Jump to content


  • Tweets

  • Posts

  • Recommended Topics

  • Our picks

    • If you are buying a used car – you need to read this survival guide.
      • 1 reply
    • Hello,

      On 15/1/24 booked appointment with Big Motoring World (BMW) to view a mini on 17/1/24 at 8pm at their Enfield dealership.  

      Car was dirty and test drive was two circuits of roundabout on entry to the showroom.  Was p/x my car and rushed by sales exec and a manager into buying the mini and a 3yr warranty that night, sale all wrapped up by 10pm.  They strongly advised me taking warranty out on car that age (2017) and confirmed it was honoured at over 500 UK registered garages.

      The next day, 18/1/24 noticed amber engine warning light on dashboard , immediately phoned BMW aftercare team to ask for it to be investigated asap at nearest garage to me. After 15 mins on hold was told only their 5 service centres across the UK can deal with car issues with earliest date for inspection in March ! Said I’m not happy with that given what sales team advised or driving car. Told an amber warning light only advisory so to drive with caution and call back when light goes red.

      I’m not happy to do this, drive the car or with the after care experience (a sign of further stresses to come) so want a refund and to return the car asap.

      Please can you advise what I need to do today to get this done. 
       

      Many thanks 
      • 81 replies
    • Housing Association property flooding. https://www.consumeractiongroup.co.uk/topic/438641-housing-association-property-flooding/&do=findComment&comment=5124299
      • 160 replies
    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
      This is generally speaking the problem with using PackLink who are domiciled in Spain and very conveniently out of reach of the British justice system.

      Frankly I don't think that is any accident.

      One of the points that the judge made was that the customers contract with the broker specifically refers to the courier – and it is clear that the courier knows that they are acting for a third party. There is no need to name the third party. They just have to be recognisably part of a class of person – such as a sender or a recipient of the parcel.

      Please note that a recent case against UPS failed on exactly the same issue with the judge held that the Contracts (Rights of Third Parties) Act 1999 did not apply.

      We will be getting that transcript very soon. We will look at it and we will understand how the judge made such catastrophic mistakes. It was a very poor judgement.
      We will be recommending that people do include this adverse judgement in their bundle so that when they go to county court the judge will see both sides and see the arguments against this adverse judgement.
      Also, we will be to demonstrate to the judge that we are fair-minded and that we don't mind bringing everything to the attention of the judge even if it is against our own interests.
      This is good ethical practice.

      It would be very nice if the parcel delivery companies – including EVRi – practised this kind of thing as well.

       

      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
        • Like
  • Recommended Topics

HSBC PPI Claim now moved to FOS


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 3410 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

I have a couple of questions re maths and redress.

 

I consider myself quite good with figures and spreadsheets and have been working on one in readiness for my ongoing battle with HSBC.

 

I have taken every single PPI payment made and applied a formula calculating the compound interest on a month by month basis since the card started.

This has given me a figure of 22k to date for just the original PPI payments plus all the compounded interest.

 

Now I have also started to look at reconstructing the whole account without the above on it.

 

 

There is a gap from Jan 01 to Feb 05 and I will work out what to do about this in the morning.

 

My question is.

 

..I have the figure for all PPI and compound interest, this should be refunded

 

what about the differance in my card balance as it stands today

and the one I have calculated without the PPI payments and interest,

which at the moment is showing as minus 1939 but I still have some work to do yet?

 

Should I be refunded the PPI payments, compound interest and diff in card bal plus 8% on any credit balances

 

or because I have calculated the total PPI and compound interest owed

should I be paid that figure plus 8% on credit balances.

 

I have been trying to get my head round it but think the spreadsheet today has frazzled my brain

Link to post
Share on other sites

  • Replies 202
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

 

fos running is the one.

 

 

as this is a credit card

 

you would only receive any 8% if, after the PPIlink3.gif is removed

the card at anytime entered a state of credit for that month

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

Yes I understand that but say for example it was in credit for two months back in jan and Feb 2000...would I get 8% intrest to date on the amount for Jan ie £39.95 x 8% until 2014 and £45.00 x 8% until 2014. That is confusing me

Link to post
Share on other sites

you wont be able to use that ss without all the statements

 

I think what is depressing your redress, is the period from 05 to07

 

2 years when the reconstructed ac would have been in credit

 

I have also in the last few days received a letter from our friend vicky,

 

now confirming that they hold electronic credit card records back to 1997,

 

well theres a suprise:madgrin:

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

Link to post
Share on other sites

wow our mate saying they have records back to 1997..like you say what a suprise. I really need to get hold of those records and then I can at least calculate an accurate ss. I will wait to see what she says in response to my last letter.

