Hsbc Settle!!! Well, Almost

[williamb]

Morning all, following my initial letter for payment of £1961.50 I received 2 letters this morning offering me £1700. Usual letter I assume about payments, and HSBC is mindful of the management time and irrecoverable costs etc. 1 letter for me to sign, mentions nothing about conditions or anything like that, and giving me 7 days to accept or decline.

it also states "If your claim for a refund proceeded to court, we believe we would successfully resist any legal challenge in relation to these fees.

It is £260 short, but I am mindful that I will also lose out on £345 interest @ 8% should I go to court.

What next? I was going to write to them and accept this as a part offer and ask them for the other £260, but common sense tells me that this may well drag it out and they may withdraw the offer. I must admit I was not expecting an offer so soon, really taken me by surprise.

I also have another claim in for a closed bank account for £584, so I think I'll accept the big one, but hold out for the whole of the £584 as I assume they will try to offer a reduced version of this.

ADVISE PLEASE

[Les Gunn]

Hi William,

 

If the money is yours, then i'd hold out and take them to court. I was offered about £600 less than owed and I accepted it as part settlement and stated I was continuing my claim to get the rest back. At the end of the day, only you know how good your resolve is eh?

 

Good luck either way.

[ROBOKOP]

Hi Everyone,

 

My first post so I wonder if you can all help. My query relates to the chap above. Basically I have been following the trail of asking HSBC for my funds back over the last six years. It amounted to a total of £549 (Not a great deal I agree compaired to some claims on here) However they have offred me £490 as settlement. Should I just settle as its only £60 short? Will their be any repocussions? ie will they then say they want to close my account after? (There has been no mention of this so far) Also if I decide not to go for this do I just write back saying this is unacceptable giving them 14 days to reconsider or I will enter a claim on the money claim website for the full amount plus interest. Do I say that I will not give them anymore warning? Also I have used the branch I bank with as the address so far, However they keep sending it to a place in leeds, Should I use this as the address if I were to file a claim?

[Michellemc]

Hi, I had exactly the same thing. My actual request was for £664 + £195 interest. They offered me £600.00 so I sent the next letter accepting partial settlement. 14 days on I have now received an offer for the £664.00 so keep going - they have used their full 14 days though with me so hang on in.

I would address your letters to whoever you have received your first offer from and then yes use the Leeds address on the MCOL - if it gets this far!

Good Luck.

[ROBOKOP]

Do you know of a standard format letter that I can use to accept partial payment? I can't find one on the site. I didn't add interest as I thought it was only to be added at the stage of going on the money claim website, Is it to late to add now?

 

Thanks M

 

ROBOKOP

[Michellemc]

Do you know of a standard format letter that I can use to accept partial payment? I can't find one on the site. I didn't add interest as I thought it was only to be added at the stage of going on the money claim website, Is it to late to add now?

 

Thanks M

 

ROBOKOP

 

Hi there, this is the one I used ...

 

'Thank-you for your letter dated 11th July and I acknowledge your offer of £600.00.

I accept this amount as a partial settlement only, and as per the attached breakdown will be pursuing the remainder of £259.76 as stipulated by my original timetable.

I require repayment in full of this money. If you do not comply fully within 14 days then I shall begin a claim against you for the full amount plus interest plus a claim under ss.7 and 13 of the Data Protection Act 1998 plus my costs and without further notice.'

 

To be honest I made a mess of my interest charges so when I sent my first LBA I requested more interest than I should. I was advised to amend the interest when I done my follow up letter but as this was less was a bonus for HSBC!!!

A lot of people have not bothered with the interest as you have to work with the spreadsheet and is based on account balance / charges incurred etc. The spreadsheet is great though and does work it all out for you.

HSBC have replied to me but completely ignored my request for my interest charges, on both letters, anyway. Personally I would probably just stick to your initial request for the refund of your charges. Bear in mind once you get to MCOL stage you can add the additional 8%!!!

[ROBOKOP]

Hi there, this is the one I used ...

 

'Thank-you for your letter dated 11th July and I acknowledge your offer of £600.00.

I accept this amount as a partial settlement only, and as per the attached breakdown will be pursuing the remainder of £259.76 as stipulated by my original timetable.

 

I require repayment in full of this money. If you do not comply fully within 14 days then I shall begin a claim against you for the full amount plus interest plus a claim under ss.7 and 13 of the Data Protection Act 1998 plus my costs and without further notice.'

 

To be honest I made a mess of my interest charges so when I sent my first LBA I requested more interest than I should. I was advised to amend the interest when I done my follow up letter but as this was less was a bonus for HSBC!!!

A lot of people have not bothered with the interest as you have to work with the spreadsheet and is based on account balance / charges incurred etc. The spreadsheet is great though and does work it all out for you.

HSBC have replied to me but completely ignored my request for my interest charges, on both letters, anyway. Personally I would probably just stick to your initial request for the refund of your charges. Bear in mind once you get to MCOL stage you can add the additional 8%!!!

 

Basically then I should acknowlegde the £490 and state that I will pursue for the rest, (£59.00) If I fail to hear from them within 14 days. I will pursue them for the full amount plus interest and costs. No further notice will be given by me.

 

 

Is that the gist?? Incidently, I didn't get a reply after I sent the first approach, The second letter saying disapointed blah, blah, was sent recorded and they responded the same day!!! In a way I dont want them to respond as I'll get my interest back too!!! Does the above sound basically correct though?

[williamb]

Ye sod it, lets go for the lot....hopefully it will go to the claim stage, then I can add £350 interest on

Williamb

[Michellemc]

Basically then I should acknowlegde the £490 and state that I will pursue for the rest, (£59.00) If I fail to hear from them within 14 days. I will pursue them for the full amount plus interest and costs. No further notice will be given by me. Is that the gist?? Does the above sound basically correct though?

 

To be honest not sure where you stand if you have not already asked for yor interest back. I would just send a letter asking for the additional £59.00 (mine was an additional £64 and they have now said they will refund this so keep going!). The additional interest is an additional 8% on top of the charges you have claimed so in your case an additional £43.00 - would say you can not then add the interest charges on to your claim when you get to the MCOL stage but may be wrong - any other opinions???

[williamb]

I thought that you could not add the 8% interest on until you make a claim in the court. The only interest you could ask for in the preliminary stages was interest they charged you on the charges placed on your account. Mind you I never asked for interest in the beginning because I couldn't work it out!! So rather than put myself in the wrong I just omitted the interest, it would have been a small amount anyway, but the 8% would amount to over £300. Seeing as I have 2 claims against HSBC in the pipeline, I as thinking of lumping them both together and send them a nice letter stating that if they settle both in full, £1981 and £548 I am willing as "a goodwill gesture" to forget about the interest and make it sound like I am doing them a favour.

Any ideas on this scenario??

Thinking of lumpim

[maverik1979]

To be honest not sure where you stand if you have not already asked for yor interest back. I would just send a letter asking for the additional £59.00 (mine was an additional £64 and they have now said they will refund this so keep going!). The additional interest is an additional 8% on top of the charges you have claimed so in your case an additional £43.00 - would say you can not then add the interest charges on to your claim when you get to the MCOL stage but may be wrong - any other opinions???

 

the 8% interest is an apr i.e 8% of the amount for every year since the charge, so it will be more than £44

[Michellemc]

Apologies my misunderstanding. I have used the spreadsheet for mine so this has calculated automatically.

 

Apologies williamb and robokop.