HSBC PPI Claim(s) advise

[dx100uk]

HFC , was / is HSBC

 

so you loans were def taken out with HSBC?

 

dx

[Stan**]

Yes, well Im assuming so. Ive not been able to get a satisfactory SAR to date, so its hard to say for 100%, but nothing to imply other than HSBC.

 

What is the implication of this if they are/are not with HSBC?

 

And could you be so kind as to point me in the direction of failure to comply letter RE SAR?

 

Thanks.

[dx100uk]

failure to comply letter is in the green library tab top left

 

looking at your first posts

 

"PPI ammounting £xxx was added to the loan of £xxxx on xx/xx/xxxx. The loan term was xx months with an APR of x.x%.Please note that £xxx of PPi was refunded when the product was cancelled on xx/xx/xxxx".

 

that's almost enough to be able to calc things

 

can you scan that letter up.?

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all monetary figures and dates.

*********************************************************

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

try www.pdfescape.com TO BLANK STUFF,

*************************************************************

or

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

..

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or use www.pdfmerge.com

 

convert existing PC files to PDF [office has an installable print to PDF option]

..

 

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

though dont use full bank names or CAG in the title

i'e Default notice dd-mm-yyyy TSB

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

dx

[Stan**]

I will scan the letter and upload tomorrow.

 

The failure to comply has really come about since filling in the questionnaire, it has become apparent some of the finer details are missing. Plus lets be honest, they are just playing games with their nonsense/evasive letters.

[Stan**]

Hi all,

 

Some interesting developments!

 

After sending a failure to comply letter (final before action),

 

 

I first received a letter from HSBC within days saying they would reply within my time frame.

 

 

After the complete run around for so long I didnt hold out much hope.

 

Then, this morning I received an unexpected correspondence!

 

it is acknowledging 4 out of the original 7 policies I complained about as being mis-sold,

with a full and final offer of circa £5100 (not much shy of what I had calculated for ALL 7).

 

However one part is really puzzling me:

 

"This figure should ensure the return of your premiums with an element of gross interest.

The interest element will be paid after the deduction of basic tax rate,

unless you are a higher tax rate payer,

where appropriate rate will be applied.

 

 

We are unable to pay this interest without the deduction of tax".

 

As it happens I am within my personal allowance,

so my income tax is zero.

And surely any tax liability is mine to declare and pay?

 

Any other input is warmly received.

Thanks, Chris.

Edited November 18, 2013 by Stan**

[dx100uk]

no its a new rule the gov't brought in

they have to deduct 30% tax off the 8% statutory interest refund portion.

 

 

is that what they say?

 

 

dx

[Stan**]

They've stated 20%, i.e basic rate income tax.

 

I understand that there is tax due, but I am personally liable for this element of tax? not HSBC? - or in other words, I doubt very much they allocating it to HMRC on my behalf. It should be me declaring it in my self assessment tax return not them!

[ims21]

They've stated 20%, i.e basic rate income tax.

 

I understand that there is tax due, but I am personally liable for this element of tax? not HSBC? - or in other words, I doubt very much they allocating it to HMRC on my behalf. It should be me declaring it in my self assessment tax return not them!

 

It is correct.

 

The 8% element has always been taxable at the taxpayer's prevailing rate.

 

The banks are now required to deduct this tax at source. When you complete your tax return and declare the interest, make sure that you account for the tax paid at source.

[Stan**]

Ok thanks for the clarification.

[Stan**]

....I dont suppose anyone can comment on how long it typically takes HSBC to settle a claim once they are in receipt of a signed acceptance form?

 

Is it worth putting a covering letter in asking stating payment should be made within 14 days? Or is that just taking the.... p^%s?!

[Andybars]

Hi,

HSBC usually pay around 28 days after receiving the acceptance but it does vary quite wildly. In terms of the tax, as you believe you will be within your tax allowance this year - the ask HSBC for a certificate of income tax deducted (which is from memory I believe HMRC R185). This will show the tax that they have taken and allow you to reclaim it after the end of the tax year if you are still within your limit.