HSBC paid PPI amount but I don't how they calculated it

The_Living_Coin

I filled in a quick PPI claim just beforethe deadline just in case. I got a call a while later asking for a couple of details - all I could say was quite vague and from the past. I was told to expect to hear again later. Last month there was a payment into my account from HSBC PPI REDESS ACCOUNT. I've asked what it was and how it was calculated but not heard anything back. Has this happened to anyone else? Any advice on what to do next? Thanks

dunstonh

You normally get a letter giving you the breakdown.  However, even in normal times, they would often turn up after the payment.   At the moment, the lag can be greater.

The_Living_Coin

Thanks...its over a month...

[Deleted User]

The_Living_Coin said:

Thanks...its over a month...

What exactly do you propose to do with the information? The Bank will have either fully refunded you all the PPI you paid (plus 8% simple interest) or the money will be a Plevin refund of undisclosed commission.  In both cases it will be impossible for you to "check" this unless you have comprehensive records from your own archive. From what you say, you were only able to provide them with "vague" details; in which case the breakdown letter  will be of little use to you. 

So I'd cease worrying about it during the current emergency, it'll doubtless eventually arrive....

Dazed_and_C0nfused

Although if it includes taxable statutory interest/compensation then the breakdown would be needed to arrange payment of any additional tax payable or refund due.

[Deleted User]

Dazed_and_C0nfused said:

Although if it includes taxable statutory interest/compensation then the breakdown would be needed to arrange payment of any additional tax payable or refund due.

Fair point, but still not a priority..... 

The_Living_Coin

Not a priority but I don't like being ripped off whether it was now or years ago. It was deception and they should be held accountable. This is not some generous payment they are giving me, it is payback of money they took fraudulently. They owe me an explanation.

[Deleted User]

The_Living_Coin said: They owe me an explanation.

You won't be getting any "explanation". You will receive  a letter stating that your complaint is upheld and how the redress is made up of a full refund of all PPI paid, plus 8% simple interest. There will be a  breakdown of the refund and a request for your signature accepting it fully and finally. 

If you are expecting them to enter any discussion about why they are refunding you are going to be disappointed. Banks only explain why they are rejecting complaints.

Realise that your complaint could have been upheld for reasons entirely different than  the ones you gave. If the refund amount is below a certain floor limit it may even have been upheld without any investigation at all. 

As for your accusation of "fraud", that's a serious crime for which you should have involved the police if you had compelling evidence for that.  Since you only had "vague" details that seems unlikely. 

Understand that the PPI mis-selling scandal was largely a regulatory matter, not a legal one.