Jump to content


HSBC Creditcard PPI


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4404 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Good evening

I wonder if someone could help me please?

 

I took out an hsbc credit card out in 2007 for £2500 and was told ppi would have to be added to the account. I have just received the summary of the insurance charges and it comes to £553.69.

I note on the template letter on this website, it asks what the end of term fee is for the ppi. I don't have my credit agreement to hand anymore, but have just requested a copy. Does anyone know exactly what calcuations I would need to do please?

I have read I need to calculate the overall insurance premium of which was charged when taking out the credit, the monthly charges and the interest per month. I am a bit confused as to if I also need to include the interest I am currently charged, eg the APR.

I should also point out, the APR after six months was 19.9, then after two months then jumped to 22.9, but then jumped up to 24.9 after six months.

 

Best wishes

 

Thanks for your help in advanced.

David

Link to post
Share on other sites

I have seen good instructions on how to work this out somewhere, I think it was on a Barclaycard thread that Pompeyfaith contributed to. If I can find it I'll let you know but maybe PF will remember it if he reads this.

 

Think I subscribed to it.

Link to post
Share on other sites

Thanks very much, I think I understand.

How does this look, I have used both calculators as stated in the thread.

 

19.35 14 july 09 (APR 24.9)

19.75 15 june 09

19.98 17 may 09

18.08 16 april 09

18.79 16 march 09

19.54 15 feb 09

19.54 15 jan 09

19.48 15 dec 08

19.44 16 nov 08

19.39 14 oct 08

18.89 14 sept 08

20.20 14 aug 08

19.48 14 july 08

19.41 15 june 08

19.27 15 may 08

19.91 14 April 08 –Total £310.50 –compound calculation £413.98 – 8% interest £452.63

20.05 16 march 08 (APR 22.9)

19.99 14 feb 08

20.15 15 jan 08

19.52 13 dec 07

19.63 14 nov 07

19.56 15 ovt 07 – Total £ 118.90 – compound calculation £ 130.76 – 8% interest £139.49

19.63 16 sept 07 (APR 19.9)

19.58 14 aug 07 – Total £ 39.21 – compound calculation £ 48.65 – 8% interest £49.00

20.01 15 july 07 (APR 0)

19.95 14 june 07

19.78 16 may 07

12.29 16 april 07

8.77 14 march 07

4.28 13 feb 07 – Total £85.08 - 8% interest £87.91

 

 

Thanks very much for your help in advanced.

 

Regards

David

Link to post
Share on other sites

Sorry, you know more than me now you've worked them out! I'm waiting for my statements so am a step behind you. I subscribed to emmtay's thread so I'd have the info when i needed it.

 

I'd PM Pompeyfaith and ask him if he'd check them for you - he's the PPI figures expert on here. He'll probably be on later.

Link to post
Share on other sites

Hiya Exoticplants,

 

No You have to do each of those figures separately, So

 

14th April 2008 you paid 19.91

 

so using this Calculator Compound interest calculator

 

enter the 19.91 into the principal box enterthe interest rate of 24.9% select 12 compounded months enter the payment date for each in the start date and the settlement date in the finish date boxes tick the 360 days per year box

 

Now hit calculate and the figure will show at the bottom in the total amount due.

 

Do this for every payment you have writing down the results as you go.

 

Right now you have a list of payments including compounded interest now you have to enter those figures you have written down into this calculator

 

Blake Lapthorn - simple interest calculator

 

the calculator above will work out the s69 statutory interest at 8% simple so

 

principal sum is the figures you have written down do each one seperate

 

interest rate input 8

 

Date from is the payment date of each one and date to is the settlement date

 

Hit calculate and the figures will show at the bottom principal + interest is the one you want.

 

Again write each one down and at the end total this figures and you will have the grand total to claim.

 

Its a bit long winded i know but it is the only way at the moment you will get a true amount to claim until i have finished making a spreadsheet to do this.

 

Regards

 

PM

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.

 

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

 

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.

 

Link to post
Share on other sites

Last payment date noooooo

 

It is the date they settle with you to be 100% correct but this date is difficult to work out as you will not know this date at present so i would use the date you send the claim off to them but put in your letter that any settlement is subject to change.

 

PF

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.

 

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

 

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.

 

Link to post
Share on other sites

Hello there again Pompey.

I'm just sorting out the spreadsheet to go along with my letter to HSBC. Do I need to use the original charges in the spreadsheet, or would you opt for the compounded interest charges? All I have done for both calculations is set the settlement date for todays date, but have also stated this is subject to change.

Likewise would it then be wise to also include another spreadsheet stating charges as they mount up with the 8%?

 

Thanks very much for your help.

 

Regards

David

Link to post
Share on other sites

Good afternoon.

I have finished my letter to HSBC, hope this reads ok.

