As V Hsbc

TUTTSI · 15th February 2007, 13:33

Well nows my hubby's time to get back what is rightfully his from HSBC. I have totted up his charges, but not sure whether I can claim the the overdraft fee of £3 a day whilst my account was overdrawn. This adds up to loads so it would be useful if I could!
Also, I wanted to claim the contractual rate of interest
but I have some missing information Apr02 to Aug04 on the actual rates of interest charged. I have all the info for the other periods which are mainly 10.25%.
Any help that you can help me with would be very much appreciated.
Thanks
DS

nettyg · 15th February 2007, 13:49

if you use the advanced spreadsheet from the library, i believe it works out the interest other than the 8%.

i've not heard of the £3 per day overdraft fee so can't advise but somebody will be along to help you soon

TUTTSI · 15th February 2007, 15:53

Sorry Netty, I think you missed the point, I know how the spreadsheets work. But thankyou anyway.
What I need to know is has anyone claimed contractual interest and at what rates for the 2004/5 period. I have all the rest.

TUTTSI · 15th February 2007, 17:26

Can any one help please see thread 1
Thanks

lateralus · 15th February 2007, 18:44

i thought contractual was 15.9 or thereabouts - there are several threads with it on - just put contractual interest in the search in the blue strip above and you will get loads.

i'm sure you do know how the s/s works - but i'm with netty on this - i've never seen that figure before and i don't know where you got it. if you want to charge for the overdraft interest that has been charged on your statements - you are entitled to - but be aware of the fact that lately dg solicitors/hsbc are very mindful of people doing o/d interest incorrectly and they will challenge you on it - our advice has been and remains to be - use vampiress' advanced s/s to calculate overdraft interest. when we show that is what we have done - we get results, when we don't - they jump all over the claim - so do as you wish but i don't know anything about the £3/day issue.

lateralus · 15th February 2007, 18:55

not sure why this didn't come up as new post - now it will

Castlebest · 15th February 2007, 19:17

The threads I’ve seen concerning contractual interest (and the CAG spreadsheets) use one rate for the whole period of the claim which seems to be the 15.9% current rate, this has always bothered me because the rate must have changed over the period of the claim (4 years in my own case).

Everyone seems happy enough to go along with this because it doesn’t appear to be being checked by anyone at HSBC or DG.

I would be very interested to know what the rates and effective dates were from 2000 to the present because I have a modified spreadsheet that could accept different rates for different periods and I would feel happier only claiming back from HSBC what they have deducted from me.

I read a lot of stuff when I looked into it and most of the threads are posted in "castlebest vs hsbc" if your interested.

pete

TUTTSI · 15th February 2007, 19:38

Quote:

Originally Posted by Castlebest

The threads I’ve seen concerning contractual interest (and the CAG spreadsheets) use one rate for the whole period of the claim which seems to be the 15.9% current rate, this has always bothered me because the rate must have changed over the period of the claim (4 years in my own case).

Everyone seems happy enough to go along with this because it doesn’t appear to be being checked by anyone at HSBC or DG.

I would be very interested to know what the rates and effective dates were from 2000 to the present because I have a modified spreadsheet that could accept different rates for different periods and I would feel happier only claiming back from HSBC what they have deducted from me.

I read a lot of stuff when I looked into it and most of the threads are posted in "castlebest vs hsbc" if your interested.

pete

I could not agree with you more, and is exactly what I am trying to do exactly that, work out the correct rates.
From the bank statements I have picked up a rate of 10.25% from Aug 2004, it dropped to 10% Nov05, Sept06 10.25% and 10.50% nov06
What I do not have for some reason is the period Apr02 to Aug 04, I think I will leave this at 8% without knowing for sure. I also think that this account is a business account and not a personal account so maybe that is the reason for the difference in percentage that others are charging at 15.9%.
DS

TUTTSI · 15th February 2007, 20:36

So I take it no one knows whether the Overdraft charge of £3 a day can be claimed back!!!

nettyg · 15th February 2007, 20:51

i've never heard of a £3 per day overdraft charge - but had you mentioned that it was a business account i would have posted a link to you before!!! i'll go find it and be back soon

nettyg · 15th February 2007, 22:21

BUSINESS FAQ's - a start !

don't know if any of this is going to help or whether it's going over old ground but i found this.

