PPI repayment offer from HSBC

[affirmation]

Hi there

 

I submitted a claim to HSBC for PPI repayments I made between 2004 and 2006. they have accepted my claim and offered me a settlement for the premiums paid and the interest paid thereon. They're calculations seem to add up for the actual period of the card but shouldn't there be a payment of interest for the period from end of agreement (2008) to todays date?

[ims21]

Can you type up what their offer letter says (the various figures from it) or post up the letter with all personal identifiers removed.

[dx100uk]

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all monetary figures and dates.

*********************************************************

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

try www.pdfescape.com TO BLANK STUFF,

*************************************************************

or

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

..

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or use www.pdfmerge.com

 

convert existing PC files to PDF [office has an installable print to PDF option]

..

 

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

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

or use word and save as pdf

try and logically name your file so people know what it is.

though dont use full bank names or CAG in the title

i'e Default notice dd-mm-yyyy TSB

.

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

.

dx

[affirmation]

I doubt all the papers are necessary, the letter basically said they are upholding the claim and contains no details other than all the blah that goes with them. They enclosed a sheet of how it was calculated which stated:

 

The amount of redress you are due is based on the following elements:

 

1) A refund of CRP premiums. This is calculated using actual CRP premiums you paid as shown on our electronic records, dating back to 2005. For the period from when your policy commenced until 2005 the refund is based on an average credit card balance calculation.

 

2) Plus any interest that has been debited to your credit card in respect of these premiums.

 

In your case, we have calculated these figures as follows:

 

1) £87.29

 

2) £97.87

 

The total redress therefore amounts to £185.16 and we are offering this amount in full and final settlement of your complaint.

 

This offer aims to ensure you have not been financially disadvantaged by this matter and is designed to put you back in the position you would have been in had the CRP not been taken out.

[dx100uk]

to me that seems mighty small

 

even before they add the 8% stat int they should be paying from the card closure till the settlement date which they have not included as you spotted.

 

about another £250 in my books

 

dx

[affirmation]

really? the monthly payments averaged £4 a month from June 2004 to January 2006 when I cancelled the policy. the card itself was cancelled in March 2008.

[dx100uk]

so the ci int at their card rate on each ppi premium

should run from the date of each charge

to the date of card closure

 

then on the whole total of the CI claim.

 

you should get 8% stat int

from the date of card closure to the date they settle [date of their letter]

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

[affirmation]

This is the spread sheet I used to work out for what I thought should be owing.

 

Where there is nothing in the description column means that I do not have a statement for that month

and that I have guestimated the PPI payment based on previous/following months.

 

it comes out less than what HSBC has worked out,

 

mainly due I think to the increases in interest rates over the cards life which I do not have the information about to check.

[dx100uk]

right take that 148

 

put it in the statint sheet

on the date the card closed. 30-01-06

 

that will give the 8% you are also entitled too.

 

dx

[affirmation]

Thanks for the help. Would the stat interest be charged from the date each payment was made or from date of card closure?

[dx100uk]

no

follow what I posted to do

 

dx

[affirmation]

I've done that but you said use the date the card closed but entered the date the last payment was made?

[dx100uk]

were the date diff then?

 

dx

[affirmation]

yep, cancelled the PPI in 2006, the card in march 2008.

[dx100uk]

sri yes

and your CISHEET claim to date reflects this

 

use that CISHEET claim to date as the date of the £148 in the STATINT sheet.

 

dx

[affirmation]

I've responded to HSBC asking them to relook at the redress they are offering to include statutory interest, we'll see what they come back with.

[affirmation]

Well they've come back with an offer of £238.06 which seems about right so I've accepted it and will enjoy the little bonus just before Christmas!

[dx100uk]

never saw your org total

 

 

what was it?

 

 

dx

 

 

The Consumer Action Group needs help to cover its expenses.

You could help by making a money contribution to http://www.consumeractiongroup.co.uk/paypal.php?go=donate

[affirmation]

In your case, we have calculated these figures as follows:

 

1) £87.29

 

2) £97.87

 

The total redress therefore amounts to £185.16 and we are offering this amount in Full and final settlement of your complaint.