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Should i claim?

In 2007 i took out a loan with hsbc for 4k with the ppi and interest it came to 6.5 grand.Now i took out ppi because i was 18 and was basically told that due to my age if i didn't i wouldn't of been allowed it but how would i go about claiming this? like wise themselfs?

I have paid of to this point half of my loan by the age of 20 without any problems (Touch wood) i would like to cancel my ppi now but don't know who to go with to cover it for much less?
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Comments

  • di3004
    di3004 Posts: 42,579 Forumite
    Makemerich wrote: »
    In 2007 i took out a loan with hsbc for 4k with the ppi and interest it came to 6.5 grand.Now i took out ppi because i was 18 and was basically told that due to my age if i didn't i wouldn't of been allowed it but how would i go about claiming this? like wise themselfs?

    I have paid of to this point half of my loan by the age of 20 without any problems (Touch wood) i would like to cancel my ppi now but don't know who to go with to cover it for much less?


    Hi there

    Always check the terms and conds of the policy on cancellation, for example, some finance companies suggest to take out a new loan to pay off the current one with PPI, not not all do, they differ from one to another.

    Here on Martin's site, you will find some stand alone insurance companies that will give you quotes online, and always make sure they meet your requirements, but yes these stand alone insurances are normally far cheaper than the loan providers.

    Check here:
    http://www.paymentcare.co.uk/index.php

    You will also find more on here:
    http://www.moneysavingexpert.com/insurance/cheap-loan-insurance

    Also in regards of reclaiming PPI, here is the link with reclaim template letters, follow the procedures and please keep us posted, and let us know if you require further help.

    Remember to post all letters by recorded delivery.
    Good luck.;)
    The one and only "Dizzy Di" :D
  • Makemerich
    Makemerich Posts: 230 Forumite
    Thanks alot for the reply.

    I'm going to send my letter off if you don't try you don't get,On your list of addresses for banks you have two for hsbc? which one would i send the letter too?


    The Manager,
    Service Quality Team,
    HSBC Bank plc,
    Arlington Business Centre,
    Millshaw Park Lane,
    Leeds,
    LS11 0PP.
    0800 881 155
    [EMAIL="servicequality@hsbc.com"]servicequality@hsbc.com[/EMAIL]

    HSBC registered office at:

    HSBC Bank Plc
    8 Canada Square,
    London,
    E14 5HQ
  • di3004
    di3004 Posts: 42,579 Forumite
    Makemerich wrote: »
    Thanks alot for the reply.

    I'm going to send my letter off if you don't try you don't get,On your list of addresses for banks you have two for hsbc? which one would i send the letter too?


    The Manager,
    Service Quality Team,
    HSBC Bank plc,
    Arlington Business Centre,
    Millshaw Park Lane,
    Leeds,
    LS11 0PP.
    0800 881 155
    [EMAIL="servicequality@hsbc.com"]servicequality@hsbc.com[/EMAIL]

    HSBC registered office at:

    HSBC Bank Plc
    8 Canada Square,
    London,
    E14 5HQ


    Hi there

    With pleasure,

    I think the 2nd one, but maybe someone else who has actually had dealings with these will confirm this, good luck.;)
    You could email the first one with the email address, and they may confirm as well, but you may be waiting a few days before you hear. X
    The one and only "Dizzy Di" :D
  • Makemerich
    Makemerich Posts: 230 Forumite
    Sent off my letter today :jCan't wait to here back.One question though i've sent off the letter asking for my ppi back but forgot to say cancel it too :p should i ring up and atleast try?
  • di3004
    di3004 Posts: 42,579 Forumite
    Makemerich wrote: »
    Sent off my letter today :jCan't wait to here back.One question though i've sent off the letter asking for my ppi back but forgot to say cancel it too :p should i ring up and atleast try?


    Yes write to them is best as well, still ring them but always best to put everything in writing, good luck with this.;)
    The one and only "Dizzy Di" :D
  • Makemerich
    Makemerich Posts: 230 Forumite
    I got my offer today for £500 thing is i don't really know if its a good offer or not.
    My loan was for 4k (With apr £5.556.06) with the ppi totalling to £830 ( £1,152.82)
    My first repayment was on April 2007
  • di3004
    di3004 Posts: 42,579 Forumite
    Makemerich wrote: »
    I got my offer today for £500 thing is i don't really know if its a good offer or not.
    My loan was for 4k (With apr £5.556.06) with the ppi totalling to £830 ( £1,152.82)
    My first repayment was on April 2007

    Hi there Makemerich.;)
    I take it they did not send you a written breakdown of calculations, of how they worked this out?
    If not ask if they are able to provide them, ask if they could post them to you, as you require them for your records of this.

    If the amount is a big difference to what you have paid in PPI with interest, personally I would be going for the lot, but it depends if your happy with the offer or not, you can always ask if they are willing to take this to a more reasonable amount.
    This have worked for some, and if you remain unhappy you always have the FOS.;)
    But like I said the decision is yours only, I wish you luck.X
    The one and only "Dizzy Di" :D
  • Makemerich
    Makemerich Posts: 230 Forumite
    Thanks again Di3004,Yes they did give me a written breakdown of calculations as you will see below-

    10 premiums paid
    (from commencement to 30/1/2008) £240.44

    Tax at interest at 8% £7.29
    Refund of costs incurred for early settlement- £200
    Total- £463
    Plus taxble interest at 8% from the date the £52.33
    loan was repaid to date
    Offer £500.38

    I don't think this is a good offer but then i don't know how you work it out.,If i'm reading it right on my agreement it says "total amount under this agreement i should of been paying £1.152.82 if i still had ppi with 27 months paid out of 50

    P.S-Will my monthly repayments go down in cost now?
  • di3004
    di3004 Posts: 42,579 Forumite
    Hi there

    So this is the actual breakdown......sorry......:o, I assumed they would show how they worked out the PPI as well, but then again I suppose they all differ from one business to another.

    Your repayments should be lower now, so do also make sure on that.;)
    And of course if your not happy you are entitled to ask if they are willing to offer a more reasonable higher amount, if they do not do this, you should be able to take this to the FOS if you want to, depends if your happy or not with the offer.

    Sorry I am not good with working our calculations, but hopefully someone will be along soon to take a look for you. X
    The one and only "Dizzy Di" :D
  • Makemerich
    Makemerich Posts: 230 Forumite
    Ok as i stated above i have been offered £515 to settle the matter,but i want to make sure i'm getting a good deal.

    According to my agreement i was due to pay £1,152 for ppi over 50 months i am now 27 months into that so if i we're to half my ppi i should of got back £576.41 plus 8% if i'm correct?

    If i was to write back at explain that i think i'm due more and they refused could i still then just accept the first offer or would that be invaild?
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