Mikey25 v HSBC

[mikey25]

Can somebody help me please?

 

I still can not find the LBA that has been referred to in this thread. I have just searched all through the 'fullSAR for ppi' thread and have found nothing.

 

HSBC have ignored the 3 letters I have sent them asking for a refund of PPI + interest. What should I do?

[mikey25]

Bump

[moose73]

I have been trying to get PPI refunded back from HSBC for a year now. FOS were useless and its ended up at court.

 

It not unusual for HSBC to be difficult.......

[mikey25]

After 2 or 3 fob off letters telling me that they were still investigating my claim I have finally received a letter from HSBC telling me that they disagree with my claim that I was not told about the PPI due to the fact that I would have signed a credit agreement which included a clause about PPI.

 

This would be the same credit agreement that I have been asking them for for almost 2 years that they can't find. What is my next step?

 

Thanks

[moose73]

you could be in for a battle with them!

 

check mine out: http://www.consumeractiongroup.co.uk/forum/showthread.php?250258-HSBC-Loan-PPI&highlight=hsbc+loan

[mikey25]

I hope not. The only difference I can see with mine is that it wasn't taken out until April 2002. Could somebody advise me what to do next? I'm guessing I have to send a letter to the FOS but could somebody point me in the direction of what I need to send them.

 

Thanks

[moose73]

they will try and get out of it citing the limitations act and the 6 year rule.

[dj1971]

Mikey,

 

As I see it you now have two choices.

 

1) Keep banging your head against a brick wall and fighting the toss with HSBC.

2) Refer your case to the FOS and let them worry about arguing or fighting with HSBC.

 

I realise there is a very long waiting list to have your case looked at by an adjudicator at the FOS, but it costs you nothing and HSBC may well cave in when they find out you will not be fobbed off.

 

Entirely your choice.

 

DJ

[mikey25]

Ok,

 

How do I go about referring my case to the FOS?

 

Is there a template letter and an address available anywhere?

[mikey25]

Anyone?

[mikey25]

BUMP - I still need help with this!

[dj1971]

Mikey,

 

The web addres for the ombudsman service is www.financial-ombudsman.org.uk

 

Not sure what the latest guidelines suggest, but you certainly used to be able to ring them up and they would start completing the forms for you and them forward them to be signed. These would then be returned with all related documentation.

 

One thing I would suggest though is to keep copies of the documents as the FOS have been known to lose them.

 

Good luck

 

DJ

[HammyUK]

HSBC are arses- I have had a reply from them ADMITTING that they have mis-sold PPI but only offering the base PPI plus 8% - just one of the early £60ish PPI payments from 2005 adds up to more than they have offered by the time you put compound on it.

[mikey25]

Hi everyone,

 

My PPI claim is now with the ombudsman but I have heard that this can be a long drawn out process. Do you think that it is worth me writing to HSBC again directly after the recent events with them admitting to having mis-sold to a lot of people? In my case they initially denied any wrong doing.

 

What do you think?

[mikey25]

Bump

[ims21]

Hi

 

I think if you referred your case to the fos then you'll need to wait for them to investigate. If you write to HSBC they'll probably just come back and say they are dealing with fos on this.

 

Unfortunately fos can be a very long wait.

 

ims

[mikey25]

Quick update on this.

 

After receiving my full and final decision from HSBC around 3 months ago I filled out all the relevant forms and sent the claim on to the FOS. After hearing nothing for several weeks I have now received a letter back from the FOS along with all the paperwork I sent them telling me that I can only apply to them after I have received a full and final decision from HSBC.

 

Clearly the FOS didn't even bother to read the forms as if they had done so they would have seen that HSBC had already denied my claim.

 

My question now, is that as the FOS have returned everything to me without acting on it, can I now go back to HSBC and ask them to look into my claim again as their full and final decision was provided before the banks accepted liability.

 

What do you all think?

[mikey25]

Bump

[ims21]

Hi Mikey

 

An opportunity has presented itself to get this over and done with relatively quickly. Forget fos now and sue in the small claims court.

 

Claim each ppi payment plus contractual interest compounded to the date of the claim and then + 8% simple from claim date to settlement date if it geets into court.

 

Looking at the figures you worked out near the start of your thread, I think you are diddling yourself out of money as you appear to have only claimed simple 8% interest.

 

ims

[mikey25]

Somebody worked out these figures for me a while back which included the compound interest etc as far as I know. I'd be grateful if you could tell me if this doesn't look correct so that I can try and figure out how to recalculate it.

 

 

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

 

So you don't think I should write to HSBC again? How would I go about taking this to small claims court?

[ims21]

Hi mikey

 

I'm out at work this afternoon and evening but if nobody else fills you in (so to speak) I'll update the thread over the weekend with recommendations

 

regards

 

ims

[mikey25]

Great. Thanks for your help

[ims21]

Hi mikey

 

I've attached a spreadsheet that you can use to calculate your claim. Go through your card statements and enter each ppi payment in the sheet. You only need to enter list data in columns A (Date of Payment), B (Nature of Payment i.e. PPI Premium) and C (Amount of Payment). Enter the interest rate for your card in the blue section at the top together with your personal details. The interest rate for your card should be shown on the statements.

 

As HSBC have given their final decision and fos have sent the case back to you, I would send your Schedule of Claim (The Spreadsheet) to HSBC together with a 14 day letter before action and then if they don't pay up, sue them

 

ims

 

CompoundInt.xls

[mikey25]

Hi,

 

Thanks for that. The problem that I have got is that I dont have all of my statements. I have some that they sent me with my SAR but they didn't send me any that were more than 6 years old. I was told that I could work out an average of the ones that I had and then add on any before 6 years based on the average.

 

If you look at the first page of this thread you will see how the original figure of £1521.36 was calculated.

 

To be honest I am a bit lost with the spreadsheet as I don't really understand how to work out the compound interest etc. Does that figure sound wrong to you?

Edited June 25, 2011 by mikey25

[mikey25]

Ok, I have just been playing about with that spreadsheet you sent me and if what I have worked out is correct then the total compound interest alone is £1384.99 + the cost of the PPI which is £814.12 = a total claim of £2199.11. Does that sound right? Do I also need to add 8% interest on to that or is that already accounted for?