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Posts posted by papadak

  1. Hello Forum,


    Does anyone have any experience to share here re Interest Rate Swap Agreement. A business friend who's been mis-sold a swap is going to a meeting with his Banks Lawyers in May.


    Is this advisable or should they only accept questions in writing? They are due a re-dress I guess based on what's occurred etc.


    Any thoughts welcome to pass on ...

  2. MARBLES Credit card DSAR Hi forum,


    I've sent a DSAR to Marbles. Enclosed with it was a copy statement (all I have) from Nov/Dec 2005. They have sent my request back stating:


    "We were unable to find information for the account you requested - Marbles cards from 2005 are dealt with at HSBC"


    I sent my request to the customer resolutions team at:


    Card Services

    Pitreavie Business Park


    KY99 4BS


    So I'm a bit stumped now .. ??

  3. Hello Everyone


    I would like to share my terrible experience with you all... HSBC and then Ombudsman....


    My concern started in October 2009...

    I personally am a Financial Analyst and started invest some money in a HSBC Invest Direct account, which is DD to my HSBC Plus account, which means I have got 2 different contract with HSBC.


    I made quite few thousands in couple of years...

    In October 2009 unfortunately I was diagnoised with swine flu and could not manage to get out of the bed, in the meanwhile few days before couple of my orders were executed and which made me overdrawn £5,750 in my HSBC Plus current account....


    HSBC started to charge me around £398 in 2 months and then decided to sell my shares and suspend my account... Wait for this...

    I was overdrawn around £5,750 and I have got an authorised overdraft limit of £1,500 and they sold a total of £6,145 worth shares in 2009... and also they suspended my share dealing account for around 10 days in which I had around another £9K worth shares....


    I tried to contact HSBC and proceed my complaint andof course no result.... I tried to contact the person who authorised to sell my shares, why he sold more than even the overdraft? his answer was:


    "We left you a budget for your daily expenditures"

    I asked him if he has ever seen me paying any bills from my account?

    he said "No"


    I took this case to the Ombudsman.... Great big Ombudsman...

    3 adjudicator amazingly found HSBC within the terms and conditions....

    I appealed and requested a "Final Decision".... in August 2010....

    Mr Ombudsman took my case as the adjudicators are not allowed to give the final decision....

    He took his time and in February 2011... he gave a "Provisional Decision" of fair compensation for me his words were:

    "A = Total amount sold

    B = Unauthorised overdraft (which means - £1,500 of authorised overdraft)

    C = A - B

    So I was supposed to be getting C amount of shares....

    When I proved that my C amount of shares are worth £6,750 in todays value (current BBC prices)


    Then what happened....


    Final Decision came in October 2011... NO COMPENSATION given and HSBC has rights to do???


    I complaint more and took it to the Independent Asssessor.... No result..... upppss sorry The Great Big Ombudsman sent me a cheque for £100 as an appology as it took 21 months to come to this conclusion... I call it as "Consolation Prize" Keep quite son! we give you £100....


    What I dont understand is; if I used my credit card and bought lots of stuff and gone overdrawn, what would have happened? I dont expect HSBC would come and cease my clothes or the stuff I bought?

    Even if they were right (which they are not) why did they charge me £398 for an unauthorised overdraft fee + Interest + daily charges? It is a service that I have not received and why did they sell my shares?


    I dont really know what happened between Feb and October 2011 but it is not really surprising especially if you consider HSBC HeadQuarter and Financial Ombudsman is only 2-3 street far away each other....


    May be a nice lunch break in an expensive restaurant or a small coffee shop will be a great place to negotiate??? What do you think????


    Anyway I really dont know what to do??? I tried to contact media sources, tried everything... Sky, BBC, ITV DAily Mail, FT, even Daybreak and Lorraine :)


    I would really appreciate if anyone can help me...


    Kind regards


    Hi, We've just been turned down by the FOS (Adjudicator & Ombs) about our banks handling of our accounts. Was thinking what to do next. No win no fee?? how do you find a decent banking lawyer?? .. v confused

  4. The Ombudsman has ruled in favour in Barclays Bank in the two cases I have. The most disgusting one is today letter received within a day of me sending back the questionnaire to the FOS in favour of Barclays not to refund back £16,900k in fraudulent transactions. I now have 21 days to respond with the decision. Im totally confused and lost and cant believe this can happen. What was the point of the investigation by FOS


    Hi there, I'm with you on the confusion front. Our complaint about our banks handling of various very expensive issues has just been turned down by the Adjudicator & now the Ombudsman at the FOS. We looked at the IS but that seems pointless. Next step for us could be No win No Fee ... but where do you start? eg decent banking lawyer to take on the case ... how do u find anyone good? etc etc.

