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Adrian_Woodhead

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  1. Advice from Yes Loans... “You are messing up your credit rating by not taking this loan.” Read on! I received a call from Yes Loans, trying to convince me to take out the PayDay loan.... The call was at 19:40 on 19 August. I said, "I don’t want an 88,000 % APR loan.” Chris the salesperson defensively replied, “It’s not that high it’s only 1,737 percent- the only reason it’s so high as it’s until your next pay day.” The call got even stranger with some quite illegal sales tactics being used... I was told, “You will vastly increase your credit rating by taking this loan. If you take this PayDay loan, when you then reapply for your main loan you will get a much better rate than 41%.” I asked for clarification saying, “When you say “Vastly improved credit rating” can you put that in quantifiable terms. My credit score is 162, how much will it increase by...?” He got quite annoyed with my response and said to stop asking stupid questions. I then stated, “You are merely a credit broker, so how can you guarantee want APR I will get from the end provider?” Chris started to get aggressive saying, “You are messing up your credit rating by not taking this loan. If you don’t take this loan it will be marked on your credit file and will increase your chances of getting rejected in the future. Just think about this conversation the next time you apply for a loan and get rejected. “ I said Chris, can you tell me your last name as I’ve been transcribing this call... He said he didn’t have to give his name due to data protection and then hung up!
  2. Advice from Yes Loans... “You are messing up your credit rating by not taking this loan.” Read on! I received a call from Yes Loans, trying to convince me to take out the PayDay loan.... The call was at 19:40 on 19 August. I said, "I don’t want an 88,000 % APR loan.” Chris the salesperson defensively replied, “It’s not that high it’s only 1,737 percent- the only reason it’s so high as it’s until your next pay day.” The call got even stranger with some quite illegal sales tactics being used... I was told, “You will vastly increase your credit rating by taking this loan. If you take this PayDay loan, when you then reapply for your main loan you will get a much better rate than 41%.” I asked for clarification saying, “When you say “Vastly improved credit rating” can you put that in quantifiable terms. My credit score is 162, how much will it increase by...?” He got quite annoyed with my response and said to stop asking stupid questions. I then stated, “You are merely a credit broker, so how can you guarantee want APR ?” Chris started to get aggressive saying, “You are messing up your credit rating by not taking this loan. If you don’t take this loan it will be marked on your credit file and will increase your chances of getting rejected in the future. Just think about this conversation the next time you apply for a loan and get rejected. “ I said Chris, can you tell me your last name as I’ve been recording this call... He said he didn’t have to give his name due to data protection and then hung up!
  3. Email today: Dear Mr XXX Thank you for your e-message. I have immediately forwarded this to the department best placed to deal with your enquiry. Yours sincerely Russell Wordley Service Quality Team HSBC Bank plc
  4. Tweaking their Tails as Johnnymitch suggests Don't think I'll ever get a refund... But I can ensure they incur extremely high legal costs defending my claim in court... Nicola Martin Complex Complaints Department Service Quality Team HSBC Tuesday, 17 August 2010 Dear Nicola, Please find below a summary of what we discussed during our telephone call at 11:51am. on 5 August 2010. Unfair treatment As a customer you are not treating me fairly. In June, November and December 2009 and May, July and August 2010 I have explicitly requested that you remove the “informal overdraft” facility from my current account. During our call, I again requested that HSBC removes the "informal overdraft" facility from my account. You highlighted that it was "not technically possible." Misunderstanding Consumer Contracts Regulations I acknowledge that the Supreme Court ruled that bank charges are not unfair. As you know,the November 2009 judgement looked at the fairness of bank charges under Regulation Six of the Unfair Terms in Consumer Contracts Regulations. However, my claim relates Regulation Five of the Unfair Terms in Consumer Contracts Regulations and your treatment of me as a customer . During our 40-minute conversation, I stated four times that because HSBC won't remove the "informal overdraft" facility from my account, HSBC is in breach of Regulation Five of the Unfair Terms in Consumer Contracts Regulations. Regulation