PPI Reclaiming successes and failures

alastair1982

Hello all,

I'm just looking for a bit of advice and hope some of you may be able to help. I'm currently waiting on HSBC to make me an offer with regards to mis-sold PPI on a credit card from 2000 to 2008. I have got copies of all the statements from 2003 to 2008 and therefore know for a fact that the amount of PPI paid during that time is £2300.00 or thereabouts. I will also be chasing figures from 2000 to 2003.

The FOS has upheld my complaint so I'm currently waiting for an offer from HSBC as mentioned, but I'm looking for advice on what I should be expecting in terms of re-dress, and if anyone has the knowledge, a rough idea what the figure should be that I'm looking for. The cards balance was up and down depending on how much was paid off at any given time, therefore the PPI premiums would fluctuate. If I worked off an average of £40 per month premium though, would anyone be able to knock the numbers together for me?

In terms of re-dress I'm looking for:

• Refund of all premiums
• 8% interest
• Compound/contractual interest based on the APR of the card (15.9%) over the period of time
• Compensation as it's taken TWO years to get to this point due to the judicial review and HSBC initially turning me down. This has led to a higher balance than what it would have been.

If there's anyone out there who can help it'd be much appreciated. I'm only looking for a rough idea, but having a lack of trust in the banking sector, I want to have a good idea before they offer me the obligatory poor offer.

Many thanks folks!

IANC

caroled wrote: »

can i just ask you lovely clever people is it only on credit cards that you can get contractual interest on or is it loans as well?
have had a letter from hfc telling me they are doing calculations for settlement promptly ,so am waiting for postman as i type this!

The contractual interest for loans should be included within the PPI premium.

Basically, your loan agreement will tell you the PPI loan (let's say £1,000 for eg)

It will then tell you the interest for the PPI loan (we'll use £500 for eg)

This gives you a total of £1,500, which is then divided by the number of monthly repayments and gives you the monthly PPI figure.

4 year loan would be 48 months, so £31.25 per month.

This is why the redress is different for loans compared to Credit Cards.

For loans that have matured, you get return of PPI premiums (which includes the interest) and then 8% simple interest until the date of settlement.

For existing loans, they tend to refund the premiums paid to date with 8% simple interest and then restructure the loan going forward by removing the PPI from the remaining balance. This means that your monthly repayment will have reduced by the PPI premium.

I hope this makes sense and is helpful

Dizzywithmoney

Has anyone who got a "goodwill" letter from First Plus heard anything yet. I know 31st August is still 3 weeks away but I am just wondering if anyone has heard any more?

linsoft

Just a quick note, claims went in yesterday to hsbc for two loans which were front loaded with PPI around 10 years ago.

I was Agency staff at the time and all threw the loan period, never knew if I was going to be working from one week to the next, however my hours never dipped below 40 hours thankfully.

I was also informed that unless I took the PPI I would not get the loan..something told to a fair few people.

I know there are backlogs at the moment, so anyone got any idea how long before we hear anything? Anyone got a speedy resolution from HSBC.

Heres hoping, will post when I hear anything.

Malcolm44

Hellp peeps

Just a quick question. I have a claim ongoing with RBS od a credit card going back to 1982!!!!. I first raised the matter with them in October last year and got the "need more time" letters. They offered a "goodwill" gesture of £750 and I refered it to the FOS in Feb/March this year. Delay due to court case and two weeks ago recieved letter from FOS saying that RBS want to settle.

Now my question is, am I at the back of the queue again (i.e. 16 weeks) or do I get credit to overall time in system?
As you can imaging due to the length of time and for a while paying the minimum, there may be a substantial number involved

thanks in advance

offcumden

alastair1982 wrote: »

Hello all,

I'm just looking for a bit of advice and hope some of you may be able to help. I'm currently waiting on HSBC to make me an offer with regards to mis-sold PPI on a credit card from 2000 to 2008. I have got copies of all the statements from 2003 to 2008 and therefore know for a fact that the amount of PPI paid during that time is £2300.00 or thereabouts. I will also be chasing figures from 2000 to 2003.

