PPI - Testimonials

Testimonials

Don't just take our word for it. Here's what some of our clients say about our service.

Mr M from Sheffield

Mr M from Sheffield: "I got the news from Keypoint after I had just returned from a holiday so was delighted to hear my [second] case had been upheld. I would never have had the patience or the time to argue with the bank or the FOS so it was great to just sit back and let Keypoint do all the hard work. I know I could have done it myself but I really wouldn't have known where to start."

Mr M from Sheffield is expecting a total of around £6300 compensation after approaching us in September 2007. He had taken two loans out with HSBC, both of which had PPI attached. When we asked Mr M a few questions about the way the PPI was sold to him and his own personal circumstances at the time of the sales it became clear that the policies had been unsuitable for him.

We wrote to HSBC in October 2007 outlining our reasons for complaint and requesting a refund of premiums plus interest.

HSBC replied to our complaint in November 2007 and upheld the complaint on the first policy without giving specific reasons for doing so. They offered Mr M a full refund of premiums plus interest totalling £2,608.44. The second policy was taken out in 2005 and despite the fact regulation had by then come in to prevent mis-selling; it seemed the circumstances around the sale were broadly similar to the 2003 case.

However HSBC rejected this claim, saying that Mr M had been given adequate information, and he had loans previously with and without PPI and therefore he knew the difference and he knew what he was entering into.

We disagreed with this assessment and took the case to the Financial Ombudsman service (FOS) in January 2008. Initially the FOS sided with HSBC, but we were convinced the policy had been mis-sold and asked for the complaint to be escalated to an Ombudsman for a final decision. The Ombudsman agreed with us. They said that not only was there no evidence to suggest Mr M had everything correctly explained to him, he also had a history of refinancing loans early and therefore an inflexible lump sum insurance product with severe penalties for early closure was completely unsuitable for him. A calculation is currently being conducted to assess the compensation due to Mr M, we estimate it will be in the region of £3,700.

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