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Question for friend re questionnaires for HSBC and Egg


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A friend of mine has asked me to find out what to do about the questionnaires he has been sent from Egg and HSBC.

 

He was self-employed and had loans with both Egg and HSBC on which PPI was paid. Initially he phoned both organisations to complain about PPI and they have sent a letter of acknowledgement. He had SARed them in between phoning them and their letter arriving. He is still waiting for his statements but well within the time frame for that.

Yesterday he has received questionnaires from both of them and is unsure of what to do.

Should he complete these or wait for the statements?

If he is to complete them is there a guide on completing them/any tips?

Are the questionnaires just a delay tactic or relevant?

Please help!

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Hi

 

Personally I would wait for the statements so that he can prepare a spreadsheet of claim to submit to each lender.

 

Also I wouldn't use their questionnaires, I would go to the fos website and download their copy and use that...one for each lender. You never know if the bank have changed the wording slightly so it it weighted in their favour.

 

The questionnaire is just filled in with the answers and if you wish to give more detail on nay question just do it in a separate piece of paper and attach it to the questionnaire when the claim is submitted.

 

ims

 

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Thank you!

The letter of acknowledgement from Egg stated that they could not find a record for this account and their records do not go back further than 6 years etc (although it had an account number and ref number on the first page of the letter) These are both closed accounts.

Should he be worried as he didn't have account number for the Egg account but gave all relevant info on the SAR (ie previous address, full name)?

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On closed accounts they need to keep records for six years after the closure....when was the account closed?

 

Some banks say they don't keep records beyond six years but there are reported cases where data going back further has been supplied when pressed.

 

If you don't have an account number all you can do is supply the address(es) relevant to when the card was active and full name.

 

Has the 40 days for compliance expired yet?

 

ims

 

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The Egg account was closed in Dec 2003 :( They have somehow managed to come up with the account number and know the figures related to the account. They did tell him on the phone that he might pay the £10 and send his SAR and wait 8 weeks and they would still probably not be able to give him any info.

 

He sent the SARs a week ago. I just wondered whether the fact that the fact that they are long closed affects his claim :(

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He needs to see if they can give him the PPI figures. In the absence of those figures it will not be possible to prepare his own schedule of amounts due back.

 

If that information is not available the best he can do is put in a speculative claim without a spreadsheet and see what they offer.

 

Sadly the passage of time may be a problem

 

ims

 

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  • 1 month later...

Right I'm back! :)

My mate has had an offer for £2500 from HSBC and finally received his data from them.

He has passed the info to me to check with you.

So

Loan 1 was for £3k, PPI was £701.06 for 60 months APR was 14.9%

Loan 2 was for £4k, PPI was £946.21 for 60 months "

Loan 3 was for £7500 PPI was £1774.14 for 60 months

 

They say that PPI was refunded for £190.01, £608.06 and £1602.54 although he has no recollection of any refunds.

 

I know I need to do a spreadsheet. I'm guessing the Stat one. Thick question time, do I divide say for loan 1, the £3k and the £701.06 by 60 for the spread sheet?

Loan 1 ran from Feb 01 to July 03 and Loan 2 started July 03 and ran to June 04, loan 3 started June 04 and ran its course I think. So it looks like the loans ran into each other.

Help! How do we work this out?

(waits patiently for White Knight Ims to ride in on his steed) :lol:

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Erm

 

Steed and white knight have arrived :lol:

 

Have you read the item at No.1 in my signature? Tells you how to do it.

 

If you still have probs just shout here

 

ims

 

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Ok I am back!

 

I've read through no. 1 on your sig but my heads battered!

 

On the loan progression sheet, although loan 1 was supposed to run for 60 months, it actually only ran for 26 months before loan 2 started.

So do I put 60 months or 26 months?

Also for amount of loan in the yellow box, do I put £3000 or the amount including interest and the PPI?

:???:

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Hi

 

Of course I'll help :-)

 

Make sure you have the two spreadsheets...StatIntSheetV101.xls and LoanAnalysis.xls.

 

Loan 1 was for £3,701.06 with PPI of £701.06. So PPI is 18.94% of the total loan. That means that 18.94% of each monthly repayment was for PPI. So work out that figure.

 

In the StatIntSheet, list each of these amounts giving the date, a description and the amount for the 26 payments made.

 

We now need to work out what amount of PPI was rolled into loan 2.

 

In the LoanAnalysis sheet enter the amount of loan as £3,701.06, the term as 60 and whatever the total monthly payment was. Read down the left hand column to payment No.26 and see what the loan balance is that is showing in the right hand column. 18.94% of that balance is for the PPI part of the loan so work out what 18.94% of it is and make a note of it. They say that a rebate of £190.01 was given on settlement so deduct £190.01 from the figure you have just calculated. This is the amount rolled into loan 2.

 

When you've done all that, shout here with the rollover figure you get.

 

ims

 

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Thank you for that my White Knight! :)

 

I'm going to have to start on it in the morning as my eyes are strained (it's been one of those weeks so far and it's only Tuesday!)

 

Fresh eyes and a fresh brain for me in the morning and I will be back on it! :)

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Hello!

 

Right here is the Stat sheet so far, is this right? In the 'From' box it seems to want to put a % figure. Do I put a date here or a %? They give the % of the APR as being 14.9% or do I put the 18.94%?

 

 

Also the figure of remaining PPI from Loan 1 is £265.03

StatIntSheet v101-steph.xls

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Hi

 

You have an older copy of the spreadie..it has been fixed so in yours just change the format of that cell to "Date" and it will be fine.

 

So if £16.25 is 18.94% of the monthly repayment then yes, your entries are correct.

 

So the rollover amount of PPI to loan 2 is £265.03.

 

Loan 2 total amount is £4,946.21 so as a percentage, 265.03 is 5.36% of that loan. This means that 5.36% of every payment you made on loan 2 was for the loan 1 PPI.

 

In addition, loan 2 had its own PPI of £946.21 which is 19.13% of the total.

 

So work out what 5.36% of the monthly payment is and list those payments in the spreadsheet. Then work out what 19.13% of the total monthly payment was and list those in the sheet too. As the loan ran from July2003 to June 2004 you should end up with about 12 of each.

 

So now we need to work out the rollover from loan 2 to loan 3 and you use the Loan Analysis sheet to do this. Enter £4,946.21 as the loan amount, the term amount and the monthly repayment. As before, look up the balance after the number of payments actually made. Work out what 5.36% and 19.13% of this balance is and make a note of each figure. From the 19.13% result, deduct the rebate received and you will have the rollover figures from loan 2 to loan 3.

 

When you've done that, shout here.

 

ims

 

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