been awarded ppi claim, but i'm in arrears !

[rossi47]

Hi. I've been told by hsbc that my ppi claim has been successful and they have offered me £16,207. I am £9000 in arrears, reading the letter they sent I can't make my mind up if they are keeping £9000 to pay off the arrears (which is fine by me), or if they are keeping it all to pay all of the loan off(which will pay the loan off 2 years early), can anyone tell me if they can keep all of the £16,207.Or have I got the wrong end of the stick. Many Thanks. Ant.

[di30]

Re: been awarded ppi claim, but i'm in arrears !

Hi. I've been told by hsbc that my ppi claim has been successful and they have offered me £16,207. I am £9000 in arrears, reading the letter they sent I can't make my mind up if they are keeping £9000 to pay off the arrears (which is fine by me), or if they are keeping it all to pay all of the loan off(which will pay the loan off 2 years early), can anyone tell me if they can keep all of the £16,207.Or have I got the wrong end of the stick. Many Thanks. Ant.

Well done and Congratulations on your BIG success!

Every bank/business can differ but its possible they will refund towards the arrears and the remaining sent to you.

I take it the letter does not actually confirm how its being refunded then?

[rossi47]

Re: been awarded ppi claim, but i'm in arrears !

Hello. Di. it is one paragraph that's throwing me, it say's.
To ensure that this matter has not financially disadvantaged you, I propose to offer the amount of £16,207 which will be used to reduce the outstanding debt held with HSBC. This figure will effectively return the protection premiums you have paid.
But to answer your question, no, it dose not confirm how it's being refunded. Cheers. Ant..
.

[labman]

Re: been awarded ppi claim, but i'm in arrears !

It states to reduce your debt, not discharge it, so it reads to me as though they're paying off the arrears.

[di30]

Re: been awarded ppi claim, but i'm in arrears !

Hi

If you don't mind me asking, but can you tell us what the balance of what is owed including the arrears?

For example, so if they pay towards the arrears and the balance would this amount they offered cover what is owed?
If anything remaining from that, you should then receive.

[MIKE770]

Re: been awarded ppi claim, but i'm in arrears !

Normally they reduce any arrears, but if you are still paying correct amount and not had much trouble with them, the balance you should get I would of thought, I know when I claimed, lucky no arrears so they paid amount into any account I nominated, this may help you get an idea what might happen, but as I remember they send a letter to sign acceptance so more details for you then??

[Angry Cat]

Re: been awarded ppi claim, but i'm in arrears !

To ensure that this matter has not financially disadvantaged you, I propose to offer the amount of £16,207 which will be used to reduce the outstanding debt held with HSBC. This figure will effectively return the protection premiums you have paid.

Semantics, again from the banks...
Rossi47, if you do not understand their offer do not accept it until they explain the meaning of their words to you clearly!

[WendyB]

Re: been awarded ppi claim, but i'm in arrears !

Semantics, again from the banks...
Rossi47, if you do not understand their offer do not accept it until they explain the meaning of their words to you clearly!

You could always try ringing them and asking what exactly they mean......?

[di30]

Re: been awarded ppi claim, but i'm in arrears !

They should be able to explain on the phone, so you could do as Wendy suggests is to ring them, and then ask them to send the details in writing after they explained.

[Paul210]

Re: been awarded ppi claim, but i'm in arrears !

They will use all of the funds to pay against the loan, if you are in £9k of arrears then they will have defaulted the entire balance meaning they have the right to a full set-off against the full balance. This is standard procedure with HSBC.

Fee free to ring and check but make sure you have plenty of time, HSBC have 2 staff answering the pones on their ppi complaints team and on average it takes us 14 calls to get hold of someone otherwise you just get cut off after 5 mins of ringing.

[rossi47]

Re: been awarded ppi claim, but i'm in arrears !

Thanks everyone for the feedback. Di asked what the outstanding balance was, it 's £16450, I've been offered £16207. So I'm left with £243 left to pay if they keep the lot. Also when the balance is paid off on time I should be getting £3500. But I'm sure they will find some excuse to screw me out of that as well. Cheers. Ant.