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PPI insurance HSBC compound interest?


ju5t
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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

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 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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  • 1 month later...

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
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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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