How do I calculate the 8% interest figure to check it is correct

HSBC_PPI_newby

How can I calculate the interest that would be added if my claim for single premium PPI is upheld by HSBC to check their figures are correct.

The details on my credit agreement loan form show the principal amount of the loan was £11000.00, the APR was 9.9%.

Then a box below shows the credit protection insurance loan, it states the amount of the premium (including insurance premium tax to be £2495.10) then there is a charge for credit at £646.03 so this then makes the total amount payable for the CPIL £3136.03, the payment section states that there was an initial payment of £52.10 followed by 59 payments of £52.27

Only the initial payment was made in September 2004 and 5 further payment were made until the loan was re-financed in Feb 2005.

Then on 25th Feb 2005 I returned to HSBC and started a new 5 year loan for £12500 again with APR at 9.9% but again with the same CPIL basis.

This time the figures were: amount of the loan was £12500.00, then a box below shows the credit protection insurance loan, it state the amount of the premium (including insurance premium tax to be £2835.34) then there is a charge for credit at £734.24. So this then makes the total amount payable for the CPIL £3564.24.

The payment section states that there was an initial payment of £59.64 which would have been paid in Mar 2005 followed by 59 payments of £59.40.

The loan finished being paid with the final payment leaving my account in Feb 2010.

Thanks

HSBC_PPI_newby

can anyone advise?

amersall

Then a box below shows the credit protection insurance loan, it states the amount of the premium (including insurance premium tax to be £2495.10) then there is a charge for credit at £646.03 so this then makes the total amount payable for the CPIL £3136.03, the payment section states that there was an initial payment of £52.10 followed by 59 payments of £52.27

Only the initial payment was made in September 2004 and 5 further payment were made until the loan was re-financed in Feb 2005.

You will get the whole PPI back and interest on this loan, less the rebate amount they gave you for early settlement, as this loan only ran for 5 months this rebate would have been a decent amount.

The same applies to the second loan but the remaining PPI from the first loan was put onto this, so you will get the whole PPI back plus the remaining PPI from loan one.
Without the rebate figure from the first loan, you will have to see what they say in your breakdown of the redress when they give this to you.

Go on the bank charges calculator
http://www.moneysavingexpert.com/reclaim/bank-charges#step2

Put in the PPI amount, date month and year for each loan to the present day and this will give you the 8%, it also keeps a running total of the PPI you will get back, but you only get this to the date the first loan finished so disregard to the present date, the second loan you can count the total time from start of loan to present date for the redress on that one.
Whatever the total redress is, don't forget the rebate from loan one has to be taken off this amount.