PPI Query

andys15

Hi

I am in the process of reclaiming PPI, and I have the original statement which confuses me somewhat.

It was a HSBC Loan. For 4000 pounds and it was over 5 years.

This is what the statement says:

17 Aug 04 loan drawndown #6278.18

I then make monthly payments of #104.64 for 26 months, and then I closed the loan by repaying #3557.76 on the 9 nov 06.

HSBC have wrote to me and say they did mis sell PPi on this loan, but I cannot work out how I repaid #6278, on a 5 year loan I only had for 26 months. I am sure the APR was roughly 14%. Could anyone please explain how the figures work out as I am really confused.

Many thanks in advance.

ps my pound sign doesn't work.

di3004

andys15 wrote: »

Hi

I am in the process of reclaiming PPI, and I have the original statement which confuses me somewhat.

It was a HSBC Loan. For 4000 pounds and it was over 5 years.

This is what the statement says:

17 Aug 04 loan drawndown #6278.18

I then make monthly payments of #104.64 for 26 months, and then I closed the loan by repaying #3557.76 on the 9 nov 06.

HSBC have wrote to me and say they did mis sell PPi on this loan, but I cannot work out how I repaid #6278, on a 5 year loan I only had for 26 months. I am sure the APR was roughly 14%. Could anyone please explain how the figures work out as I am really confused.

Many thanks in advance.

ps my pound sign doesn't work.

Hi there
Well done to you.

You can ask about this on the PPI reclaiming thread if you want to which is here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=169

Not good at working out calculations sorry.......:o, so do not want to give you the wrong info here, but on the PPI reclaiming thread there is also a link poste in how the FOS actually calculates PPI refunds, this may be of some help for now or until someone posts up to work this out for you, good luck.;)
http://forums.moneysavingexpert.com/showthread.html?t=1596473