TUTTSI · 16th February 2007, 00:05

Quote:

Originally Posted by nettyg

BUSINESS FAQ's - a start !

don't know if any of this is going to help or whether it's going over old ground but i found this.

Netty
This has been very helfull, my hubby was well pleased with all the info, and it looks like the £3 fees can be claimed in accordance with that info
so now that increases his claim.

Ds

nettyg · 16th February 2007, 00:43

glad i could have been of assistance. now i'm going to bed i'm going cross-eyed!! night y'all

Castlebest · 16th February 2007, 02:38

Thanks for the rates DS, I will have to do some more research into personal accounts I think.

pete

lateralus · 16th February 2007, 08:40

pete - just don't get personal/business accts stuff mixed up - i think it is different (rates, too)

TUTTSI · 9th April 2007, 22:13

Well prelim letter and LBA sent and an offer has been made, on the business account for much less than the amount claimed, this is the rejections letter that will be posted tomoz.

BY SPECIAL DELIVERY OPEN LETTER
10th April 2007

Dear Sir

ACCOUNT:- xxxxxxxxxxx
Account No:- xxxxxxxxxxxxx

Thank you for your letter dated 29th March 2007 in response to mine of 17th March 2007.

I respectfully decline your offer of settlement amounting to £1,186.00 and request, one final time, that you return to me all charges & interest imposed on this account, totalling £2,610.56, as per the attached revised schedule. Please note that interest continues to accrue on my claim until settled in full.

No doubt you will realise that extensively in recent months there
has been much press comment in the media regarding banks and
penalty charges imposed on customers. You will no doubt also be
aware that the OFT have criticised banks too in the way in which
they are dealing with their customers and the hefty charges that
have been made. Many customers including myself have already
taken the banks to task and have issued claims against them and
have been successful in subsequent settlements prior to the Court
hearing date. Some Courts have issued directions stating that
proceedings ought to be settled by sensible negotiation or
mediation and that the Courts will take into account the failure to
follow such a course when dealing with the question of costs.

I would also state that the Courts now order upon its own initiative
the Defendant i.e the Bank, in these type of proceedings to state:-

1. Whether such charge is accepted to be a penalty and if not why not.

2. If such charge is alleged to be a pre-estimate of the Defendant’s loss incurred by the Claimant’s actions (whether or not such action is treated as a breach of contract between the parties) all facts and matters intended to be relied upon as showing such was a proper estimate of such loss and all evidence to be adduced at trial as to what the true cost of dealing with the matter was.

3. If such charge is not alleged to be a pre-estimate of the Defendant’s loss incurred by the Claimant’s actions the facts and matters relied upon showing the basis upon which the charge was calculated and all evidence to be adduced at trial to show that the charge was fair and reasonable.

This letter is purely being sent to you in advance of any possible
impending Court proceedings in an attempt, as the Courts
have suggested, to settle this matter by sensible negotiation.
Therefore, before I take any further action for recovery, I am writing
to offer the Bank an opportunity to settle my claim in full without
recourse to those proceedings. If proceedings were to materialise
and proceed to a Court hearing then inevitably the Defendant would
be compelled to supply the information at points 1, 2 and 3 above,
to the Courts satisfaction, otherwise the Bank will not be successful
in defending this action, and I would ask the Courts to order
judgement with costs.

I would very much hope that you can deal with this matter to my
satisfaction as it would also save unnecessary Court fees and costs
which the Bank as Defendant would inevitably have to meet in the
event of proceedings being taken and which costs would not be
seen to be of benefit to the Bank’s Shareholders, should the bank
lose. Also, importantly as well, the Courts time in such an action
could be saved.

In view of my above comments, and if you are not able to also
respond to me satisfactorily to points 1, 2 and 3 above, I request
that you now expedite my claim as quickly as possible. I will allow a
further period of 10 days from 12th April for this matter to be settled
otherwise and without further recourse to the Bank, I shall
commence recovery proceedings.

I await hearing from you.

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