reclaiming from hsbc

laurence_p

hi, ive just filled in the questionaire i downloaded from this site and wondering if i send it to hsbc head office or the branch where i took the loan out. when i send it to the bank will they know what its for or do i send another letter saying i want my ppi money back. my wife and i took this loan out 3 yrs ago (2 to go) and they said that we couldnt have the loan without the ppi. the interest on the loan and ppi was 13.9% can i claim this aswell. just need a bit of advice on whether im going about this the correct way. thanks laurence

di3004

laurence_p wrote: »

hi, ive just filled in the questionaire i downloaded from this site and wondering if i send it to hsbc head office or the branch where i took the loan out. when i send it to the bank will they know what its for or do i send another letter saying i want my ppi money back. my wife and i took this loan out 3 yrs ago (2 to go) and they said that we couldnt have the loan without the ppi. the interest on the loan and ppi was 13.9% can i claim this aswell. just need a bit of advice on whether im going about this the correct way. thanks laurence

Hi and welcome

I would send to the head office who will or should then forward to the relevant dept.
Post by recorded delivery, you can then check the status of delivery on the Royal mail website - track and trace, they have 8 weeks to give a decision.

Your entitled to all you have paid in ppi, plus interest.

Good luck, please keep us posted, cheers.

laurence_p

thanks for the quick reply, how would i work out what i could expect. my monthly payment is 64.80 and it says the apr is 13.9%. thanks again laurence

di3004

laurence_p wrote: »

thanks for the quick reply, how would i work out what i could expect. my monthly payment is 64.80 and it says the apr is 13.9%. thanks again laurence

I am hopeless at working out calcs and always ask others to work mine out for me lol.:o:D

But basically on the top of my head, you times the £64.80 x how many months you have paid, interest is then added to each payment, which I believe it 8% standard and further interest will also possibly apply.

To give you an idea, check on how the FOS calculates refunds on both loans and credit card ppi, posted by Maxdp, however, do not include the distress and inconvenience compo, this is just normally if its dealt with by the FOS, but otherwise if the bank/company work inline with the FOS calculations they should follow their guidelines without the extra distress payment.
Hope you find this helps, but hopefully someone will be along to check your figures out for you, who will require more details, such as the amount of loan, ppi, how many payments made and so on.
https://forums.moneysavingexpert.com/discussion/1596473

laurence_p

thanks for the info, looking through other posts at the moment but there are so many . will keep people updated as it goes along.