  5. What to do next??


    I've complained about the handling of a bank account to the FOS and have been turned down (NOT upheld) by the Adjudicator & the Ombudsman. I now wish you pursue the matter through the courts using perhaps No win no fee?


    Some questions:


    1) Please give your thoughts here on NWNF?

    2) How do I find a reputable banking lawyer to do this?

    3) Has anyone else been turned down by the FOS & would like to share their experiences?

    4) I was thinking of contacting the CAG legal people on this matter?

    5) Maybe also thinking about taking it to the press?


    Many Thanks

  6. Barclaycard 'Letter of Authority' problem Hi,


    I am helping a pal reclaim his default charges from Barclaycard ...


    Barclaycard has written saying they have received our signed letter of authority (LOA) and now require more information .. i.e.


    "A Power of Attorney document signed by a solicitor"


    Is this normal as I have not come across it before. I have reclaimed other creditor charges from a credit card without this request.


    Your input please out there ...



  7. Def go after it as i did & succeeded.



    Hi All,My wife has noticed that she is being charged £24 a month each month by Barclays for Overdraft Protection charged at a rate of 0.8% per £1,000 on a £3,000 overdraft limit. Apart from being a scandalously high rate for an almost worthless product, my wife not being the most financially literate in fact had no idea that she was even being charged for this and assumes that this was tacked on to her account when she initially activated the overdraft facility many years ago.I looked on the Barclays website for information and it appears that they've now discontinued the product to new customers - most likely as a result as the PPI scandal - but have very kindly kept it running for existing customers and continuing to fleece them monthly.Having looked online I've seen various templates to use in order to reclaim PPI sold with loans but was wondering if there was a particular process to go through with this Overdraft Protection Policy. I'm not quite sure when she opened the account but believe it was over 10 years ago so it's possible that she's been paying premiums for all this time. Do we have to contact Barclays to find out exactly how much she has paid over that period in order to produce a figure to reclaim? Also, what is the procedure for claiming on this type of insurance?Any help in pursuing this to a successful conclusion would be much appreciated.Thanks in advance,Kether
  8. Ok good...there is no inference that you would have purchased an alternative at a cheaper rate.


    I would also reckon that there are two or three mis-selling criteria which apply and so everything should come back to you plus interest without deduction.


    Did you write back to them as I suggested in post #8?




    Thank you ... yes I did write back them and the quotes I made #11 pretty much contained the bulk of their reply. They added this in their reply: "In the circumstances we are unable to consider amending the offer already made. If you are not prepared to accept our offer then its your right to refer to the FOS for adjudication and that remains open to you"

  9. Sure this pretty much what I stated in my letter:

    It has recently come to my attention that the loan account had payment protection premiums (PPP) and payment protection insurance interest applied to it. I am now fully aware of the outcome of the investigations conducted by the Office of Fair Trading and the Financial Services Authority into the vast mis-selling of payment protection insurances, by financial companies such as yourselves. I consider that these insurances were mis-sold to me by your company with no regard to fairness to their customers, in your companies strive for unjust enrichment. I am frankly shocked, to now find, that you have operated my account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.

  10. I have been made an offer by OF (Ocean Finance) of ppi. However they have offered a refund less about 55% for what they call "an equivalent monthly paid policy" ... from what I read basically selling me another policy. They also state that any redress calculation provided "follows the FSA's guidance" ... further they state a deduction from the the offer has been made for the cost of an equivalent monthly paid policy only where their investigation into the sale of the policy produced evidence which confirms there was an initial interest in arranging cover and where agreement to its inclusion was then confirmed either verbally or in writing, or both! ... then they say they have received a number of adjudications from the FOS where similar evidence has been presented by them & that the FOS has "agreed with their view".


    I'm interested in your thoughts and whether anybody else has had the same dribble?



  11. Hello how did it go with OF?


    Let's get one thing straight, I am not even at the stage of getting a PPI claim refused, I cannot get anyone to even take responsibilty for the selling of it!


    Here's the background


    £20,000 secured taken out back in May 2003, £4900 added as PPI, loan over 15 years, redeemed in September 2004 totalling £25,661. Taken out with Ocean Finance but payments to First Plus.

    Tried for the past three years or so to claim PPI was missold but First Plus accept NO responsibilty whatsoever, and refer us to the 'broker' Ocean Finance. They hit us with 'Ocean Finance does not now exist in the same form as in 2003/2004, now known as Ocean Finance & Mortgages. Blah, blah. Basically a solicitors letter stating that they're not liable. Tried First Plus and Ocean finance several times, putting in timescales for them to reply, threatening to escalate my complaint to the appropriate authority etc.

