HSBC credit card PPI *** SUCCESS ***

[Fur]

I made a search of my possible ppi payments over the years after my wife made a claim to Natwest and got back £1245. I checked all my statements and I know I asked that the I cancelled all the cover on my credit cards in December 2005 so I though I had no hope. the first I got back was from MBNA for £1430 and though I was doing fine, and then I got £7064 back from Lloyds. This made start looking into how it was all calculated and this excellent web site. I have now had an offer from M & S Money but when I put the figures into the various calculators on this website in comes out as a much larger figure - if I did the MBNA payments then I also do so I think I may revisit that one. Just to clairfy the interest rate. Do I use the rate I was charged by credit card and compund this for each ppi payment, or is it compounded at 8%?

 

HSBC has now sent me the FOS questionaire to fill in and would welcome views on whether I should fill this in as it does have some pitfalls and do not want to jeopardise a claim in anyway. Incidently when I put the Lloyds figures from my statemnts into the calculators I do not get near their figure - close but about £500 out in my favour.

[ims21]

Hi

 

I have moved your post to a new thread which has been created for you. Please continue to post on your subject in this thread.

 

Use this one for the HSBC claim and start new threads for the other cards/loans your are claiming on

 

ims

[ims21]

Hi

 

With regard to the fos questionnaire, download a "proper" one from the fos website to make sure it is the correct one. You send the fos questionnaire and completed spreadsheet to HSBC with your claim.

 

Awards calculated using fos rules for credit cards will give the premiums back plus any contractual interest charged as a result of those premiums. If in any month the balance on the account goes into credit after removing the ppi, they will award 8% statutory interest on that credit balance.

 

Compound interest is not awarded by fos but can be awarded by a court.

 

ims

[Fur]

Ok.

[Fur]

recieved an offer from HSBC but only for the premiums from Feb 05 to Dec 05 as their records do not go back any further. I have sent them copies of all statements I have to hand at the moment (183) going back to 1994. The account is still open and the ppi payments were cancelled by me in January 2006. They have said in their letter that they have upheld my complaint and will not do anything else but send the statements. So we will wait and see. Their caluclation of the premiums for part of 2005 is £358.78 ( I am missing two months but my schedule comes to £305.69 so this is honest) and then interest of £351.91, and 8% interest of £4.37. I presum the latter is on the refund calculation up to the date of my complaint and then 8 % from that date. This appears to be a good start.

 

I was wondering if anyone has got definitive info anywhere that says I can force it back to when my records began ( and I keep finding statements) which using the calcultors available on this site comes to around £6,000 on the premiums I have from my statements. They have also given a good breakdown which was helpful. M & S Financial services says my calcultaions are all wrong but HSBC has used that method, as Lloyds has done so this is a good omen.

 

I shall keep at it and any commnets would be welcomed. How do I donate to this website?

[Fur]

Oh I forgot; I also asked for £5 per statement the same as they would charge me if I asked for them. I do not expect tog et hat but a contribution would be nice.

[ims21]

Hi

 

You can donate to CAG here http://www.consumeractiongroup.co.uk/paypal.php?go=donate

 

The reason banks say they will not refund more than six years ago is that they claim not to hold information that far back. We know this to be untrue in many cases. If you have the statements then there is no problem in going back as far as you can.

 

Banks will refund in accordance with fos/FSA rules and for a credit card you can check their figures using the attached sreadsheet.

 

ims

 

 

FosRunningPPI v101.xls

[Fur]

Have now received a revised offer of £2,755 and includes the ppi payments made on all the statments that I sent them back to 1994 (with gaps). The PPI premiums total about £989, interest about £1700 and 8% intrest of about £71. I say about as I have left the letter at home.

 

They have not added anything for the cost of providing them with all the information and my time and trouble.Using the FosCISsheetv101 spreadsheet and a generous (to them) interest rate of 15% then I get to £4,062 (ie preimiums £989 and the rest interest).