Dear Sir/Madam,

I am writing in regards to the aforementioned ppi policy (payment protection insurance) which I was sold by HSBC, in conjunction with my application for a HSBC credit card in January of 2007.

I now believe that I was mis-sold this policy because I was:

· Self-employed when the policy was sold to me and was not asked about this by your salesperson / made the salesperson aware of this at the time

· Not informed that taking the PPI policy was optional

· Not asked whether I already had sufficient cover in place at the time the policy was sold to me

· Not informed that the policy premium was to be added to my loan as a single premium and therefore attract interest

· Not informed that PPI had been added to my loan

· Not made aware of the features, exclusions and terms of cancellation relating to the PPI cover

· Pushed into taking out the cover by a forceful salesperson

As such, unless you can prove that this policy was sold to me fairly and that it is, in itself, fair and reasonable, I request a full refund of all premiums and subsequent interest on these payments that I have made towards this policy to date. I will also ask that you add the 8% statutory interest deemed as reasonable by the courts to each payment I have made. The total amount due excluding 8% statutory interest is £570.59; though this amount is subject to change if/when a settlement is concluded.

I have also enclosed a schedule of the ppi charges, of which have already been compound calculated at the current rates of 24.9, 22.9 and 19.9.

I would like you to investigate this matter further and look forward to receiving a full response from you within 8 weeks. Should my complaint not be appropriately dealt with during this time I will be asking the Financial Ombudsman to investigate.

Yours faithfully

Compounded calculations below - calculated to today’s date:

In Respect of:

Amount

Date Incurred

Days since offence

Interest 8% APR

PPI

£20.05

14/07/2009

52

£0.23

PPI

£20.88

15/06/2009

81

£0.37

PPI

£21.54

17/05/2009

110

£0.52

PPI

£19.91

16/04/2009

141

£0.62

PPI

£21.14

16/03/2009

172

£0.80

PPI

£22.42

15/02/2009

201

£0.99

PPI

£22.90

15/01/2009

232

£1.17

PPI

£23.32

15/12/2008

263

£1.35

PPI

£23.74

16/11/2008

292

£1.53

PPI

£24.22

14/10/2008

325

£1.73

PPI

£24.09

14/09/2008

355

£1.88

PPI

£26.31

14/08/2008

386

£2.23

PPI

£25.92

14/07/2008

417

£2.38

PPI

£26.34

15/06/2008

446

£2.58

PPI

£26.71

15/05/2008

477

£2.80

PPI

£28.19

14/04/2008

508

£3.15

PPI

£28.12

16/03/2008

537

£3.32

PPI

£28.59

14/02/2008

568

£3.57

PPI

£29.37

15/01/2008

598

£3.86

PPI

£29.05

13/12/2007

631

£4.03

PPI

£29.75

14/11/2007

660

£4.32

PPI

£30.21

15/10/2007

690

£4.59

PPI

£29.11

16/09/2007

719

£4.60

PPI

£29.57

14/08/2007

752

£4.89

PPI

£20.01

15/07/2007

782

£3.44

PPI

£19.95

14/06/2007

813

£3.57

PPI

£19.78

16/05/2007

842

£3.66

PPI

£12.29

15/04/2007

873

£2.36

PPI

£8.77

14/03/2007

905

£1.75

PPI

£4.28

13/02/2007

934

£0.88

SCHEDULE OF CLAIM FOR PPI

PERIOD: [13-02-2007] TO [PRESENT]

£570.59

£69.66

£640.25

 

Link to post
Share on other sites

  • 3 weeks later...

Good morning.

 

Just thought I'd touch base with the latest.

I've just received a letter from the bank stating they are now looking into my complaint. They're saying it will take 4/8 weeks to complete their investigation, so the usual template reply... We'll watch this space. In the mean time I am now in the process of taking on mbna business credit charges, lloyds bank charges and dreaded hsbc bank charges!

Link to post
Share on other sites

  • 1 month later...

Good evening all.

 

Well I have finally received my reply back from HSBC, not sure what to do next though!

 

Letter reads as follows:

Further to our previous correspondence, I have now completed my investigation into the issues you raised.

To begin with mai I say how sorry I am that you have felt it necessary to complain about your Cardholder Repayment Protector. In addition, please accept my apologies for the delay in providing this response.

 

Your concerns as I understand them are that:

 

* You were Self-employed upon commencement of the policy.

* You were not aware the policy was optional.

* You were not questioned as to what existing cover you had in place at the time.

* You believe the policy was a Single premium type and you were not informed of its true cost.

* You were not aware PPI was added to your Credit Card

* The full terms and concitions were not explained to you.

* You felt the salesperson was forceful in their approach to the sale.

 

Having taken the opportunity to review the records we hold in relation to this matter, I regret that I am unable to support your complaint. Perhaps I can explainwhy.

