HSBC reclaiming PPI. advice on claim please

jju5t

Hi,

I have sent off my first letter to HSBC and i have recieved one back saying they will respond within 4weeks...


the PPi was added in a single sum on the 21st july 2007 and was 247.50.

The loan was for £1500 the APR of the loan is 10.9% over 36 monthly payments the interest as it was fixed was added when the loan was taken out.

i pay the loan off at 57.23 per month

loan payments are made on the 1st of every month and the first payment was made 1st August 2007 and i have never missed any payments
Currently have 11 monthly payments left on the total amount of the loan

My Questions are...

1. What am i relaiming the full amount or break down the PPI amount into monthly payments and claim for the amount i have paid back to date?

2. Can i claim interst on this and how much is it jsut 8% can i get compounded?

Let me know if u require any further info.

Thanks

Just

di3004

jju5t wrote: »

Hi,

I have sent off my first letter to HSBC and i have recieved one back saying they will respond within 4weeks...


the PPi was added in a single sum on the 21st july 2007 and was 247.50.

the APR of the loan is 10.9% over 36 monthly payments

i pay the loan off at 57.23 per month

loan payments are made on the 1st of every month and the first payment was made 1st August 2007 and i have never missed any payments

My Questions are...

1. What am i relaiming the full amount or break down the PPI amount into monthly payments and claim for the amount i have paid back to date?

2. Can i claim interst on this and how much is it jsut 8% can i get compounded?

Let me know if u require any further info.

Thanks

Just

Hello there

Marshallka is good at working calculations out, maybe she will be along soon to take a look for you.;)
Good luck with this.

If your loan is still active, your looking at a refund of the PPI, you have paid, plus the interest.

I'm sure Marshallka can tell you more, but meanwhile check on our Maxdp's thread on how the FOS calculate refunds, this may give you an idea here:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

marshallka

PPI element is 14.16 so 14.16 of your repayment was ppi being £8.10 p/m.

You have paid 25 months of a 36 month loan so that would be 25 x 8.10 and then the statutory interest on top. You would then have a reduction in your loan repayments for the other bit still owing.

Some compound interest, others do simple interest.

jju5t

WOW what a quick response.

thanks so much for that MARSHALLKA .

i think i will just go for simple interest as i can work that out myself and be sure i have correct figure. but thanks a lot thats really helpfull

marshallka

You can use the calculator here and put each amount in and date and it adds it up for you when you click "add to charges list".

http://www.moneysavingexpert.com/reclaim/bank-charges

(a little way down the guide it is!!)

jju5t

I have now had my offer from HSBC offering me a refund but they say i must sign this letter which makes me agree to have my loan recalculated as they cannot jsut remove the PPI componant of the loan.

Im unsure about this as i have read some threads from people where the loan recalculation made the loan more expensive than the loan with insurance.

what are my options here please people?

di3004

jju5t wrote: »

I have now had my offer from HSBC offering me a refund but they say i must sign this letter which makes me agree to have my loan recalculated as they cannot jsut remove the PPI componant of the loan.

Im unsure about this as i have read some threads from people where the loan recalculation made the loan more expensive than the loan with insurance.

what are my options here please people?

Hi there

Yes its wise to check and make sure your happy before signing anything, so depending if your completely satisfied or not, if your unsure on anything, I would contact the bank so they can go through it all with you.

Have they given you a timescale when to return this?

jju5t

Hi again,

yes time scale before 1st oct or will need to be recalculated. however i have spoken to the local branch of hsbc and they will be writing to me with the details of the recalculated loan. I did mention it must be under same term and condition of original and at same interest rate.


thank you for all your help di, x