Update on HSBC Credit Card PPI Claim dating back to 1988

[horndog2101]

Good Afternoon All,

Thought I would update you all on my PPI Claim against HSBC Credit Card.

After waiting the Full 8 Weeks to hear form HSBC, I finally rec'd a reply over the weekend.

They upheld my claim and have agreed to pay back all my premiums from when the ins started in Jan 1988.

They have agreed to pay me a MASSIVE £541.76!!:tinysmile_cry_t:

To say I am a little confused is a understatement, I have always had a balance on the Card and back in the 90's i had regular balance's of around £1500 - £2000.

The breakdown of the Claim is as follows:-

Premiums repaid £304.32
Interest £121.13
Simple 8% int £116.31

I would love to hear your thoughts and Comments.

Thanks

Horndog!

[Bill-K]

Re: Update on HSBC Credit Card PPI Claim dating back to 1988

Hi Horndog. Check that they have actually agreed to pay ALL the PPI back to 1988, as they usually only offer to pay it from the last 6 years, and you have to fight for anything more. If that offer IS for all PPI back to 1988, then that works out at an average of approx. £1.20 PPI per month. The only accurate way to check their figures is to demand a clear and complete explanation of how they have calculated the offer, and to use a spreadsheet/calculator program to make your own calculation. You will need your own account records for this, though. If you don't have them, you can send a Data Subject Access Request, costing £10. You will usually get figures going back 6 years - sometimes more if you're lucky.

We will shortly be posting some spreadsheets in the PPI section for this, but I can post one here if you need one.

[horndog2101]

Re: Update on HSBC Credit Card PPI Claim dating back to 1988

Hi Bill,

Thanks for your post.

They have told me that this is my Full and Final Settlement and their Final Decision Letter.

Apparantley, they calculated the PPI refund on actual premiums i paid back to 2005 and the for the period from when the policy commenced until 2005 the refund is based on an average credit card balance calculation.

Also, on the letter it state's that if am dissatisfied that I have the right to refer the complaint to FOS, i have done so.

Was that the right thing to do? and should i reply to HSBC and ask for all my Data as you mention above?

thanks

Horndog