HSBC - Offer, not convinced!

[Deleted User]

patsee wrote: »

I calculated all the premiums that I had paid with nothing added on to be about £7000. HSBC have noted all PPI redresses and then added the 8% and this is less than the ammount I calculated. I will be contacting them next week to address the actuall amounts of PPI that I paid

Just a few things which come to mind you may not have considered in your "calculations".
Did you close any of your loans early? This would result in a rebate being applied to any PPI policy and to less repayments being made than in the original agreement.
You don't say how you came to your total or how far from your total the Bank's offer is.
Do remember that you'll only get the amount of payment protection you actually paid, plus taxable interest at 8%.

patsee

Yes loans were consolidated. i added up each months premium that i had paid until new loan was started. The last loan was then changed over to my mortgage as it was a lower interest rate. HSBC have a total of £ 3,906.78. Then they have added 8% onto this bringing the total to £6,731.48. I totaled the ammount I had paid to £7,000 withou any interest added. In their letter they state 'In view of my findings to ensure that this matter has not financially disadvantaged you, I propose to offer the amount of £6,731.48. this figure will effectively return the protection premiums you have paid along with an element of gross interest.' Well it doesnt add up. Also the last loan with a PPI of £10,000 would have been just added onto mortgage when it was changed .

[Deleted User]

patsee wrote: »

Well it doesnt add up.

Do post when you have been in contact with the Bank...