    Even tried a claims company in January 2009 but they weren't any help, taking 8 months to tell me that they couldn't go to the FSA as the claim was pre 2005.


    I contacted the Financial Ombudsman in September who advised me to find out who underwrote the actual PPI policy, as they may be able to take a complaint out against them. Done a Subject to Access request (with First Plus funnily enough), got all the info and found the name of a Jersey based company called Alabaster. They were liquidated years ago, called the FOS back who said there's nothing they can do. I contacted the Jersey Financial regulator who knew of Alabaster - unfortunately same response.


    What do I do now? I keep seeing on here success stories from yeeeeaaars ago, pre 2005 doesn't matter, persisit, persist, persist etc. But I have NOONE who seems to acknowledge ANY responsibilty.


    Is there anyone out there who has successfully got anywhere in this same/similar situation.


    I can't itirate this enough though - writing to First Plus gets me NOWHERE and writing to Ocean Finance gets me NOWHERE! BTW, my wife was actually advised my a rep from Ocean a few weeks ago to contact a Paul Newey directly (the co-founder of Ocean but who isn't now there). Now that just sounds ridiculous.


    Please, is there anything else I can do - I'm just about ready to shred all paperwork and erase this sorry episode from memory....:-x

  12. Hi


    I'd write back and say that you are most pleased that they have agreed that you were mis-sold. Tell them that any attempt to adjust the full and correct amount of redress would be of interest to, fos, the FSA, OFT and Trading Standards and that, following their admission of mis-selling you require the full amount of redress without any spurious deductions.


    or something along those lines




    Thank you very much for your help & guidance.

  13. Hi


    Well its the first time I've seen this one tried on I have to say.


    I'd be back on to them telling them that they cannot assume such rubbish and to produce the evidence they are talking about.


    The fact that they have made an offer means that they are on the run so keep the pressure on to get all of your money back.





    Thank you for taking the time to reply. I've just come off the phone to the FSA and they have had 2 other enquiries of the same nature. They confirm they never make such statements and only regulate.

  14. Hi


    What were the reasons you gave for the mis-sale of their policy


    What evidence do they have that you would have bought a PPI policy elsewhere


    I think they are talking nonsense myself.



    Hello thanks for your reply. They have no evidence that I would have bought a policy elsewhere. The reasons I gave were pointing out how companies like Ocean Finance mis sold ppi and also the recent court case. I found it incredible that they have tried this tactic but then again why should I be surprised.


    I also wondered if anyone else has had this wording in their letter?

  15. Hello,


    Last week I received an "offer of re-dress" from Ocean Finance in relation to the sale of ppi. The offer comes with a twist of which I am not at all happy. So I have posted it here for some help and guidance.


    My loan was over 72 months, ppi was front-ended and each monthly ppi premuim was offered to be refunded. However their letter of offer had the following paragraph:


    " Where a deduction has been made for the cost of an equivalent monthly paid policy this has been calculated using the FSA's suggested rate of £9 per £100 of benefit payable. We will have only made this deduction where our investigation into the sale of the policy produced evidence which confirms there was an initial interest in arranging cover and where agreement to its inclusion was then confirmed either verbally or in writing or both. "


    It's like offering another ppi policy? Has anyone else had this included in their offer. It basically reduces what I should receive by around 50%


    Your help & advice please ...

  16. Thanks for that - much appreciate your words & experience. Kindest Regards


    They just can't seem to get it right, send them a reminder [rec del] and get a complaint in to the ICO


    Statements are not a requirement but they are obliged to include transaction history within response......... oh and something to look out for when they do eventually comply - they'll send you 6 years only from date the dept responsible received request with notation that only 6 years are held - when you get the history, send the tw*ts a reminder of the date you made the request, you'll receive transaction history for the whole period requested. Typical RBS response is deny, deny and if we're not sure deny again :-)


    Have a hearing coming up against the wasters soon for similar issues



  17. Rbs dsar query?


    I am still awaitng bank statements from rbs & then this turns up today ... confused.com!!



    " Thank you for requesting details of the personal information we hold about you and payment of the required fee.


    The data will be forwarded to you within 40 calendar days. As part of this request it may be necessary to send information under separate cover from a number of different departments across the bank.


    It is not our practice to provide copies of standard documents that would have been issued as part of our normal course of business, such as copy bank statements. Should you wish to receive these, please let me know the period you require the statements to cover and this can be arranged. "



    Guys I'm just a tad confused here. I sent the request off more than 40 days ago and surely the DSAR includes copy statements. What are they playing at? Help!!! ??

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