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needsleep1990

Advice Needed

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I put a claim in with HSBC on December 2007 under the finnacial hardship thingy. I got a letter dated Jan 08 that they will not look at it until the test case is resolved. Since then I have recently learnt that they have to deal with it. As they haven't do I win by the default rule? I spoke to them today and a member from their financial hardship team is ringing me on Friday. I would like to have some facts as to what they should do or what they should have done as well as what my next steps should be.

 

Any advice is greatly appriecated.

 

Many thanks

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I put a claim in with HSBC on December 2007 under the finnacial hardship thingy. I got a letter dated Jan 08 that they will not look at it until the test case is resolved. Since then I have recently learnt that they have to deal with it. As they haven't do I win by the default rule? I spoke to them today and a member from their financial hardship team is ringing me on Friday. I would like to have some facts as to what they should do or what they should have done as well as what my next steps should be.

 

Any advice is greatly appriecated.

 

Many thanks

 

They don't have to deal with anyone in financial hardship if they aren't. What they generally means is that there are priority debt arrears(mortgage/rent, council tax, utilities). And that those arrears are not already part of a payment plan.

One thing I wouldn't do is agree to any additional borrowing ie managed loans because that doesn't help you if you are in financial hardship. The bank does not have to payout even 1p of any claim under financial hardship, they can simply suspend charges.


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FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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I read somewhere that if you recieve over £500 in charges in 12 months thne you are classified as being in financial hardship. IS this not the case then? I also have a CTAEO, I am also behind with gas and leccy bills

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I read somewhere that if you recieve over £500 in charges in 12 months thne you are classified as being in financial hardship. IS this not the case then? I also have a CTAEO, I am also behind with gas and leccy bills

 

That is merely an indication that someone could be in financial hardship(personally I think the FSA should get rid of the £500 in 12 months and replace the wording with £500 in 3 or 4 months).

Ok what is CTAEO cos it means nowt to me?


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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Hi needsleep 1990 , welcome to the forum :)

 

They will probably want to start the Income & Expenditure ball rolling afresh , in case your circumsatances have changed since you put the last one in . (and it'll string out the time they have to act on it ! :rolleyes:).

 

As yourbank says , it's very difficult to get them to acknowledge hardship - very rare that they do , unless (as someone on here once said) 'you're living in a cardboard box' .......

 

Also as yb said , whatever you do , don't let them talk you into a Managed Loan :eek: - they are horrendous- financial slavery for years and years .....

 

If your original claim was for refund of Bank Charges, you should think about getting that to the court stage , where it'll earn some interest for you while it's waiting ..... they didn't tell people that they could carryo n with their claims and lots of customers have lost out as a result.........

 

Come back if you need more info - someone will answer - and we're user-friendly on here :D


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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OK, so when I put my orginal claim in I had only been employed for about 2 months. Prior to that I was unemployed for well over a year so yes my situation has changed. Can they really try to push me into making a fresh claim as I think this is what they are trying to do so they can buy more time. Can't I just stick to my guns and say that this was already done and they did nothing about it?

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OK, so when I put my orginal claim in I had only been employed for about 2 months. Prior to that I was unemployed for well over a year so yes my situation has changed. Can they really try to push me into making a fresh claim as I think this is what they are trying to do so they can buy more time. Can't I just stick to my guns and say that this was already done and they did nothing about it?

 

What do you mean buy more time? If you ask the bank to relook at your claim for financial hardship they can re do the I&E form as circumstances do and have changed. They can simply ignore you otherwise since they do not have sufficient information to assess the financial hardship part of the claim.


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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But I already did this back december 2007 so why do they want to redo it?

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But I already did this back december 2007 so why do they want to redo it?

In december 2007 my circumstances were different to now. Have yours remained the same? Do you see what I am trying to say to you?

Your circumstances have changed.


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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Yeah I see what your trying to say. Basically give up in the financial hardship front and stick a letter in demanding my cash back, then the court thing then sit around while it gains 8% interest.

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Yeah I see what your trying to say. Basically give up in the financial hardship front and stick a letter in demanding my cash back, then the court thing then sit around while it gains 8% interest.

 

My personal opinion is that you don't have to file a claim at court but if you want to you have every right to do so. I would still give HSBC the new figures but do not agree to any managed loans or accounts where you pay a fee for having(yes seen that as well from another bank). If they want you to agree to anything then make sure they put it in writing. Make sure you get a final response which should explain if they don't consider you to be in hardship the reasoning as to why.


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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Ok so if I don't go the court route which is the best way to claim my charges back?

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Ok so if I don't go the court route which is the best way to claim my charges back?

You already have an acknowledgement from the bank on the claim so when the OFT test case issues are resolved they should pay you back with interest as per the FSA Waiver on bank charges(I say "should" since the case isn't yet over and it isn't clear how or if any refunds are to be paid.)


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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Ok so if I don't go the court route which is the best way to claim my charges back?

 

IMHO needsleep ,and the general advice given on this forum is that you should carry on with your claim up to the 'stayed in court' stage . That way the 8% interest kicks in when you lodge your claim .......

 

The bank will ask for a stay and get it - but at least you're in the queue when they have to start paying out - as we believe they will .........

 

Mr lex gave what I think was the best explanation of why you should carry on taking your claim to court :

 

Why you should start claim (courtesy of Mr Lex)

 

When you start to send off your letters, they will probably try to tell you you can't claim because the case's are 'stayed' It is important that you ignore this and carry on, only the courts can put a 'stay' on your claim.

