Liz reclaiming PPI on old loan

Frith

I've only paid off £7000 so far so they're not making much profit from me :-S

melorablack

But by the end of it you have repaid your loan and they have £3,200 in their pocket.

Frith

Just had another letter from HSBC. "I regret to advise you that my enquiries into the circumstances regarding your complaint are not yet complete" etc etc.

They need 4 more weeks :-(

Frith

Help!!!

Just received a letter from HSBC, titled "Without prejudice".

Its quite long but paragraph one says "Whilst I do not accept the allegations you have set out, on this occasion I am prepared to settle your complaint, without any admission of liability...

... I am unable to calculate what refund, if any, you are due. If you have copies of your bank statements from Nov 2000 through to May 2001, confirming what premiums were paid, please send these to me and I will attempt to calculate your refund..."

So this looks quite positive! I presume that somehow they can look at the loan payments I was making and work out how much of that was PPI and thats what I will be getting back.

L

di3004

ACEY wrote: »

Help!!!

Just received a letter from HSBC, titled "Without prejudice".

Its quite long but paragraph one says "Whilst I do not accept the allegations you have set out, on this occasion I am prepared to settle your complaint, without any admission of liability...

... I am unable to calculate what refund, if any, you are due. If you have copies of your bank statements from Nov 2000 through to May 2001, confirming what premiums were paid, please send these to me and I will attempt to calculate your refund..."

So this looks quite positive! I presume that somehow they can look at the loan payments I was making and work out how much of that was PPI and thats what I will be getting back.

L

Hi and wow, well done.:T:T:beer:

So basically it looks like what you have said then?
Cool, defo looking positive.
Congratulations.
:beer:

Frith

Thanks, Di.

Got all the HSBC paperwork out - my brain hurts!!

It is quite clear that the PPI bit of the loan was £42.88 per month. Thats fine but I can't work out how to add 8% interest. I know there was a spreadsheet for bank charges that added 8% interest per DAY but is there something for PPI that I can use?

Also, the loan was taken into collections so can I ask for the amount of debt that was made up of PPI to be taken off??? Or something towards it?

L

Frith

something like this? I put 8% on at the point the debt was taken into collections.


Charge Amount: £
When was the charge?
M: 199920002001200220032004200520062007200820092010201120122013201420152016201720182019
Interest owed: £
Total to claim: £

Charge Value DateInterestTotal

What happens next

Frith

Drat!

I put together 6 payments of £42.88 which made £257.28. I decided to put 8% interest on the last charge (i.e May 2001) as it was very complicated adding 8% to each month in turn.

The interest calculated as above is £170.72 with a final claim of £428.

Does this sound sensible?

I still don't know how to explain that the PPI that went unpaid should be knocked off the debt. I was supposed to make 60 payments of £42.88 and made 6. Do I get 54 payments of £42.88 knocked off? That seems an awful lot!!!

L

Frith

That's £2315.52 !!!!!!!!!!!

di3004

Hi hun

Sorry I did not post back earlier, making my way through the posts lol.:D;)

So you have worked it out then? Cool.

I am hopeless at working out calculations myself, I know Marshallka had the link to the calculator for this, not sure if Marshallka is here though, but hopefully someone will post up with it as well, good luck.;)