Should I accept?

no1nette2013

Hi

Received a letter from HSBC stating

'In view of my findings, to ensure that this matter has not financially disadvantaged you, I propose to offer the amount £2978.06. This figure will effectively return the protection premiums you have paid along with an element of gross interest'

Should I accept? The phrase putting me off is 'an element of gross interest'.....

I have been refused reimbursement of another one due to them providing me with a product information pack...should I send this to the FOS?

Any thoughts would be gratefully received

scorpioyorks

Hi, my partner and i were in this same situation with ppi from another bank. We accepted as the money will help us now and it could take a while to pursue through the FOS and they may decide on the same amount.

Did the letter say that they have followed the guidance of the FOS? Our letter mentioned that they had followed the guidance. It also stated the rates of ppi as 9 pound a month per hundred pounds and when we calculated at this rate (which will vary from bank to bank) the amount seemed fair and they added interest at 8 % I think.

If you think the amount seems fair and the money will be helpful now then I would go for it.

amersall

If they have returned the PPI with interest then you have full redress.
The one they refused, was it taken out and the previous one settled with this? more info would be helpful, thanks.