Link to post
Share on other sites

yes keep at it Allison, you need, and they do provide that breakdown when pushed hard enough

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

Link to post
Share on other sites

This is the spreadsheet where I have calculated the total ppi payments and compound interest. I have used the interest rates charged from the SAR info and actual statements and changed them every month. For the missing period I ahve used an average (the lower one ).

Link to post
Share on other sites

Yes I understand that but say for example it was in credit for two months back in jan and Feb 2000...would I get 8% intrest to date on the amount for Jan ie £39.95 x 8% until 2014 and £45.00 x 8% until 2014. That is confusing me

 

 

 

it would be x 8% simple interest

you'd have to use the statint sheet

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

Not sure what you mean DX..

 

 

this spreadsheet just calculates the ppi payments made and then the compounded interest charged every month to date.

 

For example the very first payment made in Dec 98 of 72p would of been charged interest the following month

and so would then of been 73p (interest of 1p plus the original payment)..

 

 

this then carries on for every following month to date (every month the bal brought forward plus interest charged on that b/f bal)

so the end figure of £9.88 is the total ppi payment plus the compound interest that has been charged

and so by my reckoning this is what they should pay PLUS any 8% interest once the account has been reconstructed without the PPI

and compound interest for any periods the account would of been in credit.

 

I have had to use the avergae from all payments to fill in the missing period and this is highlighted in yellow.

 

Becasue I don't have these figures for the missing period than I can't use your spreadsheet to reconstruct without ppi.

Link to post
Share on other sites

I would be using the foscisheet.

 

 

you will only receive 8% stat interest if IN THAT MONTH your card entered a positive balance

 

 

so , from the data on the foscisheet you match that month to the actual card bal of the same month

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

  • 3 weeks later...

Well after waiting

 

 

I rang HSBC last Thursday and emailed asking where the response to my last letter was and then

 

 

sat morning got the attached response which to be honest has me frustrated and confused!

 

Please can the experts take a look at this and help?

 

 

They say they are using other peoples accounts to reconstruct mine which is the first time I have heard of this

and also they miss months during the period that we don't have data for and

I know for a fact that the card has NEVER been zero balance.

 

 

Even when I enter these fictional incorrect figures into my spreadsheet the amount is still wrong.

 

 

They also state that the estimated premiums total £42.19 but the period that has been estimated is Dec 01 to Jan 05 (inclusive)

and even when you add up their figures its more than £42.19.

 

 

Please help as I really feel I need to start getting firm with these now.

 

 

...they have given me the runaround for two years.....

Link to post
Share on other sites

so how do their calculations of the actual amounts paid compare?

 

have you sent them the details of the 2 years you hold from the account inception?

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

Link to post
Share on other sites

HI OR yes they have paper statement that cover from Dec 1998 to Nov 01 and then SAR info from Feb 2005. So in total they have a total of 154 months of ACTUAL data and need to estimate 38 months. Even when I enter the ridiculous payments that have estimated into my spreadsheet the compound interest is way too low. I will post it up in a min.............

Link to post
Share on other sites

Here is my spreadsheet where I have entered the formula at the top that match's the interest rates charged from statements and SAR.

 

 

I have estimated the interest rate in the missing periods at the lower rate from initial months.

 

 

The part in yellow is all the estimates and I have entered HSBC's figures and still have a higher figure.

 

 

With the spreadsheets on here you have to guess an average and so I made my own where I can enter the exact rates etc.

 

I know that in Jun 2003 we remortgaged our house as I was pregnant with our son

and we wanted to consolidate our finances as Paul was doing the markets and not earning a lot and

I knew I was going to be on maternity when our son was born in Oct 2003.

 

 

I'm pretty sure that we would of paid the card off then but we always left a small balance as we wanted to continue building a good credit rating

at the time and thought by leaving a few hundred pounds on it this would help.

Link to post
Share on other sites

it looks like that as there was so little use either side of the period

 

they have estimated

 

they have based their estimate of use on these figures

 

As they have made clear it is their final response

 

imo, the only way you are going to get an increase

 

is to come up with some statement proof from the missing 38 months.

 

without this I have a gut feeling that the fos will be of no help.

 

even if you can only find a few of the missing statements

 

to disprove their calculations

 

Sorry I cant be more positive, but I do not see any other way forward

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

Link to post
Share on other sites

I know I don't have any more statements, the ones I found had been put in the attic and so were not shreaded when I had a clear out a few years ago. At the end of the day the compound interest is still wrong even when I put their figures in.

Link to post
Share on other sites

without all the statements ,I cannot see how you can challenge this

 

as during the period 01/06 the account with the ppi removed

 

will have gone into credit

 

and this will depress your compound interest

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

Link to post
Share on other sites

I can see what your saying but once again it is so wrong of HSBC!

