Hsbc ppi

[GPuffin]

Hi

 

Ive decided I should see if I can get anything from the PPI I had on my loans with HSBC + Ive decided to do it myself.

But I'm going to need your help. Thanks in advance

 

I have all my statements (really!) & my loan agreements.

The load goes back to 2002, but I understand that doesn't matter.

 

1st I need to work out what I could be entitled to claim.

 

I had 3 loans, or rather 1 that was increased a couple of times.

Ive tried to sum them up on attached spreadsheet. Ive also picked out the payments etc on my bank account that went with the loans.

PPI.xls

 

1) How do I find out if a loan had PPI & how much it was?

The paperwork I have for the 1st & 2nd loans clearly breakdown the loan amount & the PPI amount. The 3rd loan paperwork isnt the same & doesnt show anything for PPI.

 

2) When I got the 3rd loan I was given a refund for PPI.

Line 33 on the sheet.

 

3) This might just be me not understanding banking but from the figures on my statements it looks like I paid the PPI amount as a lump sum AND in installments?

Lines 7-8 & 14-15 on the sheet.

 

4) The loan was finally defaulted on & is still with a DCA. This is something for another thread but I thought I mention it here incase it makes a difference?

 

Ive probably over complicated this? So Id appreciate any help to get me on the right lines. If you need any more info let me know. I can also scan the documents if needed?

[ims21]

Hi

 

The best thing to do at the moment would be to have a good read of No1 in my signature....there is a lot of information about single premium PPI and how to calculate the claim with the spreadsheet at the end.

 

When you've had a read, come back here with any questions and we can get this moving for you.

 

Regards

 

ims

[GPuffin]

Thanks IMS.

Ive read, re-read, reading!!! Printed it out too.

Maybe it'll come to me but need a hand up?!

[ims21]

Thanks IMS.

Ive read, re-read, reading!!! Printed it out too.

Maybe it'll come to me but need a hand up?!

 

Hi...oh ok.....sorry....didn't realise you'd already been there.

 

Easiest way to deal with this is to take them one at a time, deal with the main PI, then the rollover etc.

 

In order that I can help you step by step, are you able to post up the agreements in PDF format (MINUS ALL PERSONAL INFORMATION)

 

Thanks

 

ims

[GPuffin]

Ill scan the documents & put them up tomorrow. + do a bit more maths!

Appreciate the help from you guys & gals at CAG.

[GPuffin]

Hi

 

Ive attached the loan documents I have.

The sheets for loans 1 & 2 show the PPI clearly.

The sheet for loan 3 is completely different. Im not sure if this means I havent got the right sheet or if this is all there was.

Im not sure if PPI was included on loan 3 or not.

 

Let me know what you think?

 

Thanks

Loan 1 P PLN.pdf

Loan 2 PD PLN.pdf

Loan 3 PD MLA.pdf

Edited February 24, 2012 by GPuffin
PDF files added

[ims21]

Hi

 

Can't read them...too small.

 

You need to cnvert them to PDF....se dx100uk instructions below

 

Scan the required letters/agreements/sheets

as a picture[jpg] file

remove all pers info inc barcodes etc using paint program

but leave all figures and dates.

 

goto one of the many free online pdf converter websites

it would be better to upload a multipage pdf

than many single ones

or if you have PDF as an installed printer drive use that

or use word and save as pdf

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

then hit reply button

 

 

ims

[GPuffin]

Wow your on the ball IMS!

Ive managed it now! PDFs uploaded.

[ims21]

Hi

 

OK thanks

 

Easy bits first...loan 3 doesn't have PPI itself but it is affected by the PPI from the previous loans. You'll see why later.

 

So to the figures and for this, make sure you have the spreadsheet called StatIntSheetv101 which is at the end of No.1 in my signature.

 

Loan 1

 

The amounts for the PPI payments are set out in the loan agreement, 1 x £22.76 and the following ones were £22.75. Take hold of the spreadsheet and enter these figures giving the date of the payment, a description and the amount. Only enter the payments actually made so where the payments were returned you ignore those ones.

 

Now, the PPI part of loan 1 is 10.98% of the total loan. The settlement figure for loan 1 was £2,529.71 so 10.98% of this figure is for the PPI i.e. £277.76. This is the amount of PPI which was refinanced into loan 2.

 

Loan 2

 

The amounts of the "normal" PPI are set out in the agreement, 1 x £22.46 and the following ones were £22.55. As with loan 1, list the payments you have actually made in the spreadsheet.

 

Now, loan 2 total was £5,010 and the residual PPI balance from loan 1 was £277.76. As percentage of the total loan this is 5.54%. so 5.54% of every repayment you made on loan 2 was PPI from loan 1. The total repayment on loan 2 was 1 x £171 and then they were £171.16. Work out 5.54% of each payment actually made and list these in the spreadsheet as well.

 

Now we come to the settlement of loan 2. Loan 2 was refinanced by loan 3. The settlement figure was £4,261.61. The normal PPI for loan 2 was 13.17% (given by 660 / 5,500 x 100) so 13.17% of the settlement figure was for the loan 2 PPI, i.e. £561.25. In addition, 5.54% of that settlement figure was for the loan 1 PPI included in loan 2, i.e. £236.09. Total these two together and you get £797.34. They gave you a rebate of £379.86 so deduct this figure and you end up with £417.48. This is the amount of PPI still remaining in the loan balances after the rebate and is the amount that was refinanced by loan 3.

 

Loan 3

 

Loan 3 amount was £5,500 and the amount of PPI in that figure is £417.48 (as above) so this is 7.59% of loan 3 total. So for every repayment you made on loan 3, 7.59% of it was for PPI. In the spreadsheet you need to list 7.59% of every repayment you made on loan 3.

 

When you've done that you will have your schedule of claim which can go to the lender with the fos questionnaire.