Can anyone help me work out how much interest I am due pls?

Emeritus_2

Hi guys

I took out a loan and HSBC frontloaded £12,175 of PPI onto my loan.

My loan was at a fixed rate of 8.9%

I paid off my loan in 2012 can anyone please help me how much I could (if successful claim back in interest?

Thank You.

frenchy28

Emeritus wrote: »

Hi guys

I took out a loan and HSBC frontloaded £12,175 of PPI onto my loan.

My loan was at a fixed rate of 8.9%

I paid off my loan in 2012 can anyone please help me how much I could (if successful claim back in interest?

Thank You.

i'll work it out for you but need to know when did loan start and end?

amersall

With front loaded PPI the interest is in the total PPI amount, you get the whole PPI amount back as the loan is closed, did you settle this loan early? if you did they would have given you a rebate of the PPI and they take this back off the win and and you get the PPI back that you paid to date and the PPI left after the rebate that you paid back in settlement.
You also get the 8% this is on a decreasing scale for each months PPI that you paid from loan start date to the day they pay this redress so the nearer you get to the redress date, the less the 8% amount is.

Emeritus_2

frenchy28 wrote: »

i'll work it out for you but need to know when did loan start and end?

The loan was for £25K and started in March 2003 I ran into some financial difficulties and it should have been paid off in March 2009 but I actually made the last payment in Jan 2012.

Emeritus_2

amersall wrote: »

With front loaded PPI the interest is in the total PPI amount, you get the whole PPI amount back as the loan is closed, did you settle this loan early? if you did they would have given you a rebate of the PPI and they take this back off the win and and you get the PPI back that you paid to date and the PPI left after the rebate that you paid back in settlement.
You also get the 8% this is on a decreasing scale for each months PPI that you paid from loan start date to the day they pay this redress so the nearer you get to the redress date, the less the 8% amount is.

No I settled it late to be honest.....

I'm still not clear on how to do the calculation sorry.....but it's not obvious to me

amersall

They will give you the PPI back and the 8% as the loan is closed.

The best thing is to see what they offer you.

Emeritus_2

amersall wrote: »

They will give you the PPI back and the 8% as the loan is closed.

The best thing is to see what they offer you.

So you are saying it will be: £12,175 x 8% = £13,149 ?

Or is it 8% per month?

Or 8% per year?

I just need to know how to do the maths

Emeritus_2

Anyone? Pretty please?

Emeritus_2

Gentle Bump!