One for the Ombudsman?

superflyguy1023

I have just received my redress letter from HSBC I am happy that they decided to uphold my complaint and I am unhappy the the amount offered. Just thought I'd take some sage like wisdom from forumites before unleashing the dogs of war!
First some details for you from my original loan documentation:

Loan taken out in 2003.
Insurance Premium : £1140, Charge for Credit : £419.29 total = £1559.29

I have been offered the sum of £500.76, which according to the letter represents ALL of the premiums paid. There is an additional interest payment of £304.33. This totals £805.09.

I could be wrong but I was expecting / hoping to be offered the full £1559.29 plus an interest payment.

Should I be forwarding this to the FOS or am I missing a salient point which means I should take the money offered?

Thanks in advance

magpiecottage

Send HSBC a copy of the original documentation and ask them to explain how they arrived at their figure.

di3004

Hi there

I would definately do what MagpieCottage have suggested, seems like something is amiss here, good luck.

ALIBOBSY

Have you paid off the laon or are you still paying?
If it still live usually they will refund on what has been paid so far (premiums and interest), plus 8% on top and then restructure the loan down to what it should have been without the PPI.
My understansing is the FOS have told the banks to send out details of how a refund is calculated, but most don't-too muc work probably.
Definately ask for a full breakdown of any settlement before you accept.

Ali x

roonaldo

I know HSBC's procedures for PPI complaints and they would offer a full refund with 8% interest on the loan PPI, also check your final response letter if it states that then thats your full refund.

I dont think you have given us all the information, are you still paying for it? then you wouldnt get the whole premium, as you've not paid for it all yet. Or did you pay off the loan early and get a rebate? Or did you claim on the policy? If so, then not even FOS are going to argue with the redress amount.

superflyguy1023

The policy has been completely paid off.

After reviewing my document I have noticed that the Personal Loan Protection Plan number stated on the redress letter is different to the Loan Application number on the original documentation. Does anyone know if it is normal for a PLPP and the actual loan to have different application numbers?

Could it be that HSBC have inadvertantly reviewed a loan that I didn't ask them to review?

I am going to call them today for some explanation.