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HSBC - Personal Loan PPI - Check please ***Refunded***


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Hi

 

Following the advice on this site gained by just reading other threads, I submitted a claim for PPI in July of this year. My claim has been upheld and HSBC have sent an offer but I am not sure whether to accept or not.

 

Original PPI was for around £1500 and was taken out in Sept 2005. Using both of the spreadsheets from here I calculated that return due inclusive of stat interest on both original premium and the interest on payments made should be around £2600. HSBC offer is in the region of £2000.

 

How likely am I to get a better offer if I reject? Should HSBC wish to defend a higher amount and go to the Ombudsman would I be likely to receive more? Offer letter is marked "Without Prejudice" which I believe means I cannot submit it as evidence as them accepting they were wrong in either court or with the FOS.

 

I have 6 weeks to accept or reject the offer and they say it will take up to 4 weeks to make payment if I accept. I wont lie, money is tight at the moment and without the media and this site I would never have even known I had been wronged. If I accept it is £2k in my pocket now in time for Christmas but rejecting is likely to drag it out into 2012 unless they counter offer quickly.

 

Any thoughts would be much appreciated. I am very tempted to just take it as it is basically money for nothing as I never knew I was owed it before July. At the same time the extra £600 I think they owe would be a massive boon too.

 

Thanks

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Hi

 

Can't check it from the detail you have given thus far. Can you post up the agreement (or the figures from it) and the spreadsheet of workings?

 

Please ensure you remove ALL Personal Details first.

 

Thanks

 

ims

Edited by ims21

 

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Hi

 

Don't worry with the question in my previous post....I've got there.

 

I reckon that as of today's date the refund should be about £2,010.

 

This is made up of...

 

Premium payments including bank's interest - £1,072.63

8% Statutory Interest thereon - £394.73

Overpayment of PPI on settlement - £434.96

8% Statutory interest thereon - £108.59

 

Total = £2,010.91

 

Regards

 

ims

  • Confused 1

 

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Many thanks.

 

Their offer is actually slightly higher than that so will just accept it. Christmas shopping once it clears I guess!

 

Thanks to CAG for helping me get this back. Without this site I would not have known where to start!

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  • 2 weeks later...

Money received from HSBC in less than 10 days. Can move this to the success area.

 

All done with HSBC now. Will transfer the money to my main Nationwide account and close it off I think.

 

Many many thanks to everyone on this site who posts and is so helpful. The guides and templates were invaluable.

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