 

I have written thank them and offfering to settle at £4,000. I also found two more statements from 1996 and sent them as well. This might let them see the sense of getting me to a F & F before I find more info!

 

Any views?

[Fur]

I have also sent a copy of their calcualtion to M & S to prove that over the same timescale and roughly the same level of total premiums then HSBC get to a proper figure based on the FOS rules so get a grip!

[ims21]

Well nothing ventured nothing gained

 

See what they come back with

 

ims

[candyapple1]

I think HSBC are using liberties with the interest rate they are using to calculate offers, they would not give me a definite response when I asked what interest rate they were using, just some mumbo jumbo about it differing every month. Even when I used the lowest average interest rate, we should have got quite a bit more out of them. Ask them to tell you what interest rate they are using, should be interesting to see what they say. If you play about with the interest rate on your fosrunning spreadsheet, you might be able to figure out what one they are using, with us it was just over 13%, which I think is very unrealistic.

[Fur]

I ahve today given up and accepted their latest offer of £3295 as they would not budge on giving me anything towards my costs, and even though I am getting 8% on my money (as opposed to 0.5% with my deposit with them) I needed cheering up.

 

So lets see when the money turns up and then aniother success.

[Fur]

Payment received and this claim completed.

 

Whilst looking out all old statements I found old loan document and this had ppi on it as well. They coughed up £1559 within 4 weeks of the complaint for that. the loan was taken out in November 1999 and paid off in Oct 2006.

 

So total from HSBC £4,854

[ims21]

Good stuff...well done.

 

I'll change the thread title to reflect your success and pop a link into the PPI success forum

[Fur]

It has got even better, for some reason they reviewed all the stuff I have sent them and have just sent a further £602. Signed and ran down the road grinning.

[Fur]

As a result of looking through all my bank statements, cupboards, any box file, old shoe boxes

I have found my life of debt has been continuous, but very fortuitous with PPI claims.

 

 

I have received from HSBC the following Credit card ( in two payments),

£3800 Loan

£1500 Flexiloan

£2900

 

 

Taken with my other payments from Lloyds (£7000),

MBNA (£3400),

Cap One (£490 was 0% int deal for most of card so no large interest roll-up)

 

 

I have received over £19,000.

 

 

I currently have three in FOS with Egg (though just received letter after 14 months saying I am going to receive an offer) which could be £1500,

M & S Money which will end up around £4,000 and

Market Harborough Building Society which will be around £1600 as well.

 

 

I have also put in pretty fly claims to RBS over a car loan via Capital Bank that I have proof of payments going out my bank account

but cannot find the original loan reference nos, but will get there in the end.

 

 

It took them 7 SAR attempts before they admitted they had no paperwork

and had failed to adhere to 40 day period.

 

 

Sent me a nice hamper which was gratefully received.

 

 

Also had Natwest credit card and they have had to rely on my records again so that should be another few hundred.

I have also been evangelical about this site and have now helped over 40 people start and complete reclaims

and the lack of confidence and ability of most people I come across to actually write a letter (they all have computers) staggers me.

 

 

They think they can/should just phone up.

I have helped one man in his sixties get over £14,000 and another £3,000 and both could not believe how simple to was to actually write the letters,

use a spell checker, and get the money back.

 

 

I do (not) feel for the banks as when I have been through the stuff and calculations,

I have in quite few cases received back more from them then I ever paid them in interest on the loans,

and certainly their share of any profits on the loans.

 

 

They will no doubt get me ( and all of us) back some time!

[miamidancer]

Hi Fur,

 

Well done on your successes.

 

I have been feeling downhearted lately about the process of reclaiming PPI and penalty charges and was on the brink of giving up on the idea, but your successes have gave me such a boost, I now feel nothing ventured nothing gained, going to get papers etc sorted out and get my claims in. Just need to sort out the narrative for such claims.

 

Thank you

[miamidancer]

Hi again,

 

I recently helped my son in law with his PPI claim against HSBC and it was successful, I shall use that as a positive measure in my claims.