Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
First of all, let me say I have been reading some of the threads here, and I think you are all doing a great job - especially those of you who are selflessly helping so many other people. It is very encouraging.
My problem is slightly different to most on here. In fact I would go as far as saying it is unlike anyone else's so far (although I haven't read everything so I am happy to be proven wrong).
The story is as follows:
I started working for HSBC Vehicle Finance in 2002, at which time I was given a staff current account (to have my salary paid into), and a credit card which was opened with a staff rate (around 9.5% I think).
I left HSBC's employment in October of 2002, and my current account became a 'normal' account, and the APR on my credit card rose to about 15%. Just as it should have.
I then rejoined the company in June 2003. At that time, my current account was turned into a staff account again, and I was told the credit card's APR would return to the staff level of 9.5%. However, this did not actually happen.
Only by chance recently have I discovered that the whole time I worked for HSBC from June 2003 until September 2006, my credit card was at the higher APR of at least 15% (and has gradually crept up to the current shocking rate of 22.9%).
The reason that I had not noticed until now, was that the APR is not clearly shown on the statements. It shows the monthly rates of about 1.457% or whatever, except different kinds of balance have different levels of interest (balance transfers, cash advance, purchases, etc...).
So, I wrote an official complaint to HSBC's card services department, which was then referred to their 'Service Quality Team'. In the complaint letter, I stated that I wanted the overpaid interest refunded to me because of HSBC's error. The amount totals over £500. I also suggested that as an apology they could refund any charges on the account to 'save me the trouble of taking them to court in a separate incident'. I then got a bit crazy (haggling state of mind took over - you know, ask for a ridiculously high amount, see what they offer, and then meet somewhere adequate in the middle) and suggested the whole situation would be easier to resolve if they simply cleared my credit card balance (£2400). A little unrealistic, I know, but you never can tell.
2 weeks passed, and I have finally had a call today from someone in the relevant office. They have offered to pay me £152 to refund charges, but refuse to pay me back any interest I believe I am owed. Their reason for this is that as an HSBC employee I am supposedly responsible for checking my statements for any errors like this. I angrily stated that I am not happy with that offer and demanded they look at the issue again and pay me the interest I am owed.
So my questions to you fine people are as follows:
1. I believe that I am entitled to claim for errors on my account up to 6 years ago - is this the case for this kind of issue? If so, I technically have checked my statements - just a teensy bit late.
2. At this stage I don't think I am going to get anything else out of HSBC. They are referring me to the Financial Ombudsman. How will they be able to help me?
3. Does anyone know of any similar cases to this where interest has been incorrectly charged and refunded?
I've probably accidentally omitted important information regarding this which you'll need to know before advising me, so please shout if you would like to know more!
This is a complicated one in as much as you were probably responsible for checking for errors as an employee! So, I have no idea about getting the interest back.
As far as other charges I don't see why you can't claim them back just like anyone else. Unless you have signed something as an employee stating that you can't take this sort of action against them but I doubt that! The only concern I have is wether you are still employed by the bank because if you are and you make a claim they may well sack you.
Sorry if this is not much help but I am sure there will be others along soon!
To clarify slightly, I am no longer employed by the bank, and they have offered me the late charges to be refunded.
Ironically, I am not really interested in getting those back. I am far more interested in getting back the overpaidinterest which is significantly more money.
I refer to your request for reimbursement of interest that has been charged to your HSBC credit card and in particular our conversation at the telephone in this regard.
As discussed, whilst I do accept that your HSBC credit card should have benefited from Staff Terms from the period of June 03 to September 06, I would reiterate that your monthly statement clearly details the APR and monthly interest rate that is applied to any outstanding balance. I would also comment that a considerable amount of time has passed since the account should have been placed on Staff Terms. As such, I do feel responsibility would lie with yourself to ensure that you are receiving the correct rate. I would also point out that any such staff benefits do not form part of your contract of employment with the bank.
Notwithstanding the above, as a gesture of goodwill and as detailed in Matthe Rourke’s previous letter and reiterated in your telephone conversation with Kelly Martin, the bank is willing to offer you a refund of £152. This represents full reimbursement of all the late payment fees that you have incurred during the above mentioned time-frame. Whilst I am willing to consider increasing this figure to bring the matter to a conclusion, you have indicated to me that you are not willing to accept anything less that a refund of the full amount of interest charged.
With this in mind, I can only suggest that you follow the steps set out in the attached leaflet that will enable you to escalate the matter.
The bank’s existing offer will of course remain open and whilst I trust matters are resolved to your satisfaction, if this is not the case, please let us know as complaints we cannot resolve may ultimately be referred to the Financial Ombudsman Service. If we do not hear from you within 8 weeks we will consider the matter closed. If you have any queries or would like any further information, please contact me on ***** ******.
Yours sincerely,
Gill Howgate Manager Customer Resolutions.
To me, that indicates that they have dumped themselves right in it by admitting in writing that they should have given me the staff rate.
Does this mean I've got a good case with the Financial Ombudsman?
That sounds very promising to me. It looks like the usual " it is totally not our fault and we are in the right, but have some money and go away" Tpyical response to any claim!
I think you have a very good chance and at the moment you have only £152 to lose.
Good luck!
Quite distressing to hear such stories. I used to work for Barclays, when customers with similar cases called, like overdraft charges, or high interest charges,..I used to feel so bad the way bank is making money from vulnerable people. Straightway I used to refund all charges whatever for the whole year(sometimes £500+) with goodwill of £50, plus choclates, all from bank's goodwill option. I dont knw why other advisors don't do this. and go against people Once there was system fault on interest rates, which again was reminded by a customer n all over news..Managers said if a customer called, simply apologise and refund..what about who dont call? A lot of irresponsible lending goes on in all banks...government does not monitor as they get paid well by these banks...yes yes UK government officials too in corruption..
