Can I reclaim interest on a past sucessful bank charges claim with HSBC

[Wulfen40]

Hello All,

 

 

A quick question...

 

 

My partner successfully claimed the majority of her bank charges with HSBC back in 2011. They owed her roughly £4,000 in excessive charges from 2006 to 2010.

 

 

Of course she was not aware of the 8% interest she could of got on top until now (reading threads on these fantastic forums!)

 

 

She has since ditched all paperwork relating to this since she accepted her pay out (which was about £400 less than her final figure)

 

 

Can she still put in another claim to receive this interest back too? As she was never aware of this at the time.

 

 

If so, would she have to go through the whole process again seeing that she no longer has the paperwork, including that which detailed her receiving the successful pay out?

 

 

Thank you for your help!

 

 

Regards

 

 

Wulfen40

[citizenB]

Was this a credit card or current account ?

 

I thought they added the 8% automatically ?

[Wulfen40]

Hi citizen,

 

 

Thank you for your reply, it was a current account and no interest was added. My partner just went through all of her bank statements added up all charges and told HSBC they owed her X amount, she was given just under that amount, so definitely no interest was added. As I said before, she was never aware of the 8% (is it contractual interest or compound interest??) that she could have rightly added on!

 

 

Wulfen40

[citizenB]

She was very lucky to have been able to reclaim her charges on the current account - because the Supreme Court found against the OFT (ultimately the consumer) that these charges were not unfair.

 

TBH, I dont really understand the different interest rates So I will ask one of the more informed PPI guys to pop in and speak to you.

[citizenB]

http://www.consumeractiongroup.co.uk/forum/content.php?1052-British-Banks-still-ripping-off-their-customers-over-PPI-reclaims.

 

Have a read of the link above.. if you think you might stand a chance.. go for it.

[Wulfen40]

Really? Funny that as I have just sent SAR's off to RBoS, NatWest, HSBC as well as MBNA to reclaim excessive charges for myself.

 

 

If that was the case, how come people have been successful in claiming bank charges, according to the threads on here?

 

 

I would appreciate that citizen, that would be very helpful for me. Thank you!

[Wulfen40]

Thanks for the link citizenB, but that is for PPI reclaims, we are talking about excessive bank charges here mate... !

[SabreSheep]

That is because the "Tool" used to reclaim has changed.

 

It depends on BCOBS and treating the customer fairly when in financial hardship as opposed to the old technique of claiming them back as they are unfair

[ims21]

Hi Wulfen

 

citizenB asked me to drop in.

 

I agree that you were extremely lucky to get those charges back for the reasons given.

 

What normally happens when a bank settles like this is that they ask you to sign a document which basically says that this is in full and final settlement of your claim and of you agree, sign here. (or words to that effect)

 

If such a document was signed and their offer accepted on that basis then I don't think you will get very far.

 

If no such document was signed, I still think you will have an uphill struggle to get them to part with any more money (a very steep hill at that).

 

Typically when an individual enters into a claim of this sort, they would also claim any interest that was applied to the account as a result of the charges being claimed. This would be at the banks' rate at the time and would be compounded.

 

The 8% interest is intended to compensate for the loss of the use of your money while the bank had it.

 

Depending on what was signed/agreed when the bank refunded may dictate your next step but I would say that given we are now three years down the line it is going to be a toughie to effectively re-open the case.

[citizenB]

Hi, hte link I gave you in post # 5 is totally irrelevant to your situation.. that is for PPI. Really sorry.. that was a serious senior moment I had there

[Wulfen40]

Hi Ims21,

 

 

Thank you for your input and it does seem that it would be a very steep hill, I suppose the good thing is that my partner got money back from HSBC in the first place and not far from the original amount. I suppose we could just be satisfied with what she got. It was more me, reading other peoples threads where they have successfully claimed their charges back AND with the compounded interest.

 

 

I pretty much wondered if we had a chance. Saying that, as previously mentioned on this thread, I have started my own reclaims with my old banks and credit card companies for excessive charges and PPI etc. So far I have sent SAR's out to all of them and am currently awaiting the results of that.

 

 

Is it true according to what citizenB wrote that the chances of me receiving any monies in relation to old bank charges are now nil as according to the Supreme Court Ruling?

 

 

SabreSheep, point noted as I saw something about that subject on Martins Money saving website. As it was, at the time, I was in severe financial hardship and it was a spiral of debt thanks mainly to NatWest, RBoS and MBNA.

 

 

CitizenB... I hope I haven't offended you, I just thought you were going along the lines of PPI reclaim rather than bank charges! As it is, that thread will be very handy for me in relation to my own PPI reclaims

 

 

Thanks guys! Appreciated!

[Wulfen40]

Lol! No need to apologise citizen, it is late at night after all!!

