PPI awarded but must agree to restructure loan

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?

russt2000

hi , if they are agreeing to repay all the ppi payments you have made and interest you have paid on that, then remove ppi as if it was never taken oout ,they will have to restate it , if they are asking you to sign , then get their assurance {in wting or email }that the terms of the loan will be what they were, when you took loan .
they should do that, but some try to be difficult.
russ

cot1198

HSBC should as they did with my loan...
recalculate your loan without the PPI, in affect it's a new loan at the same interest rate as the original loan and without them doing a credit check.
You then should be paying a lower monthly repayment
They then paid the PPI premiums that I had paid to date plus 8% interest directly into my bank account.

Hope this helps

jju5t

thanks a lot spoke to HSBC local branch and they will write to me with the details i was sure to point out i wanted it to follow the same terms and interest rates as the original loan too thanks COT1198!

Thanks to RUSST2000 too all very helpful advice

russt2000

thats great, just make sure your happy with the terms ,well done .