HSBC - GM Card - How To Check Offer Amount Is Realistic

[dustman]

Hi

I have claimed for mis-sold PPI on an old GM Card taken out January 1994.

 

HSBC have upheld my complaint without admission of liability.

 

I have statements dating back to 2000

 

First PPI payment on card was made in Jan 1994

 

HSBC have made an offer with figures as follows

 

Total PPI premiums - £1487.58

 

Interest charged to card - £1507.99

 

All credit interest - £3417.66

 

Fee Refund - £60.00

 

Total - £6473.23

 

Offer to me after tax deduction = £5,789.70

 

Can anyone advise which calculator should be used to check the above figures are accurate/reasonable

 

If any further info required please get back to me

 

Thanks

[maroondevo52]

Hello and Welcome dustman,

 

There are spreadsheets in this 'link' that should help...

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

Regards,

 

Scott.

[dx100uk]

so an old HFC GM Card.

 

 

have you sent them an SAR to see if they have the statement outside of what you possess

 

 

dx

[dustman]

Hi dx

 

No, I did not send SAR but from my own calcs I think that the total premiums paid figure is perhaps slightly lower than I expected.

 

My question is should I be using the simple interest or compound interest calculator for this claim?

 

Thanks

[dx100uk]

its a credit card

what interest does that include...

 

 

you need to sar them.

else all you can use is the avg PPI monthly payment for the months you don't know

 

 

dx

[dustman]

Hi dx

 

GM Credit Card had interest rate of 19.9% apr on purchases

 

Thanks

[dx100uk]

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

 

cisheet

[dustman]

Hi dx

 

Thanks for link to CI Spreadsheet

 

I have entered figures back to 1994 and the result is much much higher than I have been offered

 

Am I correct in using the Compound Interest Calculator?

There was always a balance left on the card - I never cleared the balance each month - does that make a difference?

 

Thanks for your help so far

[dx100uk]

CC int is compounded yes

[dx100uk]

claim to date must be set to the card closure date mind

or the day they stopped charging interest.

[dustman]

Aahh! That makes a big difference Brings figure back down to approximate value of offer.

 

I will write back to them asking for a more detailed calculation and for them to confirm that all PPI Premiums I paid are included.

 

Many thanks for your help - will let you know how I get on

 

Just as a ps - I have been quite successful with claims so far and I would advise anyone who thinks they have a claim to go for it!

I did not use any PPI Claim No Win No Fee type people and I have no knowledge of banking/credit/finance etc

 

I have one more bank to write to for another credit card that is still current although they (Barclaycard) stopped the PPI themselves a couple of years back very quietly

 

Thanks again