HSBC Managed Loan Issues

[steven4064]

Here are the DualCalc results to go with post #44. There are two calcualtions - one for the main loan and one for the PPI.

 

The slight discrepancy with the total amount to be repaid is because I won't have used exactly the same date as them. I efffectively assumed that you applied to settle the loan on 2 December 2006 - the day after the last (December) payment. If it was a few days later then the amount would be a bit more. It is near enough though to demonstrate my two conclusions.

 

I think you can challenge the agreement on the basis that the loan amount is incorrect (loan is amount is a prescribed term and so having it wrong makes the agreement unenforceable). The laon amount is wrong for two reasons:

 

1. it inckludes the remainder of the PPI premium that formed part of the first loan although they have told you repeatedly that it doesn't

 

2. when the calculated the settlement figure for the first loan, which they have told you is £21599.87 and which forms part of the loan amount for the second, they didn't apply the statutory rebate (Consumer Credit (Early Settlement) Regulations 2004) and therefor the figure is wrong.

 

The only rider to this is that the number may be different because you were significantly behind with your payments when the loan was refinced in January 2007. To invalidate my conclusions you would have to have been about £2000 behind for the rebate conclusion and about £5000 behind for the PPI one. Either conclusion being right invalidates the agreement though IMO

Edited October 10, 2009 by steven4064

[SpartanKing]

Can I first say a big thank you to everyone who has contributed to this thread, especially Steven and Citizen B.

 

Firstly, Steven, the PDF attached of the dualcalc says it is damaged and will not open properly. Could you please reattach a new one?

 

More importantly there is alot of information on here and I would appreciate some assistance in the best way to proceed with this now. I note that Castlebest suggests submiting an SAR in order to get all of the information in order to get a precise and accurate statement of affairs to then be able to put undisputable facts under HSBC's nose. Do you think this would be sensible in view of the potential variables that are in Stevens current calculations?

[steven4064]

The pdf opens OK for me - could someone else try it

 

Also, SK there is an implied question in the last paragraph of post #51

[SpartanKing]

Steven,

 

I may at most have been 1-2 payments behind, but nothing like £2,000 - £5,000 pounds.

 

Do you still think I should submit an SAR?

[steven4064]

It can't hurt