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ju5t

PPI insurance HSBC compound interest?

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Hi,

 

I just was wondering if i was charged 247.50 PPI for my loan on 21st july 07 what would be the amount i should be accepting in settlement as i dont know how to compound interest myself?

 

Thanks to all

 

JJ

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unfortunatly i have been unable to use the spreadsheet that says it can work out compounded interest.

 

i have been able to use a normal interst calculator getting a figure of £287 but this is not compounded.

 

please if anyone is able to help me i just want to know what i should be asking for??

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i can calculate this 4 u but will need dates and apr


If I have been of help to you please feel free to click my scales to the left Thanks.:)

I have no legal training and the advice I offer is what I have learnt here and offered as a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

 

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CARTER V Co-Op

BANK CHARGES

REFUNDED £3567

 

POMPEYFAITH V Co-Op PPI

OFFER MADE BUT REFUSED

ONGOING AND STILL ONGOING

NOW WITH THE OMBUDSMAN

 

R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

 

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the PPi was added in a single sum on the 21st july 2007 and was 247.50.

 

the APR of the loan is 10.9% over 36 monthly payments

 

i pay the loan off at 57.23 per month and of that £6.875per month is the PPI

 

loan payments are made on the 1st of every month and the first

payment was made 1st August and i have never missed any payments

 

Thanks a lot

 

Is there any other info u require?

Edited by ju5t

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I have now had my offer from HSBC offering me a refund but they say i must sign this letter which makes me agree to have my loan recalculated as they cannot jsut remove the PPI componant of the loan.

 

Im unsure about this as i have read some threads from people where the loan recalculation made the loan more expensive than the loan with insurance.

 

what are my options here please people?

Edited by ju5t
more info

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This is normal practice , they have to re-structure the loan .....however you're wise to be careful......

 

I think I'd ask them to send you the proposed terms of the new loan recalculation , before you sign anything ju5t ... that way you can check it out and dispute it before you commit yourself ....


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

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thanks for the replies johnny. very helpful advice

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