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I first found this site back in July/August and only now I am able to start the ball rolling. After thoroughly reading through the FAQ's section I prepared my Subject access request letter to HSBC on September 5th. The cheque I sent was from my sister, but regardless of that fact the letter was signed by myself and had my account details referenced, HSBC made a classic blunder and sent the response to my sister on September 14th?!?!
The basis of their letter was that they were happy to provide statements and waiver the fee. Anyone else had this fee £10 waivered? Nonetheless I sent an 'urgent' reply voicing my concern that this could be a breach of Data Protection Act.
I guess action speaks louder than words, as on September 23rd both my sister AND I received stacks of statements through the post. Accompanied with a 'standard letter' addressed and referenced to me this time.
Now it is my task this evening to work through all the statements and figure out how much exactly they owe me!! I'm not sure if my request is a little different to everyone else's though, the Credit Card & Student/Graduate charges probably won't amount to much but it's the Managed Loan interest charges that is the stinger for me. I have a manged loan of £3800 on a very basic 96month payment term of £61 (I was unemployed when I was forced into taking up this option, admittedly I genuinely believed I was just consolidating my debt?!)
Now 10 months into my loan, I've come to the realisation that I'm paying a whopping 50% plus interest charge per month as opposed to the advertised 14-15%. Don't ask how I could have missed this before but HSBC have said in order to look into this matter I have to make a formal complaint. Is that the same as this process? Clearly they are ripping me off, I just want my money back. Shall I keep the credit card & Grad account claim separate from this managed loan claim? Any advice people? Please help ..........
Okay I've been a little busy over the past few weeks but I'm back in effect ...
I've decided to run two separate claims 1) Managed Loan 2) Grad Account. So I'm sending my first Managed Loan Letter today asking for Breakdown of charges (S.A.R - (Subject access request)) and I'm getting ready to send my Preliminary Letter for the Grad Account. I'll keep you posted.
Q: I'm actually claiming for Grad a/c and Credit Card charges for HSBC together, they appear to be the same template anyway. Is this okay?
The £10 & SAR covers ALL info they hold on you so they should supply everything for all accounts in their response.
i would only do them seperately if the total together comes to more than £5k but others may say different
Kaz
HSBC
claiming £2749 (£3400 with court cost & 8%)
mcol acknowledge 25/09/06
DG requested breakdown 5/10/06
Breakdown sent to DG 12/10/06
Yes Car Credit/Direct Auto Finance
CCA request sent 18/10/06
Whilst my aim is to be helpful, its reasonable to assume I am not a professional and am (dare I say) not always right. Seek professional help if in doubt
If i have intentionally or accidently said something of relevance or use to you, please click the scales
"A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain". - Robert Frost
Aha - well that is interesting because they did not produce the info about my M.L, just the other two accounts. But in fairness I've only had the M.L a year so I have access to that info already.
No my claim does not exceed 5k (nowhere near) but the M.L complaint is slightly different, I want to claim the charges and also breach of the Banking Code in the way I was dealt with. So that's why I want to keep it separate.
Do you think it's okay to do them at the same time though?
if u can handle the headache of all at once then theres nothing else to stop you lol. at least u get it over and done with quicker, eh?
Kaz
HSBC
claiming £2749 (£3400 with court cost & 8%)
mcol acknowledge 25/09/06
DG requested breakdown 5/10/06
Breakdown sent to DG 12/10/06
Yes Car Credit/Direct Auto Finance
CCA request sent 18/10/06
Whilst my aim is to be helpful, its reasonable to assume I am not a professional and am (dare I say) not always right. Seek professional help if in doubt
If i have intentionally or accidently said something of relevance or use to you, please click the scales
"A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain". - Robert Frost
One more question, I've input my charges into the simple Excel spreadsheet. In the Prelim Letter do I put the total charges in plus total interest (at 8%) then added together makes the Total??
E.g....
" I calculate that you have taken £XXX plus £XXX which you have charged me in overdraft interest for the sum which you have taken. Total £XXX . "
no the 8% isnt until i get to mcol stage. u must leave that out.
if u do the advanced spreadsheet it will work out the portions of interest (if any) u can claim back...then the 8% is already calculated for later on.
does that make sense?
Kaz
HSBC
claiming £2749 (£3400 with court cost & 8%)
mcol acknowledge 25/09/06
DG requested breakdown 5/10/06
Breakdown sent to DG 12/10/06
Yes Car Credit/Direct Auto Finance
CCA request sent 18/10/06
Whilst my aim is to be helpful, its reasonable to assume I am not a professional and am (dare I say) not always right. Seek professional help if in doubt
If i have intentionally or accidently said something of relevance or use to you, please click the scales
"A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain". - Robert Frost
I really appreciate your help here ... I would have made a terrible mistake?!
Okay so I dont get it, why would it say that in the Prelim Letter if we're only meant to put the actual Charges incurred??
Secondly, it says we should attach a copy of schedule of charges. What is this?? Statements themselves or just the Excel List minus the 8% interest column?
the interest bit in the prelim is because u can ask for a portion of the interest they charged u when u went overdrawn. u know on ur statements when it says "total charges" then underneith it would have an interest charge? well its a portion of that and can be worked out in the advanced spreadsheet.
lemme know if u need help going thru it
x
Kaz
HSBC
claiming £2749 (£3400 with court cost & 8%)
mcol acknowledge 25/09/06
DG requested breakdown 5/10/06
Breakdown sent to DG 12/10/06
Yes Car Credit/Direct Auto Finance
CCA request sent 18/10/06
Whilst my aim is to be helpful, its reasonable to assume I am not a professional and am (dare I say) not always right. Seek professional help if in doubt
If i have intentionally or accidently said something of relevance or use to you, please click the scales
"A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain". - Robert Frost
Hi CeCe,
This is VERY INTERESTING! I also had a managed loan for £200 originally, I paid into for about 3 years at a rate of £29p.mth. I finally paid it off this year and there was still about £300 on it. I can't believe I didn't query it earlier. Thank you so much for pointing this out.
Barclays Bank
13/9/06 - ACCEPTED HALF ON BOTH A/Cs HSBC
21/10/06 - SETTLED IN FULL Preferred Mortgages
11/8/06 - prelim let sent - redemption fee
12/07 - case dropped Halifax B/S
2/07 settled in full Halifax visa card
MCOL due Citicards & Hillesden
2/07 Data Protection Act & CCA let sent
3/07 Prelim let sent
4/07 LBA sent Barclaycard
04/07 offer received for 1/3 - refused Argos Card services
Half offered - refused
we should at the very least be allowed to ask for our interest rate to be reveiwed
i am at present setting up a dedicated website and forum where HSBC Managed Loan specific customers can tell their stories - i then wish to bring this to the attention of the media with the help of a few journalist friends to see if theres anything we can do about the extortion and exploitation!
Cece vs HSBC Managed Loan
letter to HSBC
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