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barbarasabri28

Hello i am new and need help regarding ppi insurance, should i accept offer from bank or not???

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Hello', I am new to the forum, I need help regarding PPI; back in 2006 I took a loan from hsbc, the amount was £3000.00 and the toltal charge for Credit was £4185.45 so the Total Amount payable under the agreement was £4185.45; the initial repayment was £69.61 follow by 59 further monthly repayments of £69.76.

 

The Credit Protection Insurance Loan was sold to me without explaining nothing about it, the Amount of Premium was £753.80 (Including Insurance Premium Tax at the appropriate rate) and the Amount of Loan was £750.00.

 

The total charge for the credit was £296.36; The total charge for Credit was £296.36 and the Total Amount payable under the Agreement was £1046.36 the initial repayment was £17.40 followed by 59 further repayments of £17.44.

 

The Agreement says that I authorised the Bank to pay an initial repayment of £87.01 and 59 further repayments of £87.20 for the total loan of £3750.00 plus interest.

 

The Bank proposed to offer me the amount of £1,500.73 (PPI PREMIUM REDRESS £1,051.67 plus taxable interest at 8% of £449.06).

 

Should I accept this offer? Thanks in advance for your advice.:oops:

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Hi and welcome.

 

You can check the figure by using this spreadsheet

 

StatIntSheet v101.xls

 

List each payment of £17.44 you made giving the date of the payment and the amount. The sheet will work the rest out for you.

 

Did the loan run its natural course?


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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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Thanks for your help, I finished to pay the loan a few months a go, I tried using the spreadsheed without success, the date of the first repayment was the 1 of April 2005 and was paid off in 59 further monthly repayments of £17.44 - the amount should be £1028.96 - So this should be the amount that the bank should repay to me?

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Hang on....give me 5 mins and I'll see what figure I come up with


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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Ok...my quick calculation comes out at £1,483.99 so if they are offering you £1,500.73 then I reckon they are about right.


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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