Were you mis-sold HSBC PPI? Find out how you can make a hassle-free claim with Canary Claims.
HSBC was another major bank involved in the mass misselling of PPI. Customers were mis-sold payment protection insurance on a number of products. Often, they were not fully aware of the terms and conditions of the insurance or aware that it was possible to opt out.
For nearly a decade, Canary Claims has been contacting HSBC on behalf of customers to make claims against mis-sold PPI. We’ve put together this comprehensive guide about HSBC PPI and how you can reclaim your money from the bank.
How Much Money do HSBC Owe?
The PPI scandal isn’t the first time that HSBC has been in trouble. In 2012, the bank was fined nearly $2 billion for “violating anti-money laundering rules and breaching sanctions”.
When the PPI scandal came to light, HSBC was one of the many banks affected and highlighted as being dishonest to customers. Earlier this year, HSBC put aside an extra £400 million to pay customers for mis-sold PPI. Over £3 billion has already been paid out to customers. However, the bank claims that there are still over 2 million people who are due a refund who haven’t yet made a claim.
This is one of the reasons for the PPI deadline. The August 2019 deadline is an attempt to get people actively making claims, rather than putting it off. The deadline is likely to cause an increase in claims, so starting a PPI claim as soon as possible is advised.
I Have HFC PPI. Can I Still Claim?
In 2013, HSBC took over control of remaining HFC accounts. If you believe that you were mis-sold PPI on an HFC product, it is still possible to make a claim. All contact will now be with HSBC.
HFC was fined £1 million way back in 2008 for misselling PPI to customers who didn’t need the insurance. This was before most of the misselling scandal came to light. Over 160,000 customers were potentially mis-sold PPI.
What Products Was HSBC PPI Mis-Sold On?
Five PPI products were sold at HSBC. These were:
- Personal loan protection plan
- Cardholder repayment plan
- Flexiloan repayment protection
- Mortgage repayment protection
- Small business loan protection
If you see these on any of your paperwork, you could be entitled to a PPI refund. If you no longer have your paperwork, you are still able to make a PPI claim. However, you will need as many details as possible about the account and contact details at the time.
For HFC accounts, PPI was sold on the following products:
- Unsecured personal loan
- Secured personal loan
- Credit card
How Can I Claim HSBC PPI?
Canary Claims can take care of your PPI claim against HSBC. We work on a PPI no win, no fee basis. This means that if your claim against HSBC isn’t successful, you won’t have to pay us. We’re happy to take the hassle out of making a claim and have helped thousands of customers in the UK reclaim money they are rightfully owed.
Occasionally, banks will not pay out. However, if you believe that you have a strong case, you can contact the financial ombudsman. Note that due to a backlog in PPI complaints, if your case if referred to the financial ombudsman, it can take up to two years to be resolved.
We’ve already helped countless people claim back the money they were mis-sold through PPI, so start your claim today with Canary Claims. We operate on a superb service fee of 15% + VAT and a no win, no fee basis, making your PPI claims stress-free.