Confused about my PPI reclaim

Moni1509

Hi I am new to this brilliant forum and need some help. Apologies for the ESSAY in advance.

I am currently in the process of reclaiming PPI from HSBC. I have had a letter to say HSBC will uphold my complaint, proposing to repay the outstanding balance on my existing personal loan and offer me a refund of £2,754.85. I have to accept this offer by 26th March. I am over the moon as you can imagine, however, they had previously asked me to provide them with a copy of a policy from 1999 as their records didn’t go back that far, so I did. Looking at the breakdown provided to me for this offer, it does not include any refund for the 1999 loan.

I thought maybe it would be a good idea to send them another copy of the 1999 loan along with copies of my bank statement showing my monthly repayments. On checking the statements, I noticed that HSBC have debited my account upfront for the amount of the loan premium. So now I am confused , as I double checked the policy documents and my monthly repayment included PPI and interest on PPI of £19.38. This has happened on all the loans I have had with them. Have I been swiped twice or am I missing something?????

Also, I am not sure how they have calculated the interest or some of the other figures to be honest. This is one of the calculations they have provided me with:
Original PPI: £1,910
Term of loan: 5 years
APR of loan: 7.9%
12 premiums paid
(from 27/02/01 to 27/03/03) £460.55
Plus taxable interest at 8% £17.21
Plus refund of costs incurred
for early settlement £417.52
Loss at date loan was repaid £895.28
Plus taxable interest at 8%
From date loan was repaid to date £435.91
SUBTOTAL £1,331.19

For a start, from 27/02/01 to 27/03/03 is not 12 months but 25 months and by my calculations:

premiums paid is (£38.39x25) £959.62
plus 8% £75.81
plus refund of costs incurred for
early settlement £417.52
Loss at date loan was repaid £1,452.95
Plus taxable interest at 8%
From date loan was repaid to date £711.35
SUBTOTAL £2,164.30

So should I go back to HSBC telling them I will accept the offer but state that they need to revise their figures to include the above calculation and to include the 1999 loan and query why they have debited the PPI for all the loans upfront and then included it in my monthly repayments??????

Is there anyone that has had a similar experience and/or can advise me how to proceed fast as I am conscious of the 26/03/09 deadline.

Moni

Godders

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