Can someone work out these figures for me? HSBC PPI

Simbeanie

Hi, Ive spent ages reading about how refunds are calculated and the more I read, the more I become bogged down in complicated things I just dont understand.

I finally managed to speak to HSBC today in person and they have confirmed that they can see that I had PPI on three loans - their system shows I had them so she said they have to do something about it. I should hear from them on 15 August 2013 with their final decision and/or an offer hopefully. The lady I spoke to said she isn't allowed to formally say my claim has been upheld as the 8 weeks isn't up yet, but she confirmed that I did have PPI and also that they have calculated that there is only £48 to be deducted from any redress if I am offered any, to go to their in-house debt collectors, Metropolitan.

I only have the details for one of the loans so if anyone is able to work out (in very simple terms because I'm very confused) roughly how much I might be offered, that would be really helpful. Im not asking for an exact calculation, but if someone could give me a rough idea that would be great.

The loan was for £13,020.00 - taken out in 2005
It was over 103 months, and the monthly payments were £200 per month
On the agreement it says £7,494.61 is the total charge/interest for credit.

It doesn't break down or even mention PPI on the agreement at all.

I did query the fact that PPI wasnt mention in the agreement and she said that it would have been a single piece of paper that talked about PPI, and they didnt have a copy of it either. But the amounts do show on their system which is why they wrote to me asking me to fill in the PPI questionnaire...

Can anyone help work it out?

Thanks

Simbeanie

-taff

Nope. You'll have to wait and see.

amersall

If you repaid one loan with the next, they would have given a rebate of the PPI, the remaining PPI from each loan after the settlement would have gone onto the next loan and so on.
You will get back the PPI you paid and the 8% they then take back the rebates.
Without knowing the actual PPI amounts and the rebates you will have to see what they offer you.