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HSBC Loan Protection

When taking out a loan, many people worry about what would happen if their circumstances changed suddenly and they were unable to keep up with their repayments. This explains, at least in part, why, for many years, payment protection cover was so popular. The cover insures the policyholder against involuntary unemployment and works by stepping in to take over debt repayments. It has been heavily criticised in recent times, though, and there has been a huge increase in the number of customers making complaints regarding mis-selling.

One of the issues with HSBC loan protection and similar forms of loan protection insurance is that they are not suitable for everyone. Not everyone needs this type of cover and not everyone can be offered it. Problems arise where sales are not carefully monitored and customers are sold unsuitable policies. This is regarded as mis-sale. Examples of this kind of sale include customers being sold cover despite the fact their age or another aspect of their circumstances made them ineligible for cover. Mis-sale may also occur where a customer is sold a policy they did not need. This could be because they were not employed at the time of sale, because they had cover in place already or were in secure employment with full sick pay entitlement.

A policy may also be deemed to have been mis-sold if the customer was given misleading or incomplete information regarding the cover. This can include being told taking out the cover would improve their chances of being given the loan or that it was compulsory. Other examples include the cover being sold without the terms and conditions or costs being explained

If you think your HSBC loan protection cover may have been mis-sold or that you may be entitled to make a PPI claim against another lender, you can speak to a member of our team by calling 0207 471 2000.

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