Unacceptable PPI compensation from HSBC

twister_teddy

Back in 2004 I took out PPI on a HSBC credit card whilst I was a student.

HSBC managed to locate the records so I raised a PPI claim. I didn't use a third party agency to claim and managed everything myself. Couple of weeks ago they came back with decision in my favour however the compensation awarded is few pence more than the premium I must have paid at that time.

Given that it was a mis-selling, how is the compensation calculated ? If it's pretty must a refund of premiums paid plus minuscule interest rate over the time then its not worth even talking about my claim.

If there's more to my claim, is it worth pursuing the claim further for a better compensation. and if so, should I take help from a PPI claim company who can handle my claim better.

Any advise much appreciated please.

[Deleted User]

It's a defined method. Premiums, plus associated interest, plus statutory interest.

If your calculation show something different, raise it with them, but it's unlikely they've made an error.

Don't use a claims company. They can't handle your complaint better.

You can always make a small cash donation to a claims company later on it you still feel you have too much money.

twister_teddy

So when I hear about people getting awarded thousands on PPI claims, does that mean they have paid those in the premiums to begin with ? Something doesn't add up.

[Deleted User]

No. It means their premiums, plus associated interest, plus statutory interest, results in the total redress.

It all - both literally and metaphorically - adds up.

[Deleted User]

twister_teddy wrote: »

So when I hear about people getting awarded thousands on PPI claims, does that mean they have paid those in the premiums to begin with ?

You'll generally only receive thousands if you paid thousands.

It's a refund after all.

However, the 8% simple interest does increase the value of this refund substantially.

So if you've received a peppercorn award amount then you must have only paid a pittance in the first place.

twister_teddy

okay, thanks for the clarification.