ppi offer

BENBO

I have had an offer from hsbc to settle a ppi complaint. It was for an £80000 mortgage between 1999 and 2009 with monthly repayments of £680. They have offered £1200 and say my total premium payments were £560 over 10 years. This means they were covering 680 per month for £50 per year. does this sound likely?

SonOf

This means they were covering 680 per month for £50 per year. does this sound likely?

Is yours an upheld complaint with full redress or an upheld complaint in respect of undisclosed commission?

Did you pay PPI premiums for the whole of the mortgage term?
Was your mortgage the same amount for the mortgage term?
Did you cover the full amount of the mortgage payment or just some of it?

The figure seems low if its full redress on premiums paid over the whole term. Its in the ballpark if its a Plevin refund.

[Deleted User]

BENBO wrote: »

I have had an offer from hsbc to settle a ppi complaint. It was for an £80000 mortgage between 1999 and 2009 with monthly repayments of £680. They have offered £1200 and say my total premium payments were £560 over 10 years. This means they were covering 680 per month for £50 per year. does this sound likely?

You need to carefully read the letter you received and the breakdown of the redress.

You won't have paid just £50 a year in PPI if it covered the full mortgage repayment.

Did you perhaps cancel the PPI at some early stage?

Does the offer letter mention a refund of undisclosed commission (Plevin)?

BENBO

theyve upheld the complaint as mis-sold ppi. as far as I know I paid ppi throughout. It was a repayment mortgage so reducing through the term and I covered the full amount but paid it off early. I think the mortgage was originally 15 years. I dont know what a plevin refund is. The online ppi refund calculators Ive seen suggest very different figures.

BENBO

ok sorry.ive looked again and the letter says premiums were from start to 16/09/2000. I dont remember cancelling ppi but that doesnt mean much.

[Deleted User]

BENBO wrote: »

theyve upheld the complaint as mis-sold ppi. as far as I know I paid ppi throughout.

So you don't really know?
Perhaps the Bank's own records are incomplete and they are offering the £1200 as goodwill? What does the letter say exactly?

BENBO wrote: »

I dont know what a plevin refund is.

As already mentioned, that would be undisclosed commission. If your letter does not mention this then it's not a Plevin refund.

BENBO wrote: »

The online ppi refund calculators Ive seen suggest very different figures.

You are feeding the calculator figures which assume you paid the PPI for the whole term, you don't know this for sure.

We can only guess why your redress appears so low. Only the Bank (or a careful re-read of the offer letter) can provide you with the definitive answers you seek.

EDITED TO ADD:

BENBO wrote: »

ok sorry.ive looked again and the letter says premiums were from start to 16/09/2000. I dont remember cancelling ppi .

......and there's your answer, you only paid PPI for the first year.

BENBO

yes youre right my fault entirely. thanks for your help and sorry for wasting your time