HSBC Credit Card PPI

[horndog2101]

Morning all,

I am currently waiting for a reply from HSBC re my claim. I have heard that they may try and offer me a lower amount than i may be due.

Can anyone help me calculate a rough figure of what i should expect??

thanks

Horndog

[di30]

Re: HSBC Credit Card PPI

Morning all,

I am currently waiting for a reply from HSBC re my claim. I have heard that they may try and offer me a lower amount than i may be due.

Can anyone help me calculate a rough figure of what i should expect??

thanks

Horndog

Hi and welcome.

Below there is a link posted by our guys, Turbo and Bill, please check them out and meanwhile if you require further help on this, let us know.

However, I am not the one for calculations myself lol, but I am aware that Credit Card PPI differs to loan PPI on working on the calculations, think this is in regards of the interest. I'm sure one of our folks will be able to explain in more detail.

May I ask on if they have given a reason for a lower amount offer?

http://www.legalbeagles.info/forums/...I-Calculations

[Turboman]

Re: HSBC Credit Card PPI

Hi

Thanks Di

The link you quoted Di is in fact re Loans

Credit Card PPI is in fact very hard to calculate yourself now under the new rules--but if you got all the data-me and Bill can help you

But see Example 6 from Appendix 2 of PPI Handbook PS10/2 (page 115/116 of the 155 page document )

[Turboman]

Re: HSBC Credit Card PPI

lol--forgot to give you the link

http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

Its also on site too-but can't find it at moment--any clues Di?--think Ame put it up somewhere?

[di30]

Re: HSBC Credit Card PPI

Not too sure at the mo Turbo, will try checking it out.

Did find this on the FOS site, think it was updated Jan 2012 with them (I think) not certain.

http://www.financial-ombudsman.org.u...i/redress.html
regular-premium credit card PPI

This covers the situation where:

• a PPI policy is sold alongside the credit card; and
• premiums are added to the balance, with interest payable on them.

Depending on the precise circumstances of each case, redress will normally involve five main considerations:

• The cancellation of the PPI policy (if it is still in place).
• The reconstruction of the credit-card account, to work out what the current balance would have been (where the account remains open) – or what the closing balance would have been (where the account has been cleared or closed) – if the consumer had made the same monthly payments but without PPI. This should be calculated by deducting the PPI premiums and the interest and charges that resulted from those premiums (including those arising because the ongoing monthly balance on the credit-card account was higher than it would have been, if the consumer had made the same payments to an account without PPI).
• A statement showing the resulting balance on the credit-card account – to be sent to the customer along with details of how it was calculated.
• If the reconstruction produces a credit balance for any period, the payment of interest (normally at the rate of 8% simple per year) on the credit balances for the period that the account was in credit. This element of the compensation may be subject to income tax. Our note is compensation taxable? provides more information about the tax treatment of this part of the compensation.

[horndog2101]

Re: HSBC Credit Card PPI

Hi

Thanks Di

The link you quoted Di is in fact re Loans

Credit Card PPI is in fact very hard to calculate yourself now under the new rules--but if you got all the data-me and Bill can help you

But see Example 6 from Appendix 2 of PPI Handbook PS10/2 (page 115/116 of the 155 page document )

Hi Turbo,
Sorry for the delay i have been away.

I dont have the accurate details, but basically:-

I took out a credit card insurance (i believe Missold) with my HSBC Credit Card. The policy started on 13th January 1988 (HSBC have confirmed).
my approx balance has been around £1000, but has been as high as £5000 in the late 90's and i pay 79p insurance for every £100.

The Policy is still in place, should i cancel asap??

please let me know if you require anything else.

many thanks

Horndog