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HSBC Offer
catmancini
Posts: 3 Newbie
Hi,
As someone who has always refused PPI I was shocked to find out that I'd been mis-sold loan insurance in 1999.
HSBC recently made me an offer which was an 'offer amount' with no details on how it was calculated. I wrote and requested for more information to help decide whether the offer was fair. I have just received the below.
Should I accept their offer?
APR% 7.90%
Amount of loan £4,000.00
Loan term 36 months
PPI Paid % 88.3%
Monthly Premium (excl PPI) £125.00
Protection Premium Payable £487.81
Monthly Premium (incl PPI) £139.62
Total PPI Premium cost £483.00
Protection Start date 24th August 1999
Protection End date 1st August 2001
Calculation date 9th May 2013
PPI Premium redress £487.57
Plus taxable interest at 8% £501.83
OFFER £989.40
As someone who has always refused PPI I was shocked to find out that I'd been mis-sold loan insurance in 1999.
HSBC recently made me an offer which was an 'offer amount' with no details on how it was calculated. I wrote and requested for more information to help decide whether the offer was fair. I have just received the below.
Should I accept their offer?
APR% 7.90%
Amount of loan £4,000.00
Loan term 36 months
PPI Paid % 88.3%
Monthly Premium (excl PPI) £125.00
Protection Premium Payable £487.81
Monthly Premium (incl PPI) £139.62
Total PPI Premium cost £483.00
Protection Start date 24th August 1999
Protection End date 1st August 2001
Calculation date 9th May 2013
PPI Premium redress £487.57
Plus taxable interest at 8% £501.83
OFFER £989.40
0
Comments
-
Should I accept their offer?
Do you have any reason not to?
The calculation is right. The data input is something we dont know if it is right or not.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi dunstonh and thanks
Good to know the calculation is correct. I notice that the protection ends before the loan. Is this standard procedure?0 -
did you pay the loan off ealry or consolidate it with another loan? if you did, it would have ended early.Non me fac calcitrare tuum culi0
-
Hi -taff
I can't remember tbh. I will ask the bank
thanks0 -
catmancini wrote: »Hi dunstonh and thanks
Good to know the calculation is correct. I notice that the protection ends before the loan. Is this standard procedure?
No it is not, the PPI would still be on the loan to term end with interest and you would have no cover.0
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