Compensation?

waffles1

Hi,

I am in the process of seeing if I have a PPI claim against my bankHSBC,it appears I had PPI for a flexi loan I had with the bank,I neither wanted or needed the PPI.They have offered me £97.13.The letter they sent claims' this figure will return you to the position in which you would have been had you not had PPI,by repaying your share of the protection premiums you have paid along with interest which you have paid on those premiums and additional compensatory interest'.
I was of the understanding that they should pay some sort of compensation on top of the money I paid to cover the PPI,after all it was not something I wanted.Do I accept the £97.13 or try and get some sort of compensation?I am a little suspicious of the bank as I made a PPI enquiry with the same bank about 9 months ago and they sent a letter saying there wasn't any,

Thanks

Nearlyold

waffles1 wrote: »

Hi,

I am in the process of seeing if I have a PPI claim against my bankHSBC,it appears I had PPI for a flexi loan I had with the bank,I neither wanted or needed the PPI.They have offered me £97.13.The letter they sent claims' this figure will return you to the position in which you would have been had you not had PPI,by repaying your share of the protection premiums you have paid along with interest which you have paid on those premiums and additional compensatory interest'.
I was of the understanding that they should pay some sort of compensation on top of the money I paid to cover the PPI,after all it was not something I wanted.Do I accept the £97.13 or try and get some sort of compensation?I am a little suspicious of the bank as I made a PPI enquiry with the same bank about 9 months ago and they sent a letter saying there wasn't any,

Thanks

You get exactly what they have said you get in the bold highlighted part above as required by the regulator. You don't get additional compensation above what they have stated. Obviously we can't say whether the figure they are giving you is correct as we don't know how much you actually paid in PPI premiums

dunstonh

I was of the understanding that they should pay some sort of compensation on top of the money I paid to cover the PPI,after all it was not something I wanted.

You do get compensation. That is the interest at 8% added to the premium refund. There is nothing else to compensate you for.

waffles1

Ok,thanks for the advice guys,I shall thank the bank for their 'honesty' and cash the cheque in.

[Deleted User]

waffles1 wrote: »

I shall thank the bank for their 'honesty'

It looks as if the Bank no longer had records and were forced to pay you based only on limited documentation I assume you provided? The modest refund would seem to support this theory, but I'd be interested if you could confirm or deny.

Do realise that records are routinely deleted after around six years (especially for former customers) and I think unless the Bank actually categorically stated you never had PPI (rather than simply saying there were no records) they can't really be accused of deliberate dishonesty.

Personally, I wouldn't be "thanking" the bank for anything. Just cash the cheque and enjoy the cash…

Insider101

Moneyineptitude wrote: »

It looks as if the Bank no longer had records and were forced to pay you based only on limited documentation I assume you provided? The modest refund would seem to support this theory, but I'd be interested if you could confirm or deny.

Do realise that records are routinely deleted after around six years (especially for former customers) and I think unless the Bank actually categorically stated you never had PPI (rather than simply saying there were no records) they can't really be accused of deliberate dishonesty.

Personally, I wouldn't be "thanking" the bank for anything. Just cash the cheque and enjoy the cash…

If they no longer had any records, they wouldn't pay a random amount like £97.13. It would be a standard offer, if indeed one was made. For an amount like this they very likely didn't even look twice at the complaint.