Mikey25 v HSBC

[mikey25]

Hi everyone,

 

I have used this site for other reasons in the past and have always found it quite useful.

 

I have seen and heard all the adverts about people being mis-sold PPI but didn't think it applied to me as I had never had PPI.

 

Wrong!!!! Today I came across a statement for a credit card I had from HSBC in 2004. I was only young when I got the credit card so didn't really pay as much attention to everything as I should have. On the statement there was a £27 charge for cardholder repayment protector. Is this payment protection insurance?

 

I know that I didn't ask for it because I remember getting really ragged off at the woman who tried her hardest to sell me PPI when I took out a loan with them.

 

I just wanted to know where I stand and what steps do I need to take to find out if I can claim these fees back.

 

Thanks

[dj1971]

Hi Mike,

 

It certainly sounds like PPI to me.

 

First step is to calculate the charge from each statement going back to when you took the card out.

 

If you do not have all the statements, send a Subject Access Request to HSBC requesting all the information they hold on you as a data subject.

 

Have a look at the sticky on the PPI homepage entitled " full sar for ppi " All the information you need is in there and also a template letter for you to send.

 

Adjust the letter to suit your circumstances and send to HSBC head office along with a postal order for £10. Send the letter either special delivery or recorded delivery and keep the receipt for proof of postage.

 

HSBC must supply all the information they have on you, which will include statements, credit agreements, letters of correspondence etc... within 40 calendar days.

 

Once you have the info, come back here and someone will help you to calculate how much you may be owed.

 

Good luck

 

DJ

[mikey25]

Thanks,

 

I have sent them CCA requests before which they couldn't honour but don't think I have sent them a subject access request. I will get that done as soon as possible.

 

 

One more question. Does it mae a difference that the credit card was taken out before 2005 as I thought I read somewhere that this could stop me claiming?

 

Thanks

[dj1971]

No difference at all mikey

[mikey25]

Great! Thanks

[mikey25]

Hi everyone,

 

After a bit of a battle with HSBC they have finally honoured my subject access request. I picked up the large pack of paperwork today and proceeded to start going through the credit card statements to calculate the PPI. I got the amount up to around £440 but then the statements stopped. They don't seem to have sent me any statements prior to September 2004 yet I can tell from the other statements that there should be at least 4 or 5 more prior to that date. What should I do? I'm guessing that I can't just estimate what PPI they would have charged me but also don't really want to go through all the hassle of writing to them again to demand that they send the remaining statements.

 

Any ideas?

 

Thanks

[dj1971]

Mikey,

 

Personally I think it is unlikely you will get the statements as it seems protocal for the bank to only go back 6 years to the month, even if they do have the statements.

 

When I met this issue against barclays, I calculated an average monthly charge for PPI and multiply that by the number of months I was missing statements for.

 

DJ

[mikey25]

Mikey,

 

Personally I think it is unlikely you will get the statements as it seems protocal for the bank to only go back 6 years to the month, even if they do have the statements.

 

When I met this issue against barclays, I calculated an average monthly charge for PPI and multiply that by the number of months I was missing statements for.

 

DJ

 

Ok thanks. So do you think they are likely to accept that and payout on that basis? I'm a bit confused now as to how I calculate it all. I took the credit card out in 2003 and it was passed to a debt collectors in 2006. The DC have since closed the account due to not having the credit agreement. My best estimate is that the PPI charges come to around £750 but I'm not sure how to calculate interest etc

[mikey25]

Hi again.

 

I have sat down this morning and dug through old paperwork to try and work a few things out. I'd be grateful if somebody could help me use these figures to work out what I should be trying to claim back.

 

I have found out that I took the credit card out in April 2003. HSBC have only supplied statements from September 2004. The account was sold to a debt collectors in January 2006 when the PPI stopped showing on my statements. Therefore I have calculated that between September 2004 and January 2006 I made 16 payments of PPI totalling £419.82. This comes to an average of £26.24 per month. There are 15 statements missing from the SAR that I received which should run between May 2003 and August 2004. Therefore if I am working it out based on the average paid that would come to another £393.60.

