Steve806 v HSBC

[steve806]

Thanks again Bong and Breadline. You seem to be experts and Bong's crystal ball seems pretty accurate from reading other threads (any chance of this weekends lottery numbers).

 

Final questions so I am sure what happens next as advice on different threads sometimes seems to conflict.

 

MCOL issued to HSBC within 5 days (therefore 26/11) correct?

 

HSBC have to acknowledge within 14 days (therefore 10/12). correct?

 

HSBC then have further 14 days to submit defence. correct?

 

Is that 14 days from date of acknowledgement or 28 days in total from date of issue?

 

At what point do I have to submit AQ? Is it before or after HSBC lodge defence? Want to make sure I keep £100 fee for lodging AQ so a rough idea of when required would be helpful.

 

Thanks again

 

Steve

[Guest bong]

Thanks again Bong and Breadline. You seem to be experts and Bong's crystal ball seems pretty accurate from reading other threads (any chance of this weekends lottery numbers).

 

Final questions so I am sure what happens next as advice on different threads sometimes seems to conflict.

 

MCOL issued to HSBC within 5 days (therefore 26/11) correct? yes

 

HSBC have to acknowledge within 14 days (therefore 10/12). correct? yes

 

HSBC then have further 14 days to submit defence. correct? yes

 

Is that 14 days from date of acknowledgement or 28 days in total from date of issue? 28 days from date of service 26/11

 

At what point do I have to submit AQ? Is it before or after HSBC lodge defence? Want to make sure I keep £100 fee for lodging AQ so a rough idea of when required would be helpful. after defence

 

Thanks again

 

Steve

 

see above

[steve806]

Hi All

 

HSBC have been quick off the mark. I filed MCOL on the 21/11 and HSBC have acknowledged on 23/11. Is that good news or bad?

 

They now have 28 days to submit defence if I am correct? Which would make it 21/12/2006? Am I correct?

 

Can anyone advise what is likely to happen next?

 

Getting nervous now as I am entering the thick of battle.

 

regards and good luck to all

 

Steve

[DAVID ENGINE]

Im rooting for you mate, we are on almost exactly the same time frame. feels good doesnt it.

[steve806]

It does feel good David. MY only nervousness is that one day they will defend and I am just hoping it will not be me.

 

The only down side is I am unlikely to receive my refund before xmas. So if all goes well my kids will get extra prezzies in the new year.

[DAVID ENGINE]

I know how you feel. My only real worries are that they will shut my account but hopefully they will be smart enough to realise that this money is going towards paying them their money back in the long run!

 

I really hope you get sorted for xmas so you and your kids can have an extra special one this year

[steve_n]

Hi David,

 

I doubt they will shut your account, not for a single claim, afterall they are hoping they can fleece you again at some point in the furture far better to keep you than let you slide off to a 'competitor' rip off bank !!

 

Steve.

[steve806]

So today I checked the MCOL website and it shows HSBC have acknowledged claim.

 

It appears others have speeded up the process by sending breakdown to DG before they request it so should I now send letter to DG with charges breakdown or wait until I receive confirmation HSBC will be defending.

 

Any thoughts?

[lateralus]

you will receive a notification from the court that hsbc have acknowledged the claim - on the second page, it usually show that the bank intends to defend. you will also find the persons name from dg to send the breakdown to. probably in tomorrow's post, the website is just a touch in front of snail mail. maybe sat. but then - go for it - send the breakdown - recorded delivery. best of luck.

[steve806]

Can anyone offer some advice.

 

I have logged MCOL and know how that game goes and will follow it through to the end but there are a couple of possibilities that I need to consider and wondered if any of you could advise:

 

I have a managed loan from HSBC (arranged by my local branch) for £1060 opened 12 months ago. The loan was to repay the overdraft that had been generated by their bank charges. In short, I had some personal difficulty that meant I went £300 od unauthorised and despite my continual pleas HSBC would not give me an overdraft and over the next 6 months kept honouring DD's and charging me loads of cash for until my overdraft was over £1000. It was only when the helpful manager at my local branch stepped in and said enough was enough and sorted the loan that I managed to get my finances sorted.

 

I have paid every instalment of the loan on time (12 of the 36 required payments) but I am concerned that if I win my claim for charges they will insist on paying off the managed loan. If they try to do this is there any way I can prevent them? I have other plans for the refund, should I get it, and have got used to the small amount that comes out of my account to pay for loan.

 

Also, I am fortunate that my finances have turned round and I have not been overdrawn for a year now and do not expect to be overdrawn again. Are HSBC likely to close my account if I win my claim( I have no previous claims)?

 

Any advice gratefully received.

 

Good luck to all

 

Steve

[DAVID ENGINE]

If you dont want it paying into the managed loan mate then they cant do it. If you request payment by cheque then the matter is not closed until you receive that cheque. It's your money they arent allowed to decide what you do with it. Make sure you make everyone involved you will only accept a cheque payment and until you get it the matter wont be closed.

[steve806]

Hi All

 

Next stage reached. Got letter from court indicating HSBC will defend and providing DG name and address.

 

Today I am going to send schedule of charges to DG by recorded post to pre-empt there letter asking for.

 

Is there any value in including a statement along the lines of:

 

Your client still has the opportunity to avoid court action by refund the total amount claimed of £XXXX into my bank account prior to 21st/12/06.

 

Purpose of this statement is to make it clear I am not open to offers.

 

What do you think?

 

As always good luck to all fellow claimants.

 

regards

 

Steve

[steve806]

A quick question. About to send schedule but of course interest has increased since claim was submitted. Do I qoute new figure on letter to DG?

