Help HSBC offer too low???

Bubbles12

I've received a ppi offer today from HSBC for 2 loans I had with them for £7000 & £28000. The latter was passed to Metroplitan collections after 6 years leaving approx £10k on it

I have no paperwork for either but remember the first loan was paid off a few years early & added to second loan as a consolidation loan

HSBC have offered £573 for first Loan plus £271 interest and £8880 for second plus interest

They are using the money to pay off outstanding amount with HSBC then I get a redress of £1300

Does thus sound about right?? I was hoping to get more. The thing is the £1300 would help pay off a good part of my remaining debts so I am tempted to accept it because if that.

If I don't accept us my only option the ombudsman? The long waiting list does put me off a bit so I am not sure what is best to do

Anyone help me with this?

[Deleted User]

Only you know if the breakdown is correct. The amount of your loan is irrelevant since it is only the PPI you actually paid which is refunded.
It sounds like your original PPI amount will have been suspended when you defaulted on the debt so you won't have paid the whole amount.

All-in-all, I'd say this sounds like a fair return given that you reneged on the agreement.

amersall

As you settled loan one early, they would have given you a rebate of the PPI, the remaining PPI would have been paid back you in settlement, at this point, you would not have paid all of the PPI back.
The second loan the same, you have not paid all the PPI back on this one, with no paperwork it looks like you will have to accept this, the offers seem ok to me as you did not repay all of the PPI anyway.
Ask them for a breakdown if you are still not convinced, this should show how they worked this out.
Well done on the win.

Bubbles12

Thank you both