PPI won is amount refunded correct?

jju5t

Hi again sorry i need help again.

I signed my letter and had my loan recalculated in the branch on monday.

I have come to my account today and now its all weird and looks incorrect.
[FONT=&quot]
Basically the last 4 payments look like this

520 payed in - loan account
602 payed out - loan repayment
24.53 payed in loan protection refund.

I was quoted 213 as what they owe me.(the refund letter i signed)

things jsut arnt adding up to me here can anyone help let me know what it should be??[/FONT]

di3004

jju5t wrote: »

Hi again sorry i need help again.

I signed my letter and had my loan recalculated in the branch on monday.

I have come to my account today and now its all weird and looks incorrect.

[FONT=&quot]Basically the last 4 payments look like this[/FONT]

[FONT=&quot]520 payed in - loan account[/FONT]
[FONT=&quot]602 payed out - loan repayment[/FONT]
[FONT=&quot]24.53 payed in loan protection refund.[/FONT]

[FONT=&quot]I was quoted 213 as what they owe me.(the refund letter i signed)[/FONT]

[FONT=&quot]things jsut arnt adding up to me here can anyone help let me know what it should be??[/FONT]

Hi there

Sorry I am not good at working out calculations "sorry" , but just to bump this up for you for anyone that can take a look at them for you.
Good luck.;)

di3004

By the way, Well done to you anyway.......:beer::T:beer:

marshallka

jju5t wrote: »

Hi again sorry i need help again.

I signed my letter and had my loan recalculated in the branch on monday.

I have come to my account today and now its all weird and looks incorrect.

[FONT=&quot]Basically the last 4 payments look like this[/FONT]

[FONT=&quot]520 payed in - loan account[/FONT]
[FONT=&quot]602 payed out - loan repayment[/FONT]
[FONT=&quot]24.53 payed in loan protection refund.[/FONT]

[FONT=&quot]I was quoted 213 as what they owe me.(the refund letter i signed)[/FONT]

[FONT=&quot]things jsut arnt adding up to me here can anyone help let me know what it should be??[/FONT]

No-one could actually tell from anything you have posted. Its sometimes best not to make "quotes" to a firm as you could be shorting yourself.

jju5t

Hi sorry if im confusing you all. Please feel free to ask if i can provide more useful info.


I had a letter from hsbc offering me a refund of £213 which i accepted, and signed a recalculated loan with the local branch on monday.


basically 602 was the amount left on the loan including ppi

i think 520 is the new loan without any ppi

im really confused how the refund is merely £24.

marshallka

jju5t wrote: »

Hi sorry if im confusing you all. Please feel free to ask if i can provide more useful info.


I had a letter from hsbc offering me a refund of £213 which i accepted, and signed a recalculated loan with the local branch on monday.


basically 602 was the amount left on the loan including ppi

i think 520 is the new loan without any ppi

im really confused how the refund is merely £24.

As you have signed and accepted I really doubt there is anything you can do now. I assume the £24 is all you actually paid to date on the PPI (that is usually how redress's work) and then the remaining PPI is taken off the balance and then a new loan drawn up.

jju5t

hi, my original post is here.http://forums.moneysavingexpert.com/showthread.html?t=1864477

you helped me calculate marshallka thanks you for that.

the amount they offered was slightly less than the amount you worked out for me.

I expect that the 520 is the loan with the final 11 monthly payments minus £8-PPI removed

but what i dont understand is the £24 refund, as this should be a couple of hundred pounds mroe

jju5t

Now i have had a payment this morning of 57pounds what the original loan payment would of been for the month ... is the 57 this months payment being refunded or has hsbc just cocked up somewhere?? i cant work out what they are doing

marshallka

I worked out

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.

This amount here of 25 x 8.10 totalling 226.80 should have been refunded to you and the remaining 11 months PPI owing taken from the loan and the loan redone without it. If they have only refunded you £24 in the form of a "cheque" then they are wrong unless they have refunded against the loan??

I agree this is definately wrong and you need a full breakdown of how they have worked this out.

PS. Sorry, I did not know you had posted the figures before.

jju5t

marshallka your a legend. thanks

marshallka

jju5t wrote: »

marshallka your a legend. thanks

Hope you get somewhere with this.;)