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2 Months ago hsbc sent me copies of all of my statements from the past 6 years. From those statements I have now compiled a schedule of charges (on a basic spreadsheet of my own) and the total came to £728 (without any interest added).

 

Im almost ready to send off my initial letter (via recorded delivery) to Canada Square now. I'm using the standard letter template from library.

 

But first...

 

1. Please can someone tell me so I am absolutely 100% certain; what figure do I need to use to calculate interest when sending off the initial letter to hsbc is it 8% or 16% ?

 

2.When I attach a schedule of charges to my letter should this be the spreadsheet from the templates library (filled in with my charges and info) or a basic spreadsheet of my own?

 

3. Aswell as the cost of the charges Do I need to state a description of what the charges were for i.e card misuse or bounced cheque etc? I wasn't sure about including this as the bank will already have this info. Is it adeaquate to just write ''charge'' or ''CHG'' ?

 

Please can you help me as I want to get this letter sent out asap and if there's anything else I need to know at this stage don't hesitate to tell me.

 

I do try to read as much content of this site as possible and hope to one day be able to share my experience of this with other members and in turn help them.

 

I promise to donate 5% of my Total reclaim to the site!

 

Thanks

 

Phil

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Phil,

interest isn't relevant yet. All you are listing (and adding up) are the charges themselves.

 

A list of charges, with their description (probably 'TOTAL CHARGES') and the date is all that is required. This will allow HSBC to cross check with their own records - I assume they do this!

 

Your schedule of charges can be your own spreadsheet, or even a Word table. It will probably look something like....

 

01/01/2001 TOTAL CHARGES £25

02/01/2001 TOTAL CHARGES £18

03/03/2003 TOTAL CHARGES £20

============================

TOTAL £63

 

So, in response to your questions...

1. No interest.

2. As above, done in spreadsheet if you prefer.

3. Your description need only be as good as theirs (My on-line descriptions were all 'TOTAL CHARGES')

 

 

Enjoy.

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Hi HSBC Detroyed my life (phew)

A quick not eon interest - you would need to submit interest calculated using the spreadsheet in teh templates section in here for ANY charges that caused your overdraft limit (assuning you have one) to exceed - for example (based on an agreed OD limit of 500

 

balance -490 charge applied 30 = balance of -520 so your now 20 over your agreed limit, and you will be charged interest on this WHOLE amount of 520 (yep, they get interest on the