Dreadpirate Vs HSBC

[dx100uk]

dunno?

 

lets see the SOC.

 

dx

[dreadpiratesteve]

Here it is.

 

The figures from June 2006 are the figures that HSBC have sent. The APR is an average of the "Effective APR" that they have sent me on their Transaction Summary.

[dx100uk]

looks ok

 

now fill out the FOS CQ and send acovering letter upon how YOU have done the calc

with regard to the FOS guidelines.

 

dx

[dreadpiratesteve]

Thanks again DX.

 

Here's a copy of the letter of my counter claim - Have I included everything, or am I missing something (names/ addresses/ numbers omitted for the obvious reasons!)?

 

"Dear Sirs,

I am writing in response to your letter dated 11th September 2012 where you offered a revised amount in regards to my PPI complaint.

After reviewing the information I have since received in my Data Subject Access Request, I feel that your offer does not take into account compound interest at the credit card rate since my Cardholder Repayment Plan came into effect in May 2002.

As data is unavailable prior to 18th May 2005, charges for the Cardholder Repayment Plan are taken as a monthly average from the available date for use from 6th May 2002 to 6th May 2005.

The interest rate is taken as an average of the effective APR rate supplied in the transaction summary that was supplied to me.

I therefore request a refund of the following:

1: Cardholder Repayment Charges = £358.89.

2: Compound interest at 22.87% = £1362.73

3: Simple interest on the above amounts from 17th June 2011 to date = £183.84

Total =£1905.43

I enclose a copy of the spreadsheet detailing the charges, a copy of the transaction summary showing the effective APR rates and also a copy of the FOS Questionnaire that was previously been submitted to you in my initial claim.

I look forward to hearing from you soon

Yours sincerely"

[dx100uk]

looks good

 

dx

[dreadpiratesteve]

An update: it appears that HSBC still don't like responding to letters! I've now fired off a letter to the Company Secretary giving them 7 days to play nice or it will be time for FOS involvement.

 

here's hoping I can get this resolved soon!

[dreadpiratesteve]

Finally a response, and not the one I was hoping for. HSBC are refusing to increase the offer. Time to take this to FOS!

 

Even more entertaining, two letters from the same person (Suzanne Rogers) one dated 12th Dec saying they weren't going to increase the offer, another dated 17th Dec saying they were looking into it!

 

The mind boggles!

Edited December 20, 2012 by dreadpiratesteve

[dreadpiratesteve]

Claim is now in the hands of the FOS. Here's hoping it gets resolved well within the 12 months they advise this could take!

[Old Cogger]

Finally a response, and not the one I was hoping for. HSBC are refusing to increase the offer. Time to take this to FOS!

 

Even more entertaining, two letters from the same person (Suzanne Rogers) one dated 12th Dec saying they weren't going to increase the offer, another dated 17th Dec saying they were looking into it!

 

The mind boggles!

 

Oh! you have found it is HSBC you are dealing with? " Their operational skills deem a lot to be desired Quote!"

[dreadpiratesteve]

It's been like a Carry On film with some of their antics!

[dreadpiratesteve]

An update, although it seems HSBC can't keep figures straight. Their new offer seems to be £40 more than previous and nowhere near the £1905 that I've calculated.

 

Again, their new offer doesn't have a rate of interest just a seemingly random number.

 

I'm guessing it's a matter of negotiating now, should I go through HSBC direct or deal with FOS?

 

Any thoughts?

[dx100uk]

keep the fos updated

 

dx

[dreadpiratesteve]

Thanks DX, the other part of their letter amused me too. Apparently under the 2007 Money Laundering Regulations they want me to go to my local branch with ID before they will release payment!

 

The mind boggles!

[dreadpiratesteve]

After asking HSBC for a full detailed breakdown of how they came to their calculations, they've kindly sent me a long rambling letter about how they use the data and that their calculators are verified by the FCA. All they've sent me is a list of PPI payments I've made with no information on the rate of interest etc.

 

Any idea's on how to get this information?

[dreadpiratesteve]

Finally had contact from the FOS. Frustratingly they've agreed that HSBC's calculations are correct. So now just waiting for the updated offer.

[SabreSheep]

Have they agreed that you were missold?

If so you might want to investigate a small claims. And then *Maybe* Interest in restitution

[dreadpiratesteve]

They've agreed that I've been mis-sold, just a difference in figures from my calculations to theirs.

[SabreSheep]

Maybe Andy or one of the others could advise you on a small claims then. If you have it in writing they missold you then im assuming (and its a big IF) that the fact they have admitted to unlawfully taking your money you could argue for interest in restiitution say 24.9% api compound interest.

 

I have not seen anyone doing this though

[dx100uk]

we certainly know that the likes of Barclaycard and cap1 do pay restitution when court papers arrive usually

 

might it be an idea to use the FOSRUNNING sheet

to see if that gets nearer?

 

don't forget our methods are only a guideline as such.

 

dx