[citizenB]

 

 

CitizenB... I hope I haven't offended you, I just thought you were going along the lines of PPI reclaim rather than bank charges! As it is, that thread will be very handy for me in relation to my own PPI reclaims

 

Not at all.. thank you for giving me an out with the late night scenario

 

It was only when I asked ims to look in on you that I realised what I had done:loco:

[Wulfen40]

Ha ha ha! Senior moments happen to me all the time! So you are definitely not on your own there citizen!

 

 

As it is, I have just spoken with the missus about this and she confirmed to me that she did in fact signed a full and final agreement when she received her pay out, so I think that pretty much puts a block on that one. Although I have now got her kicking herself for not knowing about compound interest! Lol!

 

Lets just hope that my applications will have more impact, but I just want to thank all you guys for your quick assistance and getting back to me on this issue, otherwise I think I would have wasted a lot of time and a few stamps on this one! The good news is that I learned from her mistakes! Bless her!

 

I will post my progress in the relevant forums!

 

 

Thanks again all of you! Really appreciate it!

 

 

Wulfen40

[citizenB]

Yes, please keep us updated on your PPI claim. I promise to let the experts advise !

[Wulfen40]

Thanks citizen, I will definitely do that.

 

 

Just a quick one, with bank charges, do you have to prove you were in financial difficulties to get your charges back then? Or is that only if the matter goes to court?

 

 

Cheers!

[BankFodder]

that these charges were not unfair.

.

 

That fairness or unfairness of bank charges were not relevant

[Wulfen40]

So that means I can still try and reclaim all of my old bank charges then BankFodder?

[Wulfen40]

Hello All,

 

 

Need some advice here,

 

 

Sent a SAR to HSBC with the intention to reclaim unfair bank charges. They replied thus...

 

 

Provision of Personal Information

 

In response to your recent application for the provision of personal data within the terms of the data protection act 1988, I can confirm that we are unable to locate information held about you within the registration that you requested to be searched.

 

Please note that you did hold a Business Account number XXXX XXXX with HSBC, however, as this account closed over six years ago then no information will now be held on it as this account would have been purged off our system. The Data Protection Act 1988 states that personal data must not be kept for longer than necessary. Therefore to meet our legal obligations under the Act we have strict retention policies in place to ensure any personal information no longer required , to meet business and legislative requirements, is deleted. We are satisfied this procedure meets with the Information Commissioners requirements.

 

We can see from our systems that you did hold a HSBC Advance Account number XXXX XXXX. If you require copy statements for this account, these can be obtained by contacting our Service Centre on 08457 404404 or alternatively writing to them at the address below and these will be provided free of charge:-

 

The Manager

HSBC

Coventry DSC

Harry Weston Road

Binley

Coventry

CV3 2TQ

 

I know I had two bank accounts. One was a business account that was mentioned above as no longer existing and that all records have been "purged" of their systems.

 

 

The other account was just a current account and I don't think I had a lot of unfair charges on it.

 

 

I find it hard to believe that they just delete all records of any account that has been closed for six years plus! I would have thought the details of my business account would be placed in microfiche or something similar.. saying that, please note that I never gave them that business account number, so wouldn't they have records of it all? if they still have the business account number?

 

 

Further, isn't a SAR meant to get them, to give me everything they have on me, paperwork, all of it, rather than getting me to ring a number in Coventry?

 

 

Help would be appreciated!

 

 

Wulfen40

[dx100uk]

please keep to one thread.

 

we have found before that HSBC have gone back to the late 1990's before

with many people

 

dx

[Wulfen40]

Oops sorry! Roger that dx

 

 

If that is the case dx, what do I do? If they are saying no, how do I go about this? and thanks mate

[dx100uk]

what sar template did you use?

 

dx

[Wulfen40]

I used one from the Martins money saving website

[Wulfen40]

You want me to upload a copy on here?

[Wulfen40]

Dear Sir or Madam,

Ref: Subject Access Request

Account number: XXXX Sort Code: XXXX

I am writing to request that you forward me a copy of all data held by your organisation about me for both current and closed accounts. This should include, but not be limited to all transaction lists, agreements, notes made on my account and copies of letters relating to my account.

As well as my current address, previous addresses that may have been attached to this account include:

XXXXX

XXXXX

XXXXX

XXXXX

This request should include any data held for more than 6 years as under the Data Protection Act there is no time limit for information requested. If you do not hold data for a period longer than 6 years I also request confirmation of this in writing along with your methods used for disposal of such information to comply with the Data Protection Act stating the name and contact information of your registered Data Controller and Code Compliance Officer.

I look forward to your response within 40 days, as HSBC is obliged to reply within this time under the Data Protection Act. If not I shall seek remedy from the Information Commissioner. I enclose the statutory maximum fee of £10.

Yours faithfully,

Wulfen40