 

This gives a total of £813.42. (Please correct me if I am way out with any of this.) What I need to know now is how to work out the interest and the total amount I should claim for. What dates should I use to work this out? Would it be the date that the PPI stopped showing on the statements?

 

Any help is much appreciated.

 

Mike

[mikey25]

Anyone got any thoughts on this?

[mikey25]

I appreciate that everybody is probably busy but I could really do with some help on this when somebody is free.

 

Thanks

[dj1971]

What was the interest rate on this card Mikey?

 

DJ

[mikey25]

I think it was 14.9%. I didn't realise the interest rate made a difference.

[dj1971]

Certainly does mikey as you can claim compound interest at the rate they were charging you.

 

In order to help you with the calculations, we will need to know how much the charge was for each month you have the statements.

 

If you put together a spreadsheet with all the charges and the date of these charges, I will help you to make your calculation.

 

DJ

[mikey25]

Ok thanks. I will do that today

[mikey25]

Right. Here goes.:

 

I took the credit card out in April 2003. To the best of my knowledge the card had an interest rate of 14.9%.

 

Here is a breakdown of the PPI on the statements that HSBC provided.

 

9/9/04 - £36.29

11/10/04 - £0.79

9/11/04 - £0.79

9/12/04 - £0.79

11/1/05 - £18.38

8/2/05 - £20.71

8/3/05 - £28.02

11/4/05 - £34.70

10/5/05 - £34.91

9/6/05 - £34.50

10/7/05 - £34.18

8/8/05 - £35.02

8/9/05 - £33.68

10/10/05 - £33.95

9/11/05 - £36.18

8/12/05 - £36.93

 

As you can see I don't have any statements from before September 2004 as HSBC did not supply these with the SAR. I'm not sure what the situation is regarding any PPI that I paid before September 2004. I worked out there would have been 15 statements before then that I have not received.

 

I would be grateful for any help with working this out.

 

Thanks

[mikey25]

Anyone around to help with this?

 

Thanks

[dj1971]

Mikey,

 

By my calculations and in line with FOS calculations, your claim should be:

Total cost of PPI: £814.12

8% simple interest on monthly repayments: £392.12

8% on difference: £315.12

 

Total claim = £1,521.36

 

Now go get your money back.

 

DJ

[mikey25]

wow. wasn't expecting that much. Thanks a lot.

[dj1971]

You welcome Mikey.

 

Just put a letter together stating why you believe the PPI was mis sold and send it recorded or special delivery, keeping the receipt as proof of purchase.

 

DJ

[mikey25]

Hi everyone,

 

After listening to the advice I received on here I sent a letter to HSBC via recorded delivery on 9th October 2010. After 10 days the royal mail tracking service was still showing that the letter was being processed. I decided to send the same letter again via recorded delivery from a different post office. Once again, almost 2 weeks later the letter had not been delivered. I posted the same letter again using just a first class stamp and still no response. All of these letters were posted to the 8 Canada Square address.

 

Has anybody else heard anything about HSBC refusing to accept mail? It seems very strange as all letters sent to that address in the past have been answered. What do you think I should do next? Should I hand deliver the letter to my local branch?

 

Thanks

[mikey25]

Bump

[dj1971]

Mikey,

 

The likelihood is HSBC have received both your requests but the postman delivering your letter has stuck yours in through the letter box along with everything else, rather than have to go inside and actually get a signature for the letter.

 

Personally, I would give it another week and if HSBC have still not responded then send the LBA which is on the stickys on the PPI homepage.

 

DJ

[mikey25]

Sorry if I'm being a bit thick but does lba stand for letter before action? I've had a look but don't seem to be able to find the template. Does anybody have a link?

 

Thanks

[dj1971]

Mikey,

 

It is in the sticky entitled "full sar for ppi"

 

DJ