HSBC PPI Premum Redress Take 2

Edd_009

I returned home from work today to find an interesting letter in the post. HSBC are reviewing some past decisions on PPI repayments ?

They are writing to inform they are now upholding my complaint from 2012 as it has now been reviewed by their Wealth Complaints team?

They have made me an offer which I was inclined just to accept until I read further. They offer made is Less Ex Gratia paid and Less Basic rate Tax. The Tax I understand but the Ex Gratia I didn't quite understand (mainly not knowing what it was I know I sound thick at this point) so I dug out my paperwork from 2012, amazingly I still knew where it was.

Originally they did not uphold my complaint as they did not agree to the points I had made and stated the premium I had paid came to a total of £276.40 and as a gesture of goodwill they would pay me this amount. At the time I thought nothing of it and accepted the payment.

Now they have made me another offer that is not laid out very well and took a bit of math and a copy of the old letter to understand. The new PPI Redress is more than the original plus the taxable interest comes to £526.80 which is almost double the 2012 offer but there's a catch they want the gesture of goodwill back which they will deduct.

My question, is this fair ? As it was not my fault they did not consider the complaint correctly the first time around in 2012.

Should I just accept it and hopefully be done with it all as I was not expecting they may even reconsider the matter.

Any help would be greatly appreciated.

[Deleted User]

Edd_009 wrote: »

The new PPI Redress is more than the original plus the taxable interest comes to £526.80 which is almost double the 2012 offer but there's a catch they want the gesture of goodwill back which they will deduct.

Sounds fair enough to me, you only receive what you are entitled to which is a full refund of any PPI paid plus interest at 8%. If you've already received part of this, why is it not fair that they now only pay you the remainder?

Not sure how you can advance this further. You can refuse the offer and refer it to the Ombudsman, but I can't see FOS overturning the Bank's decision in these circumstances..

dunstonh

My question, is this fair ?

Yes. You dont get to keep both payments due to an error. A recalculation shows you are entitled to a higher amount but it is quite logical for them to deduct what has already been paid to you.

As it was not my fault they did not consider the complaint correctly the first time around in 2012.

Using that argument, they could say they are not going to pay you a penny as it was not their fault you accepted the original offer. Mistakes do not give you entitlement to money that is not yours. Equally, it does not give them entitlement the other way around.

Edd_009

It all makes sense to me now but I feel it would help if they put letters in more layman's terms instead of be over technical making the complicated PPI situation even more complicated.

I also don't understand why it took 2 years to redress if I did this at work I would loose my job or loose a hell of a lot of business.

They have also never originally stated how much I was entitled to they just put lots of figures down on paper expecting them to make sense, I don't really understand tax I just know I have to pay it.

I think I'm just loosing all faith in the banking services, I have no local branch anymore and I live in a town with a population of 30,000 plus and they also shut the branch in the neighboring town.

Thank you again for all you help I'll fill the form and send it back.