HSBC Redress Calculation - Can Anyone Help Please

[JonP]

Hi,
It has been a long battle but I have finally had my partners HSBC PPI complaint upheld. HSBC offered her redress but I am very confused after asking for a breakdown of how they have calculate their offer.

If someone could explain this I would be greatful....

Her original loan for £9,000 was taken out in May 2010 over 44 months at 11.9%, over this period the PPI they added cost an extra £2,048 - yet only offering redress of £1.444.40!

This is the breakdown they have sent:

APR% = 11.9%
Amount of Loan = £9,000
Loan Term = 44 Months

Monthly Premium (excl PPI) = £247.00
Protection Premium Payable = £ 1,672
Monthly Premium (inc PPI) = £325.00
Total PPI Premium Cost = £2,038
Protection Start Date = September 2006
Protection Cancellation Date = May 2010
Calculation Date = August 2010

PPI Premium Redress = £1,187.18
Plus taxable interest at 8% = £257.22
OFFER = £1,444.40

They say in their letter that they use complicated calculation tools devised by their finance/compliance and legal teams and that these are tested and approved and meet the regulator guidlines.

If anyone can explain this I would be so grateful.
Many thanks

[Turboman]

Re: HSBC Redress Calculation - Can Anyone Help Please

Will reply in morning...I will help you wuth the sums.. but tomorrow

[MIKE770]

Re: HSBC Redress Calculation - Can Anyone Help Please

HSBC offer 8% every (time interest) we all accepted it as if went to court well can you afford to?,