hsbc refund breakdown help

[ajay5021]

Hi All

I have just recieved an offer from HSBC on an old loan in 2004-2006
but I dont think they have calculated this properly

PPI Premium Redress £415.15

Plus taxable interest at 8% £233.77

total= £648.92

Is this right? I thought they give you interested on the premiums you have already paid e.g A+B+C = Total

Thanks

[Turboman]

Re: hsbc refund breakdown help

Hi Ajay

When you get a loan for the PPI SPI, the loan is "amortized" to calculate the "monthly premium" that you pay over the loan term--calculated to give the same each month

In early months-nearly all interest-in last few months nearly all capital repaid

Soooooooo--the "Monthly Premium" that you have paid and are getting back already includes the interest that you have paid.

Have a read of this thread--and if you want me to check your refund in detail--give me the info in post 3 of that thread

Barclays offer - am i missing something? - Page 2 - Legal Beagles Consumer Forum

Turbs