HSBC PPI Claim

VivaPayne

Hi,

I've recently sent off a questionnaire to HSBC to try and reclaim the PPI I believe I was miss-sold on a loan I took out in 2007, but I paid off earlier this year.

I was just wondering if someone might be able to help me work out roughly how much I could expect to get back, or what would be considered a sensible offer from HSBC if they rule in my favour.

The PPI payment each month was £87.49 (including interest) and I made 55 monthly payments before closing the loan earlier this year.

Am I right in thinking I would just take the monthly amount and times this by the number of payments I made and then add 8% simple interest (of the total) to this? Because I paid off this loan earlier this year would I also stand to get back a portion of the amount I paid off in my settlement amount that related to the PPI?

Thank you in advance for your help.

[Deleted User]

VivaPayne wrote: »

Am I right in thinking I would just take the monthly amount and times this by the number of payments I made and then add 8% simple interest (of the total) to this?

Yes.....

VivaPayne wrote: »

Because I paid off this loan earlier this year would I also stand to get back a portion of the amount I paid off in my settlement amount that related to the PPI?

A refund of your PPI payments plus 8% simple interest is full redress.

VivaPayne

Thanks for your help with that. I just wanted to check that I had understood the process correctly. I'll try and see if I can dig out the paperwork for closing the loan off/taking out my new loan and see if the early settlement amount included a breakdown showing a PPI amount paid.

Also, just another question, has anyone heard of banks closing accounts after claims being made? A mate mentioned this the other day whilst we were discussing my PPI claim.

[Deleted User]

VivaPayne wrote: »

has anyone heard of banks closing accounts after claims being made?

No, your relationship with the Bank will be unaffected.

VivaPayne

That's what I figured. My mate that mentioned it does have a tendency to argue black is white!

Again thank you for your help. Very much appreciated. Fingers crossed it goes through as the amount I've worked out would pretty much clear my current loan!

vucotich

Hi I am also going to be contacting hsbc regarding loans i was pressured into having PPI for .I was alot greener then , ah youth . Hope we both have luck

VivaPayne

Ha yeah I was very green, but now I definitely have more of a financial head on my shoulders (as my career has taken a change in that direction over the last year or so!) and if successful the possible rebate could leave me with just one credit card left.

I'm crossing my fingers that they act quickly, but I shan't hold my breath.

Best of luck to you!

Chicken1

Hi guys, I've only recently discovered I was missold ppi on 2 loans with HSBC however this was over 6 years ago, was young and abit wet behind the ears and am certain it was not really mentioned or if so was forced as part of the loan.I've rang and spoken to them, they seemed abit too forthcoming with assistance, giving me account numbers and logging my claim. As a result it's left me abit paranoid that they know something I do not.Is there anything else I should be doing??.Have been given a reference and advised they will respond within 8 weeks.

GlamGirlie

I think HSBC have a firm procedure in place (even a dedicated dept?) for dealing with PPI complaints and so no reason why it wouldn't be handled swiftly.

amersall

Chicken1 wrote: »

Hi guys, I've only recently discovered I was missold ppi on 2 loans with HSBC however this was over 6 years ago, was young and abit wet behind the ears and am certain it was not really mentioned or if so was forced as part of the loan.I've rang and spoken to them, they seemed abit too forthcoming with assistance, giving me account numbers and logging my claim. As a result it's left me abit paranoid that they know something I do not.Is there anything else I should be doing??.Have been given a reference and advised they will respond within 8 weeks.

They will deal with this do not worry.

Just to let you know, if the PPI was included in the loan monthly payment, then this is Single premium PPI and is the most upheld of all reclaims, if you paid the PPI this way then that is the reason you use for mis sell, if they reject your claim and you have to contact them again.
The Single Premium PPI is put on at the start of the loan and you pay this back to term end with interest.

VivaPayne

amersall wrote: »

They will deal with this do not worry.

Just to let you know, if the PPI was included in the loan monthly payment, then this is Single premium PPI and is the most upheld of all reclaims, if you paid the PPI this way then that is the reason you use for mis sell, if they reject your claim and you have to contact them again.
The Single Premium PPI is put on at the start of the loan and you pay this back to term end with interest.

So would my claim be a single premium PPI as I was paying £87 a month ontop of my loan payment? I assumed it was a lump sum you paid at the start. Clearly I've assumed wrong!