Lancasterchelsea v. HSBC business 1996/1997 contractual ????? help needed

[lancasterchelsea]

I had a Midland bank account from June 1996 to Nov 1997
( I also had another Midland bank account from Nov 1997 to March 2000...... I will claim this separately, later)

I have used Mindzai compounded spreadsheet and get....£395 charges,£849 in interest including componded at 11.75% interest

2 major questions.............

1) the account closed in March 2000, and the overdraft was transfered to another Midland business account..... do I continue to claim compounded interest from March 2000 to now... if not, do I set "today's date" as the date the account closed

2) Is compounded interest likely to be allowed, or am I better settling for interest charged plus 8% when we get to MCOL stage

[jowalshy]

sometimes claims can get a bit tricky if you go down the contractual interest route. if you claim contractual interest you cannot then claim for the statutory interest at 8%. The decision is entirely yours. If your account was closed, I think that you can only claim interest up to the date it closed. This is because you were not accruing any further interest after the date the account was closed. But then again I may be wrong on that count.

[lancasterchelsea]

Jolwalshy.... thanks very much for your reply
I am happy to take a bold shot at this because it is the smaller of 2 claims to HSBC. If I get it all wrong, I will moderate the second claim
Also I suspect it won't get to court and the worst that can happen is I'll end up with something similar to the 8% route anyway
I have already made some successful claims, and have been in court with Sh*ttybank, so I am note too worried at making a case in court, if it gets that far. On the point about closed account/ no interest, it was eventually transfered to Metropolitan (in-house HSBC)/DG Solicitors and is almost paid off, but it resulted in my not being able to pay off overdrafts/credit cards with other banks (consequential losses ???)
I'll give it a shot and see what happens
thanks again for your help

[lancasterchelsea]

Sent first letter... claiming contractual compounded from beginning to present day

[lancasterchelsea]

After first letter got reply from .....HSBC

Dear ...... I refer to..... I see that you are requesting refund of charges that go back more than 6 years.... Limitations Act 1980 places 6-year time limit etc. Therefore items that predate 27th June 2001 are time barred under this act........... David J Hoyer Commercial Manager

Obviously I will reply re deception etc etc......... is there a template letter fot this purpose thanks

[lancasterchelsea]

replied to HSBC re Limitations Act......... (pinched from Bong.... god bless her)
I refer to your letter of 4th July

You say in your letter that HSBC will not consider any claim over 6 years old given that it is time barred under the LimitationsAct 1980. This assumes of course that a Court would dismiss my claim under S.32 (1) (b) LA 1980 that HSBC has knowingly concealed the unlawful nature of its charges from its customers.

I am sure that the court will give careful consideration to my argument that HSBC has concealed from me since June 1996 that the charges it imposed on my account were unlawful.

I will refer to this point and expand on my argument in my letter before action which I will send to the bank on 11th July

Yours sincerely