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Mikey25 v HSBC


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Hi mikey

 

Can you post up your spreadsheet minus your personal info and I'll check it for you.

 

Did you not press them for info beyond six years? Some of these institutions say they haven't got the info when in fact they have. Still, if you want to work with a guestimate that should be fine.

 

ims

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Looks good to me mikey

 

ims

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1. Single Premium PPI Q&A Read Here

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3. Reclaim Loan & Credit Card Charges Read Here

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I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

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Great. Thanks for your help.

 

Just one more question, where does the 8% simple interest come in to it? Do I need to add that on to the total figure on the spreadsheet? If so, do I just calculate 8% of the £2199.11 and add it on?

 

Thanks

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Great. Thanks for your help.

 

Just one more question, where does the 8% simple interest come in to it? Do I need to add that on to the total figure on the spreadsheet? If so, do I just calculate 8% of the £2199.11 and add it on?

 

Thanks

 

Hi mikey

 

forget 8% unless and until it gets to court. 8% will be added to the total from the date of your court claim to date of settlement if it actually gets to court.

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

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I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

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my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

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  • 3 weeks later...
Quick update.

 

I sent HSBC a letter before action and gave them 14 days to respond. Today is the 14th day from when they received it and still no response.

 

Any tips on what I should do next?

 

Thanks

 

If it were me I would just give them a few days grace so that you can be shown to have been reasonable.

 

After that you can issue in court but do make sure that of you go that route you are prepared to get into a court room with them and are confident in building a solid case.

 

Regards

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

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I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

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my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

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  • 2 years later...

Just thought id come back and update this even though it had been almost 3 years.

 

HSBC played hard ball all the way through and refused to admit to mis-selling.

 

In the end I took it to the ombudsman who found in my favour.

 

HSBC still refused to accept the decision and despite having no new evidence decided to appeal.

 

Another long wait but today the Ombudsman have written to me to inform me

that they have upheld my complaint and that I will hear from HSBC within the next 8 weeks with an offer.

 

I just hope they don't drag their heels as they have done from the start.

 

I have heard positive stories about many banks dealing with ppi complaints quickly.

 

HSBC will never receive another penny from me as they have done everything

they can to try and wriggle out of righting their wrongs.

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Hi mikey

 

This sounds positive again then.

 

Please let us know when they actually cough up the money.

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

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I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

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my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

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I will do. Out of curiosity, as this has taken so long to get resolved, will I have accrued more interest that they will have to cough up or doesn't it work like that?

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It is my understanding that they have to add interest to the date they write the cheque out.

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Ok great. I have just redone my compund interest sheet and according to that by delaying things as long as they have its going to cost them an extra £1200.

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As this is an award under the regulatory system you should forget compound interest right up to date.

 

This particular case involves a credit card, the balance of which was sold on to a third party and, according to earlier posts, was never paid off.

 

In a case like this, the award should consist of....

 

1-> a refund of all premiums added to the account

 

2-> all contractual interest added to the account as a result of the PPI

 

3-> the account should be reconstructed with the above removed. If that reconstruction shows that in any month the account would have been in credit, 8% simple is awarded on that credit balance for that month.

 

As the debt has been sold on then the refund should be paid direct to you and not sent on to the third party.

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

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I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

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my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

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Thanks for the info. I am a little confused though. Will they still have to pay compound interest and if so when would they have had to pay this up until?

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The contractual interest is the compound interest.

 

They only have to give you back the amount that you were actually charged so under a regulatory award there will be no further contractual interest payable beyond that date on which they stopped charging it.

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

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I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

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Ok I think I understand. However, the interest stopped being changed when I took out a HSBC loan and used part of that to pay off the credit card. So although, the card ended, I would think that interest was still being charged on the PPI amounts through the loan that I had with them. Not sure if this will be taken in to account. Sorry for all the questions. Just want to make sure they don't try to fob me off with a low offer.

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I thought I read earlier that the card debt was sold to a DCA?

 

If a loan was taken to pay off the card then yes there should be some adjustment due on the loan as well.

 

The over riding consideration is that you should be out back in the position you would have been in had the PPI not been applied in the first place. If PPI had not been applied to the card then the balance at the end would have been lower and hence the loan that you took to pay it off would have been less. That means, as you say, that some of the loan was being used to pay off PPI.

 

You will need to make sure that this is taken into account in the redress figures.

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

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my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

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Ok thank you. I'm not entirely sure how to work all that out as I no longer have statements etc for the loan. Everything I had with HSBC was sold on to a DCA. I think I may just wait until HSBC make me an offer and then come back if I am unsure of anything if that's ok. Thanks for your help.

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If and when an offer turns up, if it is not clear enough for you, don't forget to ask the questions of them and if need be demand a full and detailed breakdown, premium by premium of necessary :-)

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

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Just realised what you meant about the card debt being sold to a DCA. If I remember correctly I took out a loan to pay off the card and then due to being young and stupid I managed to run up a debt on the card again. This was then sold to a DCA later on.

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Sorry to be a pain but I wonder if somebody could help me clarify what sort of offer I should be expecting from HSBC as I am very confused at the moment. There seems to be different calculation sheets and differing advice floating about. I paid approximately £814 in PPI on the credit card. I have now found that the interest on the card was 12.9%. Working out what I am due back has baffled me because I have come up with figures of anywhere between £1000 and £3300.

 

The card was taken out in April 2003 and was paid off using a loan in 2004 before the card was run up again. The account was passed to a DC in 2006 and payments were made on a DMP until 2009. In unsure whether ppi would still be on the account if it was being paid through a DMP.

 

I thought I had an idea what to expect but seem to have confused myself by reading various threads.

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If the account went to a DMP then it is highly likely that the PPI would have been cancelled. If it was then this should be reflected in the statements.

 

This is the spreadsheet to use for a credit card.

 

FosRunningPPI v102.xls

 

If you haven't got all of the statements then you won't get an accurate estimate.

 

You also need to get the lender to consider the extra costs you incurred through the loan for the PPI on the card.

 

What you should expect to receive is detailed in my posts above.

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

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  • 1 month later...

Hi everyone.

 

I have an update on this claim. As mentioned previously the FOS upheld my case and HSBC were given 8 weeks to make me an offer. After 8 weeks I hadn't received anything so I called them only to find that they still had my old address on file. This claim has taken 3 and a half years. I didn't realise it had taken so long so had no idea that they still had my previous address. Anyway, I went in to the branch and changed my address and then spent several days trying to speak to somebody on the phone to find out what happens now. (The PPI team won't speak to you on the phone and the CS agents won't even attempt to put you through to them).

 

Anyway, after calling again today I have been told that a new letter has been sent to my new address with an offer of £3140.06.

 

I haven't yet received the letter so I have no idea if there are any calculations on there. I tried using the spreadsheets available on here but just ended up confusing myself. I was working out figures of anywhere between £1000 and £3000 so at least the offer is at the upper end of what I was hoping for. I will check when the letter comes but will likely just accept the offer as I first sent my complaint in at the end of 2010 and I think I have waited long enough.

 

Thanks to all who have offered advice along the way and have helped me to reach a positive conclusion to this long drawn out claim.

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