Midland Bank Loan Credit Protection Insurance

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Ok so we have had the HSBC acceptance letter, enclosing the acceptance form. Their calculations are as follows:

PPI Premium Redress £1723.75
Interest 8% £ 1890.38
Less Tax £378.08
Offer £3236.05

Really annoyed about them stopping Tax, my mother is self employed, should be up to her to sort her own tax affairs. But any way, doubt theres much we can do.

If Turbo or Di could take a look and let me know if this seems correct before she signs anything that would be great.

[di30]

Re: Midland Bank Loan Credit Protection Insurance

Hi SXGuy

I think maybe Bill or Turbo can take a look at this in regards of the calculations to ensure they are correct.

Seems like they do the tax automatically now but yes being self employed, I would have assumed it would be left to your mum to deal with this, as I take it they must have been aware of her self employment.

I shall message one of the guys now for you who should be here at some point today :-)

Well done on you mum's success :-)

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Thanx Di. At least it's only tax on interest which is all they can do. If it's added back on it seems more than originally thought so can't complain there I guess!

[di30]

Re: Midland Bank Loan Credit Protection Insurance

Not problem SXGuy.

I have messaged Bill, i'm sure he will be along at some point today

[Bill-K]

Re: Midland Bank Loan Credit Protection Insurance

Hi guys - I got your PM thanks, Di. I see that Turbo worked on this, and I have gone back to his post with the original figures. I applied my own extrapolation method, and came up with identical results to his in both his original spready (31/12/12) and his recent one (12/05/14). I have updated the claim date to 23/06/14, and this increases the amount of 8% simple interest to £1850.97 as at 23/06/14 - and this increases daily by approx. £0.38. So - I entirely agree with Turbo's figures, and as the redress offer is slightly more than this - I consider it a fair and acceptable offer, based on the figures that Turbo and I have.

HTH !!!

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Thank you Bill! Much appreciated. In that case, I will get her to fill out the acceptance form and send it out tomorrow

Shes going to put it away and use it for a well deserved holiday sometime later in the year/new year.

[Bill-K]

Re: Midland Bank Loan Credit Protection Insurance

Cheers, SX. Thanks indeed to Turbo, whose figures and spreadsheet are central to this. It is always good to agree with each other - particularly if we each use our own methodology to arrive at the same result.

I do hope the good lady has an enjoyable holiday - and gives you a pat on the back, as well !!!

[SXGuy]

Re: Midland Bank Loan Credit Protection Insurance

Just to confirm the money cleared my mothers account yesterday. So that concludes this thread. Thank you everyone for your help and guidance.

[IF]

Re: Midland Bank Loan Credit Protection Insurance

Well done to all, especially your Mum........love good news me

[Bill-K]

Re: Midland Bank Loan Credit Protection Insurance

Many congratulations and well done to you and your Mum, SXGuy - and well done to Turbo for his work on the figures. It's always good to see a happy ending to a thread !!!

[MattyA]

Re: Midland Bank Loan Credit Protection Insurance

Agreed - Well done all.

[nanna58]

Re: Midland Bank Loan Credit Protection Insurance

Fabuloso well done and enjoy xx