hsbc success

1984jacko

hi i have just received a letter from hsbc and they have offered me £3520.55.
i phoned them in june and told them i think i was wrongly sold ppi and they said they would have a look for me but as i dont know how they came to this figure as i dont know how they work it out.
i took a £16500 loan over 52 month in may 05 and payed it off in may 07 i was paying £385.03 per month inc ppi. i had payed £9240.72 in the 2 years and payed £10783.64 to pay loan off and hsbc payed me £797.43 i think in interest for paying off early.
as i dont have any of the paper work to hand i am unsure what apr i was paying etc so i dont know if what they have offered me is fair?
if i rejected the offer could i end up with nothing?
many thanks for any help
matt

di3004

1984jacko wrote: »

hi i have just received a letter from hsbc and they have offered me £3520.55.
i phoned them in june and told them i think i was wrongly sold ppi and they said they would have a look for me but as i dont know how they came to this figure as i dont know how they work it out.
i took a £16500 loan over 52 month in may 05 and payed it off in may 07 i was paying £385.03 per month inc ppi. i had payed £9240.72 in the 2 years and payed £10783.64 to pay loan off and hsbc payed me £797.43 i think in interest for paying off early.
as i dont have any of the paper work to hand i am unsure what apr i was paying etc so i dont know if what they have offered me is fair?
if i rejected the offer could i end up with nothing?
many thanks for any help
matt

Hi Matt

Well done on your success.:beer:

Was this an offer of goodwill, or was it confirmed they upheld the complaint in your favour?
If upheld, this should be all the money of ppi and interest owed to you, but have you asked them to send you a detailed written breakdown?

1984jacko

they said they are prepared to uphold my complaint and this is how they want to resolve the matter.
i think i will ask for a written breakdown so i know how they got that figure? but does it look a good price compared to other people?
thanks matt

1984jacko

anyone else know how they work it out?
thanks

Ahkeerah

I made a formal complaint to Lloyds TSB regarding my PPI on my previous loan accounts. They recently wrote to me and agreed to up hold my complaint and have agreed to repay me £6,200. :T

However Capital One (Europe) Plc decided not to up hold in my favour but I will not let this one go if they think they know the meaning of the word difficult, then they truely do not know me. My complaint is now with the Finacial Ombudsman couple with the fact if they fail to provide the info I requested under the Freedom of Information the Information Commissioner will be receiving a further complaint. :A

di3004

1984jacko wrote: »

they said they are prepared to uphold my complaint and this is how they want to resolve the matter.
i think i will ask for a written breakdown so i know how they got that figure? but does it look a good price compared to other people?
thanks matt

Hi Matt, sorry for my delay in responding.

In my opinion it does look good and with them confirming its upheld that means they must put you back in the position as if no ppi.
As soon as you receive the breakdown, please feel free to post them up, and maybe on the thread "How the FOS calculates PPI refunds", there are details on the first page of how its calculated, but someone will be along to check the calcs for you.

:beer:

amersall

Hannellene wrote: »

anyone else know how they work it out?
thanks

Hi there,you get the ppi monthly amount back with interest that you have paid to the date the loan was settled,you will owe them the rebate they gave you for the ppi when you settled .
You will get 8% as well.

To get a detailed breakdown you need to post the figures here

https://forums.moneysavingexpert.com/discussion/1596473
you will need the ppi total amount,the loan start and settlement date,
and you will get all the help you need.

1984jacko

i spoke to hsbc today and they basically said it would take another 8+ week to sort out as they are very busy. but i cant understand why they dont give you a detailed breakdown in the first place. and as i dont have any of the original documents i dont know how much ppi i was wrongly paying so i dont know if they are trying to fob me off?
any help would be great
thanks matt

bandofbrothers

you could send them a £10 fee to request a copy of the paperwork.

I only got a breakdown when they upheld my claim.

I also do not have the originals so I can't be sure how much I paid.

Im not overly concerned as the amount does reflect around what I paid plus 8% interest.

1984jacko

i am unsure what to do because i could accept the offer but it could be less than what i actually paid and i dont have any paperwork to check it.

what is the average ppi payment per month?
so i can get a rough idea if they have made me a fair offer.

does anyone think it is worth accepting the offer or waiting another 8+ week for them to send me the breakdown of payments?
thanks for any help

bandofbrothers

1984jacko wrote: »

i am unsure what to do because i could accept the offer but it could be less than what i actually paid and i dont have any paperwork to check it.

what is the average ppi payment per month?
so i can get a rough idea if they have made me a fair offer.

does anyone think it is worth accepting the offer or waiting another 8+ week for them to send me the breakdown of payments?
thanks for any help

That has to be purely your decision.

As I said i don't have the original paperwork either but my award feels fair enough to me.