PPI charged twice?

mbrad_2

Hi all, I've recently been refused a PPI refund as HSBC say I was not mislead, which prompted me to look into things a bit deeper and this is what i found. I was being charged £2,102.67 for 1 payment of £49.80 and 41 monthly payments £50.07. However on the same date the loan was paid into my account they took the £1870 PPI loan straight back out. I was being charged £232.67 for the interest for this over 42 months which totals £2,102.67.
I'm not very experienced in this side of financial things but why have i been charged interest on a loan I have paid upfront? What is also throwing me is that I was to pay the 42 montly payments (above) on top as well, and did do for 14 months. Have i been charged twice?
Also as I repaid the loan before my 14th payment my policy said i should get about 38% of my policy back, which i remember being told in the branch that I would not get anything reduced.
I could really do with some proper advice before i write my next letter. Many thanks.

[Deleted User]

You didn't pay the PPI twice.
The loan amount included another loan to pay the PPI policy. This amount was then paid to the insurer and you then had to pay the Bank back in the agreed monthly instalments.

Where you may have a complaint is if this was for a loan with PPI and it was a single monthly premium paid to term end with extra interest.

mbrad_2

Thanks, i understand now , however i think i was paying a fixed amount with interest until term end. Also do you have any advice on how i go about this claim?
Also did they not give me any money back when i repaid early as i obviously wouldnt have been paying the £50.01 til term end? Sorry if i seem a bit dim but ive been re-reading it all so much i think im just confusing myself. Thanks again

amersall

You put the claim in with the Single Premium as a reason for the mis sell, when you settled the loan they would have given you a rebate of the PPI and the remaining PPI you paid back in with the settlement figure, if you win redress then you get the whole PPI amount back less the rebate when you settled.