee on top of the charges the customers pays each month.
PPI can be a useful product if sold in the right way, however, lenders took advantage of the situation and mis-sold the policy purely for boosting their profits.
HSBC Credit Card Accounts & PPI
If you were one of the approximately 10 million people who took out a credit card with PPI between 1988 and 2011, you need to check if you were mis-sold the PPI.
Customers who signed up to a credit card with HSBC also had PPI available to them but if the PPI was mis-sold, then compensation may be due.
However, there is a deadline from the Financial Conduct Authority of 29 August 2019. If you have a mis-selling claim with HSBC about how PPI was sold to you, it must be received by HSBC on or by 29 August 2019.
HSBC credit cards were sold as a convenient line of credit for customers who could not or did not want to pay in full in one transaction.
Generally, many retailers made a profit on shoppers who failed to pay off the balance on the card each month, when outstanding balances would attract interest charges.
Grounds on Which Credit Card PPI May Have Been Mis-Sold By HSBC
Many people took out PPI cover with their credit cards believing it boosted their likelihood of being accepted, or that the policy was a necessity. There are a number of ways in which PPI may have been mis-sold.
Read the questions below, if your answer to any of them is ‘No’, you may have been mis-sold PPI by HSBC
- Were you aware HSBC sales staff had included PPI with the credit card?
- Did HSBC advise you not to take out PPI because you were unemployed, retired or a student at the time?
- Were any enquiries made by HSBC to establish if your employer provides full sick pay?
- Did HSBC establish if you already had PPI insurance or the equivalent in place?
- Was it explained to you by HSBC sales staff that the PPI was an optional extra and that it had no bearing on your chances of getting a credit card?
- Was everything involved with the PPI explained properly to you by HSBC,for example did you receive a full cost breakdown?
- Were the PPI policy exclusions explained to you by HSBC?
How do I Start a credit card PPI claim with HSBC?
Start by finding your paperwork from HSBC with evidence of mis-sold PPI. You will need this to make a claim.
If you notice that your account had PPI attached to it, think back to when it was sold to you. Can you remember:
- When or why you agreed to it?
- If you were informed that it would be added?
If you can’t remember please don’t worry as this can be done during the PPI check with HSBC.
How to start your PPI Claim with HSBC?
Plevin Ruling – Making a High Commission PPI Claim with HSBC?
If you have raised a previous PPI complaint with HSBC which was not upheld, you are now be entitled to raise a further complaint relating only to the commission charged under the Plevin ruling on your PPI policy. Learn about PPI High Commission PPI claims.