How can I be sure my bank is offering as much of a refund as they should be?

everway9

Hi.

I'm new here so a big HELLO to all of you.

Please forgive me if I've made any mistakes posting here, I'm new to PPI claming.

I contacted a 3rd party claim company and they discovered that I had PPI on an old HSBC credit card and an old HSBC personal loan. As the claim company takes 30% of any sucessful refund I decided to try claiming myself.

HSBC have offered me a refund on both card and loan.

I'm wondering now how I can check if what they are offering is fair?

Can anyone point me in the right direction?

Many thanks in advance.

[Deleted User]

everway9 wrote: »

I'm wondering now how I can check if what they are offering is fair?

PPI redress is a DEFINED refund of everything you paid in PPI plus 8% simple interest. "Fairness", therefore, does not enter the equation.

everway9

Moneyineptitude wrote: »

PPI redress is a DEFINED refund of everything you paid in PPI plus 8% simple interest. "Fairness", therefore, does not enter the equation.

Thank you very much for posting. The reason I asked is because it didn't seem like much money considering the amount I borrowed. My loan was £15,000 and the card was £1,100. They are giving me £76.42 for the loan and £23.56 for the card which totally confused me. I was obviously expecting more, especially from the loan.

But I feel better about it now after your post.

Thanks again. I really appreciate it.

Nearlyold

Perhaps HSBC rejected your PPI miss-sale complaint but have refunded excess commission under Plevin? What did your complaint final decision letter from them say?

[Deleted User]

everway9 wrote: »

My loan was £15,000 and the card was £1,100. They are giving me £76.42 for the loan and £23.56 for the card

You need to carefully read the offer letter from the Bank.

Does it mention a Plevin refund of undisclosed commission? If so, then that's not a full refund of the PPI.

The low amount could also be down to a lack of available records or it could be that you cancelled your PPI or paid off the loan early.

It still has nothing to do with "fairness", I'm afraid.

What exactly does the letter say?

everway9

Nearlyold wrote: »

Perhaps HSBC rejected your PPI miss-sale complaint but have refunded excess commission under Plevin? What did your complaint final decision letter from them say?

Hi Nearlyold.

Thank you for posting.

There was nothing mentioned regarding excess comission or pelvin. I can PM you a pdf containing the main text sections of the letter if thats allowed (excluding name, address and account numbers obviously). Would that help?

[Deleted User]

everway9 wrote: »

I can PM you a pdf containing the main text sections of the letter if thats allowed (excluding name, address and account numbers obviously).

Just post the (edited obviously) body of the text on the open forum.

No need to bother or rely on individual posters privately.

Remember this a discussion forum and anyone can post, so please keep the discussion public.

everway9

Moneyineptitude wrote: »

Just post the (edited obviously) body of the text on the open forum.

No need to bother or rely on individual posters privately.

Remember this a discussion forum and anyone can post, so please keep the discussion public.

Yeah. I have no problem posting the letter here. I just didn't want to break any forum rules. I will post the letter here on the forum as soon as I've scanned it and blanked of my identifying information.

Thank you.

[Deleted User]

everway9 wrote: »

I just didn't want to break any forum rules.

The point of an open discussion is to allow as many opinions as possible. Despite the fact that your offer letter will doubtless be a factual document which already details exactly why your refund is so low, it is always unwise to invite or instigate private messaging for such routine queries. You could be messaging a representative of a claim company, for example.

I doubt that long-term poster "Nearlyold" has any connection to a claim company, but still..

everway9

Moneyineptitude wrote: »

The point of an open discussion is to allow as many opinions as possible. Despite the fact that your offer letter will doubtless be a factual document which already details exactly why your refund is so low, it is always unwise to invite or instigate private messaging for such routine queries. You could be messaging a representative of a claim company, for example.

I doubt that long-term poster "Nearlyold" has any connection to a claim company, but still..

Yes. Please don't get me wrong. I'm all for an open discussion. It helps others with similar issues. What I should have done was to ask if it was ok to post the letter on the forum before I even thought of sending it as a PM. My bad.

everway9

Hi again.

I scanned the letter and tried to insert the [IMG]url's here but the forum said: Sorry as a new user you are not allowed to post with links. This is done to stop spammers clogging up the site. I have the images uploaded to imgbb but due to the above I cannot enter the links in my post. I've triple checked and there's no mention of 'Plevin refund of undisclosed commission' at least not in those words anyway. One of my problems (as you said @Moneyineptitude) seems to be lack of records. In the letter they mention this and say that they don't have any records. I've looked for the original loan papers but cannot find them anywhere. I have asked my mother (chief filer) if she can find anything. I sort of get the idea that I'm making a bit of a fool of myself here. Thank you once again for taking the time to try and help. [/img]