The account has never been in credit as we always left a small balance

even when we paid most of it off as we thought that we would be building a good credit rating by leaving something on it.

 

 

I was really hoping that this one would give me enough to pay of the two cards with hsbc

and then offer full and finals to other creditors but this amount will only just about pay off the two hsbc ones.

 

 

This is a letter I have drafted..what do you think

 

Dear Ms Stante

I am writing once again in a final attempt to request that you correctly calculate the redress of the mis sold PPI policy as per reference above.

 

I am in receipt of your letter dated 17th Nov 2014 and once again I cannot accept your offer of redress

as I believe there are fundamental flaws in your calculations.

 

 

I will try to explain why and would respectfully request that you respond to each point below.

 

1) In your letter you state, and I agree that we have paper statements that cover the period Dec 1998 to Nov 2001 (36 months)

and then electronic data for the period Feb 2005 to date (118 months).

This leaves the period Dec 2001 to Jan 2005 (38 months) with no records.

 

 

You also state in your letter that you use factual data in order to build an estimated behaviour of the premiums paid

for this missing period but then go on o use data from other HSBC customers

rather than the substantial amount of data you do have on my own account.

 

As we have a considerable amount of data available, a total of 154 months)

I think it would be fairer and more realistic to use an average of this data to estimate the PPI premiums paid for the missing 38 months.

 

2) In the figures that you have sent there are many months missing

and I know for a fact that this card has never had a credit balance

and so I cannot understand how you have estimated that this must have been the case.

 

3) I have checked the information sent to me from HSBC in my SAR request

and can confirm that we re-mortgaged our house in June 2003 and

I specifically remember this was to consolidate some debts that we had at the time including this credit card

and enable us to pay a lower monthly outgoing.

 

 

We were having our first child at the time and I was self employed and not earning very much,

my wife was working for Local Government and so we went to the bank in order to consolidate our finances

in preparation for the birth of our first child in Oct 2003 and to help with monthly outgoings during my wife’s maternity leave.

 

 

I believe that the balance on the card would of been reduced to around £200 at this time

as we always liked to leave a few hundred pounds on the card as we wanted to maintain a good credit rating

a the time and thought that this would help that.

 

4) In your figures of redress you say that £3772.48 is the amount of Manually entered premiums

(paper and electronic records) and that £42.19 are estimated premiums

but when I check the list that you sent of premiums paid this does not appear to be correct.

 

 

Please can you clarify which payments are estimated and which are taken from your records.

 

5) I also asked in my letter dated 30th Oct 2014 that you send me a breakdown of the PPI payments

and the redress figure for each payment but you have only sent me the payments.

 

 

This credit is still running to date and so interest is still being charged on the payments made in the past

as they make up the balance brought forward each month.

 

 

I believe that in your calculation you are only paying the associated interest charged up to when the PPI was cancelled in Dec 2012

where in fact interests has been charged every month since that date and is continuing to do so.

 

6) I also enclose a disc with a copy of my own detailed spreadsheet calculations using the actual information available

and estimating the period Dec 2001 to Jan 2005 using an average of the other 118 months.

 

 

I have been through all my records and entered a formulae at the top that uses all the “actual” interest rates charged.

 

 

I f you could take a look at this you will clearly see that your redress figure is way out and incorrect.

 

This matter really has been ongoing for some considerable time and I have had to fight all the way in order for HSBC

to firstly admit that the PPI was mis sold and now once again HSBC are delaying matters by incorrectly calculating the redress.

 

 

We have been loyal customers since 1994 and would really appreciate some honest and correct calculations to be made.

If I do not hear from you by 14th Dec 2014 I will have no choice but to refer the matter back to the Financial Services Ombudsman.

Link to post
Share on other sites

just be aware

you might well have left a 'debt' on the card always

 

 

but it might well be the redress to that date put the card in credit?

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

that's the way the fos view things sadly and is correct.

 

 

if the PPI refund on a revolving credit account to xx date creates a credit in any one month

you only get 8% stat int for that month.

 

 

that's what the fosrunning sheet does

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

that's the way the fos view things sadly and is correct.

 

 

if the PPI refund on a revolving credit account to xx date creates a credit in any one month

you only get 8% stat int for that month.

 

 

that's what the fosrunning sheet does

 

 

dx

 

thats the problem pre 2006 ac would have been in credit

 

most of the time with ppi refunded

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

Link to post
Share on other sites

unless you can find anymore statements, sadly I would accept

 

but on the bright side it is 12k

 

where as a few months ago it could have been nil:-)

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...