PPI Offer Letter

liambedson

Help!!!!!

I sent a letter to HSBC informing them how i wish to claim back the PPI on a loan.

To their credit they have sent a quick response - an offer of £1,805.31 which is broken down as follows:
PPI Premium redress - £1,282.12
Taxable interest @ 8% - £523.19

Is this correct? I thought i would be entitled to interest on the £1,282.12 as well as the 8% compound interest??? i'm getting confused!

Oh, other details are - the loan started March 2006 and i paid it off in February 2007.

Please Help!!!:huh::huh::huh::huh::huh::huh::huh:

[Deleted User]

the 8% is interest on the £1282

thegoodman

Need the £ education in school for sure

sharpy2010

thegoodman wrote: »

Need the £ education in school for sure

Seems like they also need literacy skills in your area, in addition.

amersall

liambedson wrote: »

Help!!!!!

I sent a letter to HSBC informing them how i wish to claim back the PPI on a loan.

To their credit they have sent a quick response - an offer of £1,805.31 which is broken down as follows:
PPI Premium redress - £1,282.12
Taxable interest @ 8% - £523.19

Is this correct? I thought i would be entitled to interest on the £1,282.12 as well as the 8% compound interest??? i'm getting confused!

Oh, other details are - the loan started March 2006 and i paid it off in February 2007.

Please Help!!!:huh::huh::huh::huh::huh::huh::huh:

The interest on the ppi is in the £1282.12.

amersall

liambedson wrote: »

Help!!!!!

I sent a letter to HSBC informing them how i wish to claim back the PPI on a loan.

To their credit they have sent a quick response - an offer of £1,805.31 which is broken down as follows:
PPI Premium redress - £1,282.12
Taxable interest @ 8% - £523.19

Is this correct? I thought i would be entitled to interest on the £1,282.12 as well as the 8% compound interest??? i'm getting confused!

Oh, other details are - the loan started March 2006 and i paid it off in February 2007.

Please Help!!!:huh::huh::huh::huh::huh::huh::huh:

The interest on the ppi is in the £1282.12.

The 8% is a decreasing sum from the date of the loan to redress date,the nearer you get to redress the less the 8% is.
If you are a taxpayer,the 8% is taxable,you need to inform the inland revenue.

Harryjones22

Hi

From what I know, the 8% interest is £523.19 as written by yourself, it can't be £1,282.12 as this the PPI premiums and not 8%. As commented above it is taxable.
You are only entitled to a refund off additional interest paid on the PPI Premiums, if that is you paid an additional interest on your premiums (Single premium cover). On a regular premium cover you just pay for PPI premium plus 8%, therefore not entitled to a additional interest refund.

That's what I think, maybe because it was a regular premium policy you did not get the additional interest.

I hope that helps!

Harryjones22

Sorry I meant check that it's not a regular premium policy.