Five is concerned with the fairness of any term of any consumer contract, which is imposed unfairly. You refuted my assertion that this is a legitimate claim and at 11:53 you explicitly stated, “This was also looked at by the Court; every aspect of overdraft charges were reviewed and each element was found in favour of the bank." This is simply not true. Unfair contract terms I suffer from caffeine anaphylaxis and raised catecholamine levels. The symptoms are similar to bipolar ailment or schizophrenia. One side effect is impaired judgment and impulsiveness - a lack of inhibition. To help control the compulsive spending side effects of caffeine anaphylaxis, I need the "informal Overdraft" facility removing. HSBC is not giving due regard to my personal request and your unfair treatment is resulting in unmerited bank charges via informal overdraft charges. I will make one final request before I escalate my claim to the County Court - Remove the "informal overdraft" facility from my current account. If you do not comply with my request, you are most certainly in breach of Regulation Five of the Unfair Terms in Consumer Contracts. If you wish to avoid a court case and thousands of pounds in legal costs stemming from defending a complex legal claim - then simply remove the "informal overdraft" arrangement from my account. Regards,
  5. Is this a record? Via 'Yes Loans' I was offered a Pay Day advance. I did not request this, I just wanted a quote for a car loan. Click to enlarge - the APR is 88,963%.
  6. I can't believe I fell for this... 41% interest rate, even though initial calculation was 22%. Don't get me started on the 88,963% APR 'Pay Day Loan.... Letter sent today recorded,. Customer Service Department, Yes Loans Ltd, Tintern House, William Brown Close, Llantarnam Industrial Park, Cwmbran, NP44 3AB. Monday, 16 August 2010 Ref: XXXX Please refund my £69.50 application processing fee. Under Financial Services (Distance Marketing) Regulations 2004 I have a right to cancel my application within 14 days and by law you must give me a refund within 30 days of receiving my written request. This document is sent by recorded delivery, therefore I will take legal action in the county court (small claims) if the money is not in my account by 17 September 2010. Kind regards,
  7. Update... I received a call from Nicola Martin in the "Complex Complaints" department on 5 August. (11:58). 0131 338 8180. She said in the test case, the courts ruled that bank charges are not unfair. I explained again that HSBC was missing my point. I'm not claiming the charges are unfair but the fact they won't remove the "informal overdraft facility" from my account is in breach of Regulation Five of the Unfair Terms in Consumer Contracts Regulation. Nicola went on to say, “This was also looked at in the court case. In the test case, every aspect of the overdraft was reviewed and each element was found in favour of the bank." I again stated, "Please remove this facility from my account." She replied that it is not technically possible to do so. I said that’s not true, before the “Informal Overdraft” facility was introduced in 2007, if I tried to make cash withdrawal, the bank would not let me go over my overdraft limit. Nicola followed up the call with a generic letter stating that charges are my responsibility etc. So my next step.... I have 3 options. 1. Complain to the financial ombudsman 2. Start a claim in the county court (small claims) 3. Give up as it’s not going to work My question to CAG members... Did the court ruling look at regulation 5 and the way informal overdrafts are imposed?
  8. In August 2005 I took out an HSBC Mortgage. In September 2005, I went back to university to study for a full-time MBA. To help with cash flow, HSBC kindly offered a 6-month payment holiday. I took the payment holiday option in December 2005 with the mortgage payment holiday ending end of May 2005. In June 2006 I received a call saying my mortgage account was 6-months overdue. I explained the Mortgage Holiday and was sternly told, “HSBC doesn’t do Mortgage Payment holidays – and all money must be immediately repaid.” WTF...? I arranged a payment plan to pay off the £4,400 ‘holiday arrears’ over the next 24 payments. It was about £180 per month. But because of the HSBC Mortgage Holiday, my credit score has been destroyed. My Equifax credit report lists me a “Poor” and shows 6-months mortgage arrears from the period June 2006. Is there any publicly available evidence showing HSBC have given out bad advice with Mortgage payment Holidays? I need to get this removed from my credit file and will call the HSBC Mortgage arrears team – on Monday (08456 029 512). Before I call, I need your help to provide previous examples of HSBC giving out bad 'Mortgage Payment Holiday' advice... Any sources or ideas?