The FOS has upheld my complaint so I'm currently waiting for an offer from HSBC as mentioned, but I'm looking for advice on what I should be expecting in terms of re-dress, and if anyone has the knowledge, a rough idea what the figure should be that I'm looking for. The cards balance was up and down depending on how much was paid off at any given time, therefore the PPI premiums would fluctuate. If I worked off an average of £40 per month premium though, would anyone be able to knock the numbers together for me?

In terms of re-dress I'm looking for:

• Refund of all premiums
• 8% interest
• Compound/contractual interest based on the APR of the card (15.9%) over the period of time
• Compensation as it's taken TWO years to get to this point due to the judicial review and HSBC initially turning me down. This has led to a higher balance than what it would have been.

If there's anyone out there who can help it'd be much appreciated. I'm only looking for a rough idea, but having a lack of trust in the banking sector, I want to have a good idea before they offer me the obligatory poor offer.

Many thanks folks!

As you say you have all of the premiums you paid try puting them into the Court calculator I posted earlier this morning it will give you the return of premium together with the 8% simple interest.
As far as the contractual interest is concerned its my understanding that the ppi premium they charged each month would include it.
Perhaps Ian C could confirm this or suggest how to arrive at the figure.
If my assumption is correct the calculator will give a very accurate indication.
Like you I share your lack of trust in the banking sector and we will only get one bite of the cherry as IanC pointed out in an ealier post the bank would have made a profit of £2K plus if their offer had gone unchallenged :mad:

di3004

fletchmeister wrote: »

Do you have the CEO email address by any chance many thanks in advance

Hi

HFC bank has the same CEO as the HSBC (I had contacted them in regards of HFC and they also got back to me at the address below), good luck.

[EMAIL="chiefexecutivehsbcbank@hsbc.com"]chiefexecutivehsbcbank@hsbc.com[/EMAIL]

di3004

linsoft wrote: »

Just a quick note, claims went in yesterday to hsbc for two loans which were front loaded with PPI around 10 years ago.

I was Agency staff at the time and all threw the loan period, never knew if I was going to be working from one week to the next, however my hours never dipped below 40 hours thankfully.

I was also informed that unless I took the PPI I would not get the loan..something told to a fair few people.

I know there are backlogs at the moment, so anyone got any idea how long before we hear anything? Anyone got a speedy resolution from HSBC.

Heres hoping, will post when I hear anything.

Hi

Wishing you luck on your reclaiming.

I can't remember what banks are involved altogether in regards of extra time off-hand, but the normal time is that of 8 weeks, if they require more time than that they will let you know, good luck.;)

Derwent

offcumden wrote: »

As you say you have all of the premiums you paid try puting them into the Court calculator I posted earlier this morning it will give you the return of premium together with the 8% simple interest.
As far as the contractual interest is concerned its my understanding that the ppi premium they charged each month would include it.
Perhaps Ian C could confirm this or suggest how to arrive at the figure.
If my assumption is correct the calculator will give a very accurate indication.
Like you I share your lack of trust in the banking sector and we will only get one bite of the cherry as IanC pointed out in an ealier post the bank would have made a profit of £2K plus if their offer had gone unchallenged :mad:

Credit card redress doesn't work in the same way as those calculator tools so they can be misleading.

What the bank have to do is completely reconstruct your account from the point you started paying PPI. They need to take out the premiums and the interest charged on those premiums and come up with a completely new balance each month for your card, which in turn gives a new interest figure that you should have been charged.

In simple terms, the amount paid to you as redress should be the difference between your current credit card balance and what the balance would have been if PPI had never existed on it.

As for the 8% simple interest, you only get that for any monthly balances where you were in credit. So if by taking PPI & interest out it leaves you with a balance one month of -£1000 then you get 8% on that £1000. But if after taking PPI and interest out you have a balance the next month of £1000 debit then you don't get interest for that month.

Its all very complicated, but some banks have been taking the simple route of just adding up the PPI premiums and adding 8% interest on the that figure, which gives a much lower amount to be paid back to you.

maryspecial

traz39 wrote: »

maryspecial did they reply to those emails i have emailed the ceo last week but has yet had nothing back from

Hi traz, i emailed through their website on 1/8 then sent another more detailed email on 3/8 to an email address mentioned on here. I only got automated responses but ive read on here that others have done this and got a response after about a week!! Living in hope, will post here if i hear anymore! Good luck!