HSBC Loan PPI

nigf71

Hi Can anyone help?

I recently tried to reclaim my mis sold PPI on a loan from 2001 with HSBC they have now replied with an offer of £1,000 but I paid |£1732 initially as the PPI was added to my loan

Can I challenge them to get more and what are the down falls if any of doing it.

New to challenging so any help would be appreciated

Thanks

amersall

Is this a goodwill gesture or a upheld?
Did you have the account number for this loan? with this being from 2001,they may not hold records anymore and are giving you goodwill if you had no paperwork.

asmalec

Hi, I have had a similar offer.
I asked for a refund for two previous loans. I first took a loan for £7400 to consolidate debts in July 2005. The loan for PPI was added for £1750 (total payable £2298, repayments £38.31 per month).
This was then consolidated into another loan for £12000 in March 2006 PPI was again added £2,780 (total payable £3638.17, 60.63 per month) In August this was further consolidated into a loan for £20000 in Aug 2009 this time without PPI.
my refund offer has been £467 and £542 respectively for the two loans.
Am i correct in thinking that because the final loan paid off the previous one (and that one the one previous to that) I will have in effect paid the total PPI, not just the monthly amounts?
The letter says that the offer would return the premiums paid with an 8% gross interest.
Would the bank offer less than that owed? Should I look for a fuller amount:(

nigf71

Hi I also have had a letter offering a total of £1072 as I had a loan for £7k with a PPI loan added for £1700 approx in 2001 but I altered the loan in December 2001 10 months after taking it out onto another loan with PPI added but they stated they could not tell me what I actually paid in total - It is their final response.

Any ideas welcome

Nigf71

kaborex

I just received an offer from HSBC on a £5000 (paid Off) and £20,000 loan which is ending in May 2012 and the offer is as follows:

First loan:

PPI Premium redress £395.55
plus taxable interest at 8% £220.05

OFFER £615.60


second loan:

PPI Premium redress £8877.57
plus taxable interest at 8% £3430.84

OFFER £12308.41

SUB TOTAL £12924.01

Less outstanding loan balance £853.17

TOTAL OFFER £12070.84

I hope this is right. Can anyone comment? They claim if I am not happy I can forward the complaint to the financial umbudsman.


The whole process from me writing to them to receiving the offer took 10 weeks. They wrote acknowledging receipt of my claims and said they would write when the complaint is six weeks old. they did stating that they were dealing with a lot of claims and that they would write to me before within another 6 weeks and they did within 4 with the above offer.

Good luck to all claiming.

amersall

Kaborex,it looks ok to me,full redress as the FOS guide.

kaborex

Hi Amersall,

Yep I agree. Was not sure about how they worked out the interest but I am not complaining. As far as I am concerned it is money I desperately need and did not realise I had invested it!!!.

Regards

Kaborex

kaborex

Just a quick question, what is the taxable interest? Do I need to do anything about that or what? I do not do any tax returns as I am a full time employee!!!

That part left me a little confused!!

Kaborex

amersall

You pay tax on the 8%,give the taxman a ring and ask,you may be able to increase your tax code to repay this back over time,or,if you can pay this in one go,then do that.

bandofbrothers

Yes if your working then they can increase your tax code to take off you whats owed from the 8% gross interest.

This is what i did.

You will be asked quite a few questions by the inland revenue when you ring.

Id rather do this than wait for a possible tax evasion order !!