 

Our records show that in January 2007 you applied for an HSBC Credit Card. This car was protected by the optional Cardholder Repayment Protector Plan, which is designed to repay 10% of your outstanding credit card balance for a maximum of 12 months in the event of sickness, accident or redundancy. Life cover is also included in this plan. I can confirm you are elible for the plan.

 

Unfortunately, as I was not present during the meeting when this policy was arranged, I am unable to comment on the actual conversation that took place and can onto take into consideration the records and documentation we hold in respect of this.

 

At the time you purchased the Cardholder Repayment Protector Plan it was HSBC's process to provide you with a Product Information Pack and a Policy Document, which explained how the policy worked together with the claims procedure and the exclusions that applied in respect to your self-employment. The literature also confirmed the costs associated with the plan.

 

I also wish to bring to your attention that the Credit Agreement Form was completed and signed by you. Your seperate signature requested the Cardholder Repayment Protector Plan confirmed that you were aware it was optional and that you had a period of 30 days in which you had the right to cancel the Cardholder Repayment Protector. This provided you with the time to read the Policy Document and to raise and queries you may have had with the plan, or to change your mind and not proceed with it. A copy of the Credit Card Form is enclosed for your ease of reference.

 

I regret that I can find no evidence to suggest you were informed at the point of sale that the Cardholder Repayment Protector Plan was a requirement of the Credit Card rather than it being optional. However, I would reiterate that the Cardholder Repayment Protector is and optional policy and if you were unhappy with the product you could have canelled the protection at any time.

 

I can confirm that as a self-employed person you will be covered if you became involunarity unemployed. However, in order to make a claim for involuntary unemployment the cliams procedure set out in the Policy Document needs to be followed. Provided you meet the required criteria, such as providing proof that you are actibely seeking alternitave employment and that HM Revenue and Customs has been informed that you have ceased trading, then a claim will be assessed. All other benefits in respect of your self-employment are unaffected and will be assessed in accordance with the policy terms and conditions.

 

I would also point out that preiums paid in respect of the plan have appeared on your monthly Credit card statement. Yet we have no records of you contacting HSBC to query the insurance or advised that you consider the plan was mis-sold to you.

 

I now turn to your concern stating it was not explained to you that the policy premium would be paid up front as a single premium and then added to your Credit attracting interest. I would like to take the opportunity to conform the Cardholder Repayment Protector is in fact a Regular Premium Policy and not a Single Premium.

 

In regards to your comment that it was not established whether you had alternative cover to protect your Credit Card repayments. Our records show that you did not hold any other insurance products with HSBC, and had you held products with another provider, it would have been your responsibility to provide this information before the recommendation was made.

 

Consequently, I consider adequate steps were taken to advise you of the main features and claim procedures of your Cardholder Repayment Protector Plan. I am therefore unable to agree to the refund of premiums that you seek.

 

I realise that you may be dissapointed with my decision but I hope that this letter has been helpful in explaining the reasons for it and that I have been able to respond to your concerns satisfactorily. However, if you have any further information or evidence that you feel is relevant then please for it for my consideration.

 

I am obliged to inform you that if you remain dissatisfied you have the right to refer this matter to the Financial Ombudsman Service, South Auay Plaza, 183 Marsh Eall, London E14 9SR, telephone 0845 080 1800 (website www.financial-ombudsman.org.uk). I enclose a brochure entitled 'Your complaint and the Ombudsman' which explains their role. If you wish to refer the matter to the Ombudsman then you should do so within six months of the date of this letter.

 

Finally, please be assured that your relationship with HSBC is valued. Feedback from our customers is taken very seriously as we are constantly reviewinh the quality of our products and services to ensure they meet our customers' requirements. Thank you for taking the time to bring this matter to my attention.

 

Yours sincerely

Louise Donnarumma

Regulated Complaints Manager

 

I should not, the signed credit form was not enclosed with this letter.

 

It looks like to me this is a standard letter, but what route should I go now?

 

Any advice appreciated,

 

Best wishes

David

Link to post
Share on other sites

Well until they provide proof of there findings it is all hearsay IMO

 

Further to our previous correspondence, I have now completed my investigation into the issues you raised.

To begin with mai I say how sorry I am that you have felt it necessary to complain about your Cardholder Repayment Protector. In addition, please accept my apologies for the delay in providing this response.

 

Your concerns as I understand them are that:

 

* You were Self-employed upon commencement of the policy.

* You were not aware the policy was optional.

* You were not questioned as to what existing cover you had in place at the time.

* You believe the policy was a Single premium type and you were not informed of its true cost.

* You were not aware PPI was added to your Credit Card

* The full terms and concitions were not explained to you.

* You felt the salesperson was forceful in their approach to the sale.