  9. I CC'd him... will keep you posted on the outcome. I think they'll have to consult their lawyers before responding with anything other than a generic "FAIL3" letter!
  10. On 29 July, I received a standard generic letter by post. Interestingly their ref was SVFAIL3/SFIFLT I wonder what SVFAIL means…? The HSBC letter started by listing the HSBC terms and conditions (I won't re-type this). It continues… I am unable to agree your request for a refund of fees at this time as they have been applied in accordance with your Current Account terms and Conditions. You have exceeded your agreed overdraft facility on several occasions by withdrawing funds and using your debit card when there have been no available funds. I would like to assure you that the provision of a high quality service is a key priority for us and I regret any misunderstanding on this occasion. I trust matters have now been resolved to your satisfaction. If not you can escalate your concerns by writing to the Senior Manager of our Service Quality Team at the following address: The senior manager Service Quality team HSBC Bank plc Arlington Business Centre Millshaw Park Lane Leeds LS11 0PP Or call us on 0800 88 11 55 or email us at [email protected] I am obliged to inform you that complaints we cannot resolve can ultimately be referred to the Financial Ombudsman service. However if we do not hear from you within the next eight weeks, we will consider matters resolved. Thank you for taking the time to bring your concerns to our attention. I am only sorry it was necessary for you to do so. Yours sincerely, HSBC Customer Relations This letter did not address either of my two points. My response: To the Senior Manager, Service Quality Team, HSBC Bank plc. My dissatisfaction with the "Informal overdraft charges" on my current account may cause me to close down my HSBC mortgage account and begin a claim against HSBC for the full amount, plus interest and my costs. The 'generic response' letter from Leigh Hoult, dated 29 July, did not address either of the two key points in my email on 28/7/2010 and I wish to formally escalate my concerns. For brevity, I have listed the key points below. 1. On four separate occasions, I have explicitly requested that you (HSBC) remove the “informal overdraft” facility from my current account. As I am unable to 'opt out' of this arrangement, HSBC is in breach of Regulation Five of the Unfair Terms in Consumer Contracts Regulations because the “informal overdraft arrangement” contract term is imposed unfairly. 2. Moreover, if the “penalty charges” are not repaid, as stated, I will close down my current account and move my HSBC Mortgage to another provider. Losing me as a mortgage customer for the next 21-years will cost HSBC £65,000 to £70,000 in lost interest charges. Please write off all charges within 14 days or I will begin a claim against HSBC for the full amount, plus interest and my costs. Best Regards,
  11. "tweaking their tails" Response within 10 minutes of sending email! Thank you for your e-mail addressed to the Chief Executive, Paul Thurston, and am very sorry that you feel let down by HSBC, at the present time. I have passed your e-mail to a senior manager, within HSBC, who will investigate the matter and respond to you as soon as possible. Kind regards Lorna B..... Executive Assistant to Paul Thurston Chief Executive, HSBC Bank plc lornabugeja (at) hsbc.com
  12. I'll let you know how I get on! I added a little up-front positioning piece before sending quantifying the consequences of ****ing me off... Dear service quality team, My dissatisfaction with the "Informal overdraft charges" on my current account may cause me to close down my HSBC mortgage account. Losing me as a mortgage customer for the next 21-years will cost HSBC £65,000 to £70,000 in lost interest charges. Allow me to explain. HSBC has charged me £220 in “informal overdraft arrangement fees” during a 6-month period from 14th February 2010 to 5th August 2010*. In June 2009, November 2009 and December 2009 I explicitly stated that I do not want an “informal overdraft” facility on my account. On each occasion, HSBC refunded the charges (£52, £50 and £50 respectively) but I was told that HSBC is “unable” to prevent the informal overdraft arrangement. HSBC’s customer service representatives confirm that the “overdraft