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Everything posted by mikey25

  1. OK thanks. The figure that they have supplied for premiums paid is actually quite a bit more than I had worked out based on the statements that they sent me so either they have found the other statements or their average has been worked out differently to mine. Either way this is at the upper end of what I was expecting so I am going to accept to finally put an end to it. Thanks for all your help.
  2. My letter finally arrived today and they have included some calculations. At first glance they look ok to me but if anyone would like to take a look they are as follows: 1) Refund of the premiums paid between 25/4/2003 and 10/1/2006 including average balance calculations where electronic records are missing = £1393.11 2) Interest that was debited to my credit card in respect of these premiums = £660.38 3) Simple interest at 8% = £1358.22 4) Less basic rate of tax = £271.65 Total Redress = £3140.06 To be honest I'm quite happy with the offer but I am happy to listen to peoples thoughts on this.
  3. Thanks. I will do. Hoping it will come today but HSBC don't seem to do anything by the book so I'll be amazed if there are any figures included.
  4. Hi everyone. I have an update on this claim. As mentioned previously the FOS upheld my case and HSBC were given 8 weeks to make me an offer. After 8 weeks I hadn't received anything so I called them only to find that they still had my old address on file. This claim has taken 3 and a half years. I didn't realise it had taken so long so had no idea that they still had my previous address. Anyway, I went in to the branch and changed my address and then spent several days trying to speak to somebody on the phone to find out what happens now. (The PPI team won't speak to you on the phone and the CS agents won't even attempt to put you through to them). Anyway, after calling again today I have been told that a new letter has been sent to my new address with an offer of £3140.06. I haven't yet received the letter so I have no idea if there are any calculations on there. I tried using the spreadsheets available on here but just ended up confusing myself. I was working out figures of anywhere between £1000 and £3000 so at least the offer is at the upper end of what I was hoping for. I will check when the letter comes but will likely just accept the offer as I first sent my complaint in at the end of 2010 and I think I have waited long enough. Thanks to all who have offered advice along the way and have helped me to reach a positive conclusion to this long drawn out claim.
  5. Sorry to be a pain but I wonder if somebody could help me clarify what sort of offer I should be expecting from HSBC as I am very confused at the moment. There seems to be different calculation sheets and differing advice floating about. I paid approximately £814 in PPI on the credit card. I have now found that the interest on the card was 12.9%. Working out what I am due back has baffled me because I have come up with figures of anywhere between £1000 and £3300. The card was taken out in April 2003 and was paid off using a loan in 2004 before the card was run up again. The account was passed to a DC in 2006 and payments were made on a DMP until 2009. In unsure whether ppi would still be on the account if it was being paid through a DMP. I thought I had an idea what to expect but seem to have confused myself by reading various threads.
  6. I will do. I'm sure they will try to get out of paying the full amount.
  7. Just realised what you meant about the card debt being sold to a DCA. If I remember correctly I took out a loan to pay off the card and then due to being young and stupid I managed to run up a debt on the card again. This was then sold to a DCA later on.
  8. Ok thank you. I'm not entirely sure how to work all that out as I no longer have statements etc for the loan. Everything I had with HSBC was sold on to a DCA. I think I may just wait until HSBC make me an offer and then come back if I am unsure of anything if that's ok. Thanks for your help.
  9. Ok I think I understand. However, the interest stopped being changed when I took out a HSBC loan and used part of that to pay off the credit card. So although, the card ended, I would think that interest was still being charged on the PPI amounts through the loan that I had with them. Not sure if this will be taken in to account. Sorry for all the questions. Just want to make sure they don't try to fob me off with a low offer.
  10. Thanks for the info. I am a little confused though. Will they still have to pay compound interest and if so when would they have had to pay this up until?
  11. Ok great. I have just redone my compund interest sheet and according to that by delaying things as long as they have its going to cost them an extra £1200.
  12. I have had a similar situation with HSBC and the FOS informed me that unless the bank can supply any new evidence then they are unlikely to change their minds. It can however take another while they look in to the reasons that they do not agree with the decision. I have had a letter today to say that my complaint has been upheld and that I should expect an offer from HSBC within 8 weeks.
  13. I will do. Out of curiosity, as this has taken so long to get resolved, will I have accrued more interest that they will have to cough up or doesn't it work like that?
  14. Just thought id come back and update this even though it had been almost 3 years. HSBC played hard ball all the way through and refused to admit to mis-selling. In the end I took it to the ombudsman who found in my favour. HSBC still refused to accept the decision and despite having no new evidence decided to appeal. Another long wait but today the Ombudsman have written to me to inform me that they have upheld my complaint and that I will hear from HSBC within the next 8 weeks with an offer. I just hope they don't drag their heels as they have done from the start. I have heard positive stories about many banks dealing with ppi complaints quickly. HSBC will never receive another penny from me as they have done everything they can to try and wriggle out of righting their wrongs.
  15. Quick update. I sent HSBC a letter before action and gave them 14 days to respond. Today is the 14th day from when they received it and still no response. Any tips on what I should do next? Thanks
  16. Great. Thanks for your help. Just one more question, where does the 8% simple interest come in to it? Do I need to add that on to the total figure on the spreadsheet? If so, do I just calculate 8% of the £2199.11 and add it on? Thanks
  17. Hope this works: CompoundInt(1).xls
  18. Ok, just trying to figure out how to post it.
  19. Ok, I have just been playing about with that spreadsheet you sent me and if what I have worked out is correct then the total compound interest alone is £1384.99 + the cost of the PPI which is £814.12 = a total claim of £2199.11. Does that sound right? Do I also need to add 8% interest on to that or is that already accounted for?
  20. Hi, Thanks for that. The problem that I have got is that I dont have all of my statements. I have some that they sent me with my SAR but they didn't send me any that were more than 6 years old. I was told that I could work out an average of the ones that I had and then add on any before 6 years based on the average. If you look at the first page of this thread you will see how the original figure of £1521.36 was calculated. To be honest I am a bit lost with the spreadsheet as I don't really understand how to work out the compound interest etc. Does that figure sound wrong to you?
  21. Somebody worked out these figures for me a while back which included the compound interest etc as far as I know. I'd be grateful if you could tell me if this doesn't look correct so that I can try and figure out how to recalculate it. So you don't think I should write to HSBC again? How would I go about taking this to small claims court?
  22. Quick update on this. After receiving my full and final decision from HSBC around 3 months ago I filled out all the relevant forms and sent the claim on to the FOS. After hearing nothing for several weeks I have now received a letter back from the FOS along with all the paperwork I sent them telling me that I can only apply to them after I have received a full and final decision from HSBC. Clearly the FOS didn't even bother to read the forms as if they had done so they would have seen that HSBC had already denied my claim. My question now, is that as the FOS have returned everything to me without acting on it, can I now go back to HSBC and ask them to look into my claim again as their full and final decision was provided before the banks accepted liability. What do you all think?
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