 

Having taken the opportunity to review the records we hold in relation to this matter, I regret that I am unable to support your complaint. Perhaps I can explainwhy.

 

Our records show that in January 2007 you applied for an HSBC Credit Card. This car was protected by the optional Cardholder Repayment Protector Plan, which is designed to repay 10% of your outstanding credit card balance for a maximum of 12 months in the event of sickness, accident or redundancy. Life cover is also included in this plan. I can confirm you are elible for the plan. have they or can they provide proof of this

 

Unfortunately, as I was not present during the meeting when this policy was arranged, I am unable to comment on the actual conversation that took place and can onto take into consideration the records and documentation we hold in respect of this. not able to comment on the conversation but then go on to say they can only take into consideration the records and documentation they have on this point ? which is it and just what does the records and documentation say.

At the time you purchased the Cardholder Repayment Protector Plan it was HSBC's process to provide you with a Product Information Pack and a Policy Document, which explained how the policy worked together with the claims procedure and the exclusions that applied in respect to your self-employment. The literature also confirmed the costs associated with the plan. where is the proof they sent you this

 

I also wish to bring to your attention that the Credit Agreement Form was completed and signed by you. Your seperate signature requested the Cardholder Repayment Protector Plan confirmed that you were aware it was optional and that you had a period of 30 days in which you had the right to cancel the Cardholder Repayment Protector. This provided you with the time to read the Policy Document and to raise and queries you may have had with the plan, or to change your mind and not proceed with it. A copy of the Credit Card Form is enclosed for your ease of reference. So where is this form you need to see it

 

I regret that I can find no evidence to suggest you were informed at the point of sale that the Cardholder Repayment Protector Plan was a requirement of the Credit Card rather than it being optional. lost on this point and this point is enough for the policy to be missold However, I would reiterate that the Cardholder Repayment Protector is and optional policy and if you were unhappy with the product you could have canelled the protection at any time. NO GOOD TELLING NOW IS IT LOL

 

I can confirm that as a self-employed person you will be covered if you became involunarity unemployed. However, in order to make a claim for involuntary unemployment the cliams procedure set out in the Policy Document needs to be followed. Provided you meet the required criteria, such as providing proof that you are actibely seeking alternitave employment and that HM Revenue and Customs has been informed that you have ceased trading, then a claim will be assessed. All other benefits in respect of your self-employment are unaffected and will be assessed in accordance with the policy terms and conditions. But where these terms available at the time of taking the insurance more often than not the policy booklet arrives after.

 

I would also point out that preiums paid in respect of the plan have appeared on your monthly Credit card statement. Yet we have no records of you contacting HSBC to query the insurance or advised that you consider the plan was mis-sold to you.:eek: was not aware at the time of all the implications surrounding mis-sold ppi it was only though reading the press that i realised what a rip-off ppi is

 

I now turn to your concern stating it was not explained to you that the policy premium would be paid up front as a single premium and then added to your Credit attracting interest. I would like to take the opportunity to conform the Cardholder Repayment Protector is in fact a Regular Premium Policy and not a Single Premium. ill give them that point as most if not all credit card ppi is repayment.

 

In regards to your comment that it was not established whether you had alternative cover to protect your Credit Card repayments. Our records show that you did not hold any other insurance products with HSBC, and had you held products with another provider, it would have been your responsibility to provide this information before the recommendation was made. so where is the needs form i should have filled in as it should ask if i have alternative cover.

 

Consequently, I consider adequate steps were taken to advise you of the main features and claim procedures of your Cardholder Repayment Protector Plan. I am therefore unable to agree to the refund of premiums that you seek.

 

I realise that you may be dissapointed with my decision but I hope that this letter has been helpful in explaining the reasons for it and that I have been able to respond to your concerns satisfactorily. However, if you have any further information or evidence that you feel is relevant then please for it for my consideration.

 

I am obliged to inform you that if you remain dissatisfied you have the right to refer this matter to the Financial Ombudsman Service, South Auay Plaza, 183 Marsh Eall, London E14 9SR, telephone 0845 080 1800 (website www.financial-ombudsman.org.uk). I enclose a brochure entitled 'Your complaint and the Ombudsman' which explains their role. If you wish to refer the matter to the Ombudsman then you should do so within six months of the date of this letter.

 

Finally, please be assured that your relationship with HSBC is valued. Feedback from our customers is taken very seriously as we are constantly reviewinh the quality of our products and services to ensure they meet our customers' requirements. Thank you for taking the time to bring this matter to my attention.

 

Yours sincerely

Louise Donnarumma

Regulated Complaints Manager

 

 

yes just a first response fob off letter which is not good enough considering the FSA has warned them to get there house in order and not direct claims to the fos that could of been dealt with by them.

 

PF

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.

 

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

 

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.

 

Link to post
Share on other sites

 Share

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...