Thread: hsbcfiddled V HSBC help please "WON"

I have totalled my charges up made by HSBC against me and they come to £4400 plus there is £910 interest taking it up to over £5300.

During the last six years I have been paying off a failed business through my private account with one loan replacing another until February 2004 when I was placed on a 'Managed Loan' (at the time I had been charged over £700 in charges) and had only rarely been into my overdraft-usually the day before my monthly pay cheque came in.

The majority of the charges (£3700) have been in the 12 months following being placed 'Kicking and screaming' on the so called Managed Loan.
Once on the managed loan our credit card was withdrawn and we had no overdraft facility- none of this had been explained to us. we were virtually penniless.

What I would like to know is how do I proceed from here?

Do I try for the full amount including interest for the bank charges that have been taken from me?

How do I calculate £3700 worth of charges that I paid against all the money that i have paid in against the extortionate rates that i have been paying in interest on the Managed Loan.

Incidently I have paid in about £10,000 towards the £16,600 Managed Loan since February 2004, and guess what! they have agreed to freeze the interest from now and I now only owe them £10,000. Arent I just the lucky one?

Please Advise as to my best course of action!

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I think the best course of action is to request your full details from the bank using the SAR letter in the template library link below. The statements you receive from them will help you to track all the charges you paid and for what.

Letter Templates
http://www.consumeractiongroup.c o.uk/forum/bank-templates-library/

Good luck

Thanks for the reply.

I have had all my statements sent to me and they didnt even cash my cheque for £10. They are so generous at HSBC.

Thanks Netty,

But which spreadsheet applies to me?

thanks givememymoney,

If you read the start of my thread i mention the managed loan that the swines insisted i went on.
During the 12 months after commencing the managed loan they hit me for £3700 in charges at what percentage or type of interest do i use to calculate the effect that had on my repayments which i have maintained throughout?

Also there is the extortionate interest on the managed loan whilst they have screwed me for £3700 in charges.

What do I do please?

am i a jackass or what?

Just sent off my first letter requesting return of charges ect.
Now I have just noticed that all the statements were not there.
There was gaps in between.
I have telephoned HSBC and been given details of charges that apply.
Now there is a further £386 in charges to add so what should i do please?

Add them to the lba and amend the schedule of charges to show the new ones.

ok so i wait for the reply. which i expect to be negative then amend when i go submit lba yes?

Thanks for your help because this rocket science to me.

Ignore any replies, unless its an offer they will be delaying tactics.

Stick to your timetable and send in your letters on the 14 day due dates and submit your claim to the court on time.

If they make an offer then weigh up the pro's and cons.

pete

Thank you all for your help.

Cant wait for the 14 days to expire. Roll on Thursday April 12th.

Thanks
Les

and here is a suggestion:
there are many threads on here mentioning managed loans and i have stopped reading them because they make me so very angry.
however, you may like to read some as it makes you realise that there are loads and loads of peeps in the same place as you:
Who has had Managed Loans? ( 1 2 3 4 5 ... Last Page)


now, as to the suggestion: there is only one thread i know of where someone has asked for the m.l. to be included with the charges and they won. i would read this thread very carefully. tigs is very helpful and if you want her advice - she will give it to you. this is her thread:
Husband v HSBC - Paid ( 1 2)


i would think your story is very similar and i don't think you are too late to take her approach. but you must read up on it and probably make contact with tigs with any questions.
it could just be the way to go for you.

as for the overdraft interest on the statements (i'm talking about the current acct charges - not the m.l) if you want to include the o/d interest - you must use the advanced s/s to calculate what portion, if any, on each interest charge the amount you can reclaim - do not under any circumstances just plonk the o/d interest onto your list of charges - that would be incorrect.
as it is common practice to amend your schedule of charges right up to filing the claim - i would say - first, decide if you are going to ask for o/d interest but second - i'm still thinking joining your man. loan onto your reclaiming of charges as was done by tigs in that link above may be the way to go - please look at it.

Thanks latty,

gonna read tigs thread.

Les

THOUGHT I WOULD POST THIS FOR ALL TO SEE!!!!!!!!!!!!!!!!!!!!!!

Hi Tigs33,

Latty told me to read your link because of your success and the similarites that my problem has to yours.

if I outline my problem maybe you could advise me as to my best direction to take.

My wife and I opened our joint current account in June 2001 with HSBC solely as a means to receive my wages from my new employer. I had previously had a failed business and still owed money to HSBC.
I had a loan on this new account to repay HSBC the monies that I owed from my failed business.

Between October 2001 and December 2003 (some 26 months) I had charges on my account to £720.

From January 2004 just one charge of £72 but our Bank Manager had started to insist on us going onto a Managed Loan. Reluctantly we agreed and started our Managed loan on February 26th 2004.

The Managed Loan was for £16,600 and at the same time HSBC removed our O/D facility and cancelled our credit cards leaving us virtually penniless with five children at that time aged between 12yrs and 2yrs.

During the next 14 months from February 2004 up to May 13th 2005 I had a massive £4000 levied in unlawful charges.

Compare that to:
previous (No Managed Loan) 26 months = £720
then the (Managed Loan) 14 months = £4000

I am reluctant to accept 8% interest on the return of my charges considering that of the first payment of £260 that I made on my Managed Loan less than £80 was made towards reducing the balance and £180 went in interest.

I have to date paid over £10,000 back to HSBC against my Managed Loan only to discover that I still have £12,000 to pay.
From January 2007 our 'kind Bank manager' has agreed to freeze the interest on this Managed Loan but we have not had it in writing.

What do you suggest is our best course of action.

Kind Regards
les

you may need to pm tigs if you want to make sure she sees it - just copy your thread title from the forum list and go on private messages - upper right side and then compose message send it to Tigs33 and paste your thread title there.

Yeah thanks latty did that before posting it for all to see.