arrangement fees", are simply penalty charges. Evidence? At 19:02 on 26 July, Mars** HSBC’s customer service agent said: “You are getting charged a penalty for going over your overdraft facility.” The “informal overdraft arrangement” contract term is imposed unfairly as I am unable to 'opt out' of this arrangement. I do not want an informal overdraft facility on my account. Because HSBC has not offered to make my “informal overdraft arrangements” subject to effective customer control, HSBC is in breach of Regulation Five of the Unfair Terms in Consumer Contracts Regulations. Please repay the £220 in full within 14 days. If this is not done, I will begin a claim against HSBC for the full amount, plus interest and my costs. Moreover, if the “penalty charges” are not repaid, as stated, I will close down my current account and move my HSBC Mortgage to another provider. I await your response,
  13. Here's the final version. I've thrown everything in that I can think of.... I'll post HSBC's response! Email subject title: £70,000 “informal overdraft” cost to HSBC Dear service management quality team, HSBC has charged me £220 in “informal overdraft arrangement fees” during a 6-month period from 14th February 2010 to 5th August 2010*. HSBC's “overdraft arrangement fees", are simply penalty charges disguised with legalese. Even your customer service representatives agree: Evidence? At 19:02 on 26 July, Mars** your customer service agent said: “You are getting charged a penalty for going over your overdraft facility.” In June 2009, November 2009 and December 2009 I explicitly stated that I do not want an “informal overdraft” facility on my account. On each occasion, HSBC refunded the penalty fees (£52, £50 and £50 respectively) but I was told that HSBC is “unable” to prevent the informal overdraft arrangement. The “informal overdraft arrangement” contract term is imposed unfairly as I am unable to 'opt out' of this arrangement. Because HSBC has not offered to make “informal overdraft arrangements” subject to effective customer control, HSBC is in breach of Regulation Five of the Unfair Terms in Consumer Contracts Regulations. Please repay the £220 in full within 14 days. If this is not done, I will begin a claim against HSBC for the full amount, plus interest and my costs. Moreover, if the “penalty charges” are not repaid, I will close down my current account and move my HSBC Mortgage to another provider. Losing me as a mortgage customer for the next 21-years will cost HSBC £65,000 to £70,000 in lost interest charges. I await your response, *Summary of penalty charges Period 15 June to 14 July 2010 100.00 Period 14 May to 15 June 2010 25.00 Period 15 April to 14 May 2010 45.00 15 March to 14 April 2010 25.00 15 February to 14 March 2010 25.00 ** Mars works in the Direct Financial Services team and was contacted on 26 July 2010 using 0800 023 2430. The call lasted 58.37 minutes from 18:15.
  14. Good advice Johnny. I've tried to escalate through the phone system but only received a £25 credit. I agree that face to face is best - but we had a credit in November 2009 of £50 - so it's not the first time. I'll try the revised letter and see what response I get. My Mortgage is also with HSBC so I can use that as additional leverage to get the "penalty charges" written off. I'll update my post with any progress, Cheers, Adrian
  15. Based on the excellent link provided by Scott, I've amended my letter: So I'm not claiming the charges are unfair (this won't work). What I'm trying to do is show that the bank's actions are unfair.. not the charges per se... Dear service management quality team, HSBC has charged me £220 in “informal overdraft arrangement fees” during the 6-month period 14th February 2010 to 5th August 2010. I am unable to 'opt out' of this "informal overdraft" arrangement. At no point has HSBC ever offered to make “informal overdraft arrangements” subject to effective customer control. This contract term is imposed unfairly and looking at the quality of the supplier/consumer relationship I feel HSBC is in breach of Regulation five of the Unfair Terms in Consumer Contracts Regulations. Please repay the £220 in full within 14 days. If this is not done, I will begin a claim against HSBC for the full amount, plus interest and my costs. Regards,
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