[steve_n]

Hi Steve806,

 

The letter and schedule you send to DG needs to quote the 8% interest rate.

 

You don't need to send a drawn out letter to them, only a 'one liner' to say "please find enc schedule of charges" don't forget to include your name and claim (case) number

Personally I wouldn't include such statements like " Your client still has the opportunity to avoid court action by refund the total amount claimed of £XXXX into my bank account prior to 21st/12/06."

 

You will get ample opourtunity to decline any offer once they bother to correspond back, at least you have establ;ished a dialouge that way.

 

Steve_n

[steve806]

Thanks Steve

 

Will fax and post letter now.

[ulyetta]

I also have sent two letter and so far have got no response from HSBC. I think its court action for us.

[steve806]

Go for it. I did get an offer in response to my first letter but have heard nothing since.

 

I submitted MCOL on 21/11, was acknowledged on 23/11 and sent breakdown of charges to DG Solicitors yesterday (fax and recorded post).

 

I am expecting to receive apartial offer in the next week which I will reject of course.

 

Have a good look around this forum and you will find lots of helpful advice. It seems the clue is to be strong and hold firm. You will win.

[steve806]

I am currently going through MCOL.

 

If I win does anyone have any info as to whether HSBC have forced people to repay managed loans with proceeds? Or should I play safe and ask for a cheque?

 

I wish to avoid paying back managed loan at this time but as I currently do not have another account it would be difficult to ask for a cheque. Can I pay a check addressesd to me into an account with another name? Say my partners?

 

Any thought gratefully received.

[HSBCrusher]

You could ask for a cheque to be made out in somebody elses name I suppose.... but you will find it very difficult to get them to issue a cheque, they will try to offset your loan.....

[Clare1981]

Hi Steve, I am at about the same stage at you, (MCOL filed 20th, ack. 2rd, breakdown of charges faxed on Friday 24th) I would love to follow your claim! Does anyone know how I can request emails to say when a new message has been added to this thread?

 

Thanks!

[steve806]

Hi Claire

 

My track is as follows:

 

MCOL 21/11

Acknowledged 23/11

Intent to defend received 25/11

Charges faxed to DG 27/11

Charges sent to DG by recorded post 28/11

 

Now ready for the long nervous wait. Would love to have refund by xmas but doubt it will happen that fast. Suspect HSBC will enter defence on 24/12 and it will therefore taka another couple of weeks after that.

 

I will folow your thread with interest.

 

regards

 

Steve

[Guest bong]

I am currently going through MCOL.

 

If I win does anyone have any info as to whether HSBC have forced people to repay managed loans with proceeds? Or should I play safe and ask for a cheque?

 

I wish to avoid paying back managed loan at this time but as I currently do not have another account it would be difficult to ask for a cheque. Can I pay a check addressesd to me into an account with another name? Say my partners?

 

Any thought gratefully received.

 

Hi Steve,

 

I've managed to find a successful claim where the claimant had a managed loan and got a cheque in settlement - http://www.consumeractiongroup.co.uk/forum/hsbc-bank/16862-husband-hsbc-paid.html#post131690

 

I myself am unclear what a managed loan is. If it is simply all your debt to the bank (ie. overdrafts and credit cards) lumped together in one loan, which you agree to pay over an extended period, then they are not entitled to set off your refund against the managed loan. It is a loan account which you are paying as agreed.

 

In addition, this guy managed to reclaim the interest on his managed loan because it was interest paid on a debt which consisted of unlawful charges. I think you would need to work out what proportion of the managed loan related to unlawful charges and then reclaim that proportion of the interest.

 

You mention not having any other account to pay a cheque into. Surely you have a current account which is separate from the loan?

 

If however the managed loan is an agreement with the bank where they have agreed to write off some of what you owed, based on your financial situation, and what you could afford to repay, then they might have something to say about your receipt of this money. But unless you are in some sort of formal insolvency proceedings I still don't see how they could legally claim that money back from you.

 

I think you should insist on a cheque to the very last and see where it leads you and what kind of objections they bring up. They might just be bluffing.

 

Think carefully about not using the money to clear the loan, as even though you are used to the repayments in the long run this will be an expensive option and if you repaid it you would be that much better off each month and either debt free or owing less anyway.

[Guest bong]

Hi Steve, I am at about the same stage at you, (MCOL filed 20th, ack. 2rd, breakdown of charges faxed on Friday 24th) I would love to follow your claim! Does anyone know how I can request emails to say when a new message has been added to this thread?

 

Thanks!

 

Hi Clare, if you go up to the top of this thread click on thread tools and then subscribe to this thread. You will be automatically subscribed now anyway seeing as you have posted in the thread.

[steve806]

Hi Bong

 

Some clarity (so easy not to be clear when in the flow of posting).

 

The managed loan was a loan given at local branches discretion (been a customer for 18 years and know local staff well) because my credit rating prevented me being given a personal loan (which local branch tried first. Of course credit rating was trashed as a result of 6 months of charges and no support for overdraft.

 

The loan was for full amount of overdraft, no monies written off and loan was set with fixed term of 3 years. Interest included of course.

 

I have a current account with bank, what I meant was I dont have a 'parachute' account.

 

As yet, I have not received an offer from bank yet so still possible they will not ask for repayment of loan but I am concious that might happen.

 

If they offer without mentioning loan perhaps my letter of acceptance should say:

 

I am willing to accept your offer without conditions.

 

Would that stop them taking money?

[Guest bong]

Yes that sounds great. With the information you've just given me they will have no rights to offset your refund against the loan, so insist and persist to the end....