 

Although the banks have a ongoing test case with OFT there are a number of reasons why you should start to claim at court now

 

Any older charges (coming up to 6 years) could be lost if you wait for the OFT case to end. Start your claim now and those charges are protected

You are supposed to be protected by the 'waiver', we now know you are not

 

When the stays are finally lifted, you will be one of the first in the queue to get paid

 

Once the courts are involved, you get the 8% interest.

 

While the banks are protected by the stays, we the consumer, have no such protection and charges continue to mount up

 

For some people this may mean going into default. If it is clear that the default was made in respect of charges and that it was lodged after a charges claim was begun then these users have a really excellent chance of having it removed

 

http://www.consumeractiongroup.co.uk/forum/data-protection-default-issues/164871-castlebests-default-removal.html#post1772646

 

Come back if you need any help with getting your claim under way ...:)


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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Mr lex is wrong on the 6 years issue btw and thank you for flagging that JM, I will have a chat with him ;)


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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If you haven't started a claim , they will be obstructive about letting you go back more than six years , as many on this site have found yb:)

 

It's only once you've started a claim that they tend to take it back 6 years from the date of your prelim letter .......... :(

 

Your theory is right - the practise is a bit different ....... :rolleyes:


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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JM, the basic facts is that under the FSA Waiver on bank charges, the bank have to provide data back to 27th July 2001 and they were reminded of this fact in a letter from the FSA on 19th March 2009(I have confirmed that this has been received by a number of financial institutions).

It's in the hardship applications forum for reference JM so if you get anyone given that nonsense out you can refer to it(I would ask for written confirmation myself if I was told that cos post March 2009 it would be a beauty of a complaint to the FSA :D)


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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yb , I wish i had your faith in the FSA .:).... they have been letting the banks flout the waiver rules with impunity since day one - if you report them to the FSA for non-complance with the waiver - what happens ?

 

Not a lot ! :rolleyes:

 

I hope you're right though and I'll carefully keep your info on the 19th March letter(thanks for that by the way ) and use it like a club to beat them with ........:D


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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yb , I wish i had your faith in the FSA .:).... they have been letting the banks flout the waiver rules with impunity since day one - if you report them to the FSA for non-complance with the waiver - what happens ?

 

Not a lot ! :rolleyes:

LMAO, funny you should mention that point on non compliance because I can answer that factually:

 

Quoted later on

 

I hope you're right though and I'll carefully keep your info on the 19th March letter(thanks for that by the way ) and use it like a club to beat them with ........:D

 

The 19th March 2009 letter is not just data retention....oh, and you can't beat HSBC with that club cos I have already done that cos they confirmed 27th July 2001 :D

Edited by yourbank

.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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We do not provide individual feedback to consumers, but when responding to them we do of course point out their right to refer the matter to the Financial Ombudsman Service

There's the rub , yb , how does an individual complainant know if his complaint has been addressed ..... ?? Answer - he doesn't ! And FOS are currently snowed under,so they trangress with impunity .......... unless someone knows enough to beat them up with the 19th March letter .... :D


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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[/color]

 

There's the rub , yb , how does an individual complainant know if his complaint has been addressed ..... ?? Answer - he doesn't ! And FOS are currently snowed under,so they trangress with impunity .......... unless someone knows enough to beat them up with the 19th March letter .... :D

 

He receives an acknowledgement. Do you think they could act on just one single complaint? That would be absurd.

The FOS are snowed under because unfortunately, the way the FSA waiver on bank charges and financial hardship is interpreted by some is completely at odds with the reality. For example, some people cling to the hope (false hope to be honest) that financial hardship means a refund of all charges when it doesn't. Furthermore, and I have said this on MSE, Martin Lewis stating about £500 worth of charges which in all honesty is within the waiver but is something I hope will have a reduced timescale in any new waiver(ie 3 or 4 months) means people are going to the FOS without a hope which leads to a delay. Not having the right paperwork/an argument that is incoherent plus the fact that some people haven't even written to the bank.

Unfortunately, false hope is better than no hope and wait so I do understand why people do go that far.

 

With regards to the letter, I have been beating up banks with the FSA Waiver for MONTHS AND MONTHS, the letter simply is additional material to use :D


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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He receives an acknowledgement

 

Sorry yb , I should have realised that from their post :)- he receives an acknowledgement which points him in the direction of FOS , which is already snowed under .......... :rolleyes:

 

Again , I think we'll agree to differ on this one ,yb , but I still think you're doing a great job , so thanks again for the ammunition ......... :D


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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Sorry yb , I should have realised that from their post :)- he receives an acknowledgement which points him in the direction of FOS , which is already snowed under .......... :rolleyes:

 

Again , I think we'll agree to differ on this one ,yb , but I still think you're doing a great job , so thanks again for the ammunition ......... :D

Ok, if he has a complaint about bank charges he is already going to the FOS on financial hardship, but if he has a complaint about the FSA Waiver itself then he is complaining to the FSA.

Not sure what you mean?


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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We do not provide individual feedback to consumers, but when responding to them we do of course point out their right to refer the matter to the Financial Ombudsman Service

So , when you complain to FSA about the Waiver , they say , thanks for telling us , - you can go to FOS with it - (who you say are for 'Hardship' cases) , - they'll say "if it's about the waiver, refer it to the FSA," and so the circle goes on ...... :-)


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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