Old PPI Claim

[Deleted User]

NeilV wrote: »

As far as I can see, the amount I have paid back, is more than the original debt. But I suppose the amount paid for the debt could have been anything? Don't want to put figures on a public website. I'm going to take some pictures of the docs tonight so I can be accurate when I ring them but I paid back nearly 3 times what I originally borrowed so my impression is that they paid the full price for the debt in the first place.

It doesn't matter how much the collection agency paid for the debt.

What matters is how much of the original debt you personally failed to pay. This is what the Bank will want to offset if you are awarded redress in the event of a successful PPI complaint.

Of course, all this will be moot unless you successfully complain about the PPI. It's the bank to whom you complain of mis-selling.

NeilV

Moneyineptitude wrote: »

It doesn't matter how much the collection agency paid for the debt.

What matters is how much of the original debt you personally failed to pay. This is what the Bank will want to offset if you are awarded redress in the event of a successful PPI complaint.

Of course, all this will be moot unless you successfully complain about the PPI. It's the bank to whom you complain of mis-selling.

Sorry for being dim but if the collection agents paid pull price for the debt & I paid the collection company more than that, then haven't I paid in full?

[Deleted User]

NeilV wrote: »

Sorry for being dim but if the collection agents paid pull price for the debt & I paid the collection company more than that, then haven't I paid in full?

If you have indeed paid the original debt in full then there is nothing to offset.

However,as I said at the outset, any amount written off (if any was) as part of your default is likely to be offset against any redress awarded.

Your initial problem is to get the Bank to agree that the PPI was mis-sold. Cross the other bridge when and if you come to it.

NeilV

Hi All,
Just an update for anybody who is in a similar situation. I used the template letter I found somewhere on this site, received a questionnaire from HSBC to complete which I did & sent it back. I've now had a letter which arrived after I left home this am so my wife sent me a photo & they are upholding my claim but despite the documents I sent them detailing the exact amount, they have offered me a figure of about 2/3. Is this normal as it is an out of court settlement or should I reject that and if so, how.

I don't want to be greedy or get taken for a mug. Also this offer includes interest, which should be on top!

Can I ask them to explain there workings��

[Deleted User]

NeilV wrote: »

despite the documents I sent them detailing the exact amount, they have offered me a figure of about 2/3. Is this normal as it is an out of court settlement

It's nothing to do with being an "out-of-court-settlement", since no court is involved. The fact is that you failed to pay the total amount of PPI when you defaulted on the loan. You can only receive back what you actually paid (plus interest).

It's a simple matter to reject the offer. You can then refer it to the Ombudsman, but since FOS will not award you back more than you paid all this will succeed in doing is delaying the eventual payout.

NeilV wrote: »

this offer includes interest, which should be on top!

The offer is always the total of refund plus interest minus tax. That's the equation.

NeilV

So, I decided that as I didn't have any proof of how much I had actually paid & some money back was better than nothing. I decided to accept the offer! So I filled in the form but needed to supply proof of ID to avoid any money laundering issues (Apparently!).

Couldn't get anyone in the HSBC branch to certify my driving licence so I sent the original by 1st class signed for. Yes, you've guessed it, 10 days later and the letter still hasn't arrived or at least Royal Mail are saying it is still 'in its way'.

So now I have no driving licence, no passport (it was well out of date!) and the acceptance letter has not arrived with HSBC. The offer apparently had a 28 day expiry clause & I won't be able to get new ID before then!:mad:

Do I have to provide this ID? Is it valid to have a short expiry date on the offer & will written confirmation of acceptance without ID at least confirm the contract/agreement?

dunstonh

They shouldnt accept an out of date passport as it ceases to be a passport when out of date.

The offer will not close after 28 days. That is just an attempt to try and speed you up.

They are correct in checking. Tends to mainly happen where there is no current relationship or previous check on file.

[Deleted User]

If they say you need proof of ID, I can't see there being any way past that.

I think you may need a new Driving Licence though...