yay got an offer but..........

hi everyone

I have had an offer from hsbc for my claims on ppi.
they are saying i can have 1 lump sum of cash and my loan will reduce in monthly costs too.

but.......i have more questions

to reduce my loan they need to do another loan agreement with out ppi but will have to do a credit check first (im in the fair catagory on credit expert), they are also saying that if i dont pass credit check then i will have to use the money to pay off the loan. is this correct????

also as the amount is more than the loan amount left will i get the difference?? and is all the ppi taxable or just what i get in a lump sum??

views and comments most welcome