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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I've been offered £2300 (£1700 after tax, apparently) for a

Resolved Question:

I've been offered £2300 (£1700 after tax, apparently) for a settlement for PPI. I had PPI on a credit card for 15 years and on a £5000 loan that I paid off over a year. Is this sufficient compensation or should I fight for more? I have complained and they have stated that they will not discuss it further.
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts : Hello my name is ***** ***** I will help you with this.
Alex Watts : Do you know how much you paid in PPI over this period please?
Customer: They have broken down the figures as such:
Customer: 1: CPR premiums from 6.8.99= £827.43
Customer: 2. Interest in credit card=£688.11
Customer: 3. 8% intrest on credit, had CPR not been taken out=£287.53
Customer: 4. -£57.50 they are charging me this in tax
Customer: The offer for my loan protection plan: £628.83
Customer: PPI redress was £355.59 plus taxable interest 8% is £341
Customer: total offer for loan after tax £628
Customer: total offer for both policies is £2374 (£1803 redress before tax- not sure I understand this) £1745 payable after tax.
Customer: They have stated that their records only go back 6 years and they are using an average, I'm not sure this works in my favour as I have been working in schools for the last 6 years and not spending as much money. The 8 years before working in schools, I was on tour with Riverdance all over the world and would have used my credit card a lot more! I'm just interested in finding out if it is worth challenging this decision/offer or is this the kind of remuneration I should of expected?
Alex Watts :

They are only required to keep records for 6 years as under the Limitation Act this is the maximum time for any claim

Alex Watts :

Have you been to the Ombudsman yet at all?

Customer:

Yes, I filled out the initial complaint form and I was advised to speak to HSBC directly to resolve the issue. I have the additional complaint form here but I just wanted to know if it was worth it, I'm running 2 businesses and don't really have time for this if it is not going to work out financially. Does that statute of 6 years mean that are not repaying anything charged before that date?

Alex Watts :

Indeed. The offer itself does seem to have been worked out in some detail. However if you dispute it, in reality its likely to be less then £250 and that would cost you around £100 and 6 months to take to Court

Alex Watts :

But the detail and breakdown seems to be accurate

Alex Watts :

You could still go via the Ombudsman and see if they can squeeze any more out of HSBC

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

No, I think I will just accept the offer, the cost-benefit ratio doesn't appear to be worth it. Thank you for the advice.

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