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HSBC PPI refund offer 'historical interest' (confused)


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Hey guys,

 

Haven't been on here for a while.

I've been helping my mum claim her PPI back from various institutions, but I just wanted some advice.

 

She got an offer letter of replayment from HSBC (credit card) which included 'historical interest' of around £350 (PPI amount was about £800 - first payment back in middle of 2007). Just wondering, is the interest not supposed to be contractual (compund) interest now or is it only statutory? Pretty sure when I did mine I go compound.

 

Just want to be sure.

Also, if it is supposed to be compound is it best to reject and take it to court?

 

 

 

Zingy

Edited by zingy

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Hi

 

Loan or credit card?

 

Regards

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

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Hi

 

You should claim and be getting the premiums paid plus compund interest at least at the rate they charged you. If you get the interest at their rate, most are adding 8% simple on to that as well.

 

Regards

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Thanks, ims.

 

Have you got a link to a guide for credit card reclaims? Also, they've said it's their 'final response' so would you do a DSAR and got down the court route instead of the FOS?

 

Hi

 

Here's a step by step following their final response.

 

Send a SAR to them, cost of £10 the primary reason is to get copy statements/transaction history.

 

When received, enter all of the ppi charges onto a spreadsheet so that you can quantify your claim.

 

Compare your figs to their offer. If its very close you can accept, if its miles out you can reject.

 

Up to you whether you go to fos or court....I would recommend a lot of reading around the PPI forum to get an idea as to what is involved with each route.

 

I've attached a spreadsheet you can use to calculate the claim. Initially change the APR to the rate they were charging on the card. Change your personal details in the blue section. Go down to the white list section under the coloured bits and enter the date of each charge, a desciption and the amount. The rest of the calcs are done for you. Please note that this spreadsheet is protected in a lot of areas in order to protect the formulae. If you get a protection message it means you are trying to edit or change data in a protected cell.

 

Regards

 

ims

 

CISheet.xls

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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