I also have similar experience like you. When I didn't use my card, they kept my card interest to 15.9%, then they kept increasing limit from £1500, £3000, £5500 and £7700 so on..But twice I run into financial difficulties, I borrowed money for more than month. They would increase my APR from 15.9 to 19.9, 22.9 and now recently received letter its gone upto 29.9..Is it really legal? I mean they are using customers vulnerability, first encourage their limits, if they use they charge. Barclay card has not done that to my card yet for so many years though. Whenever, you speak to advisors they are bloody hopeless(most outsourced in India)...who only repeat same information again and again with not authority..even spoke to english advisors, they are even worst..they talk as if they rule the world..bloody psychos. I went into depression and been paying like 180 per month for over year and half, thats only interest. They earned so much from me...Now I am just gonna write a complaint to FSA about this irresponsible behaviour. if nothing happens I simply not gonna pay, let them file litigation, pull me to court..that way it costs them more, in court ruling will always goes to customer...Although they mess up credit rating, but you can always spike up.
During recession tax payers bailed out banks, then bank targeted all those unemployed and struggling people with high rates. GOvernment should freeze all taxes who lost jobs as it was bank who created mess in first place. No, they took money from us, lost it, they steal again, then exploit again. Government simply should put maxim limit of interest not more than 10% for people with low incomes. why put high interest on poor people and low on rich people...this is simpy facism, where rich target poor..hope whole system is crashes one day..the day will come soon when few rich are surrounded by many poor...
Okay coming to your problem, if interest rate, APR and amount if not in same box, then section 77 from credit card forbids them from taking any payment, even captial during that period.. seek citizens advice
bureau as well...
Originally Posted by spacemonkey95
Hi everyone,
First of all, let me say I have been reading some of the threads here, and I think you are all doing a great job - especially those of you who are selflessly helping so many other people. It is very encouraging.
My problem is slightly different to most on here. In fact I would go as far as saying it is unlike anyone else's so far (although I haven't read everything so I am happy to be proven wrong).
The story is as follows:
I started working for HSBC Vehicle Finance in 2002, at which time I was given a staff current account (to have my salary paid into), and a credit card which was opened with a staff rate (around 9.5% I think).
I left HSBC's employment in October of 2002, and my current account became a 'normal' account, and the APR on my credit card rose to about 15%. Just as it should have.
I then rejoined the company in June 2003. At that time, my current account was turned into a staff account again, and I was told the credit card's APR would return to the staff level of 9.5%. However, this did not actually happen.
Only by chance recently have I discovered that the whole time I worked for HSBC from June 2003 until September 2006, my credit card was at the higher APR of at least 15% (and has gradually crept up to the current shocking rate of 22.9%).
The reason that I had not noticed until now, was that the APR is not clearly shown on the statements. It shows the monthly rates of about 1.457% or whatever, except different kinds of balance have different levels of interest (balance transfers, cash advance, purchases, etc...).
So, I wrote an official complaint to HSBC's card services department, which was then referred to their 'Service Quality Team'. In the complaint letter, I stated that I wanted the overpaid interest refunded to me because of HSBC's error. The amount totals over £500. I also suggested that as an apology they could refund any charges on the account to 'save me the trouble of taking them to court in a separate incident'. I then got a bit crazy (haggling state of mind took over - you know, ask for a ridiculously high amount, see what they offer, and then meet somewhere adequate in the middle) and suggested the whole situation would be easier to resolve if they simply cleared my credit card balance (£2400). A little unrealistic, I know, but you never can tell.
2 weeks passed, and I have finally had a call today from someone in the relevant office. They have offered to pay me £152 to refund charges, but refuse to pay me back any interest I believe I am owed. Their reason for this is that as an HSBC employee I am supposedly responsible for checking my statements for any errors like this. I angrily stated that I am not happy with that offer and demanded they look at the issue again and pay me the interest I am owed.
So my questions to you fine people are as follows:
1. I believe that I am entitled to claim for errors on my account up to 6 years ago - is this the case for this kind of issue? If so, I technically have checked my statements - just a teensy bit late.
2. At this stage I don't think I am going to get anything else out of HSBC. They are referring me to the Financial Ombudsman. How will they be able to help me?
3. Does anyone know of any similar cases to this where interest has been incorrectly charged and refunded?
I've probably accidentally omitted important information regarding this which you'll need to know before advising me, so please shout if you would like to know more!
C.C you can refuse this increase the a/c should be frozen at the current rate until it is paid off but all spending on the card would be stopped
I have seen on here (or MSE) that this is to stop rate hiking
S.M.95 Another option would be to accept the £152 as a refund of the late payment fees and suggest that the remaining £500 should be split by both parties as at the end of the day they made the initial mistake and you made a mistake in not noticing, are they suggesting that they can make mistakes but no one else can ???
They will probably say you had each and every month to notice the mistake but then so did they.....
Just a thought...
HTH (Hope This Helps) RDM2006
THE FORCE (OF CAG) IS WITH YOU
We've Helped You To Claim - Now Help Us Remain
A live Site - Make a Donation
All advice and opinions given by people on this site are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.
However, if you have found any advice you have been given helpful.
HSBC Credit Card Problem
Vehicle Finance in 2002, at which time I was given a staff current account (to have my salary paid into), and a credit card which was opened with a staff rate (around 9.5% I think).
Reply With Quote
---------------------------------------------------------------------
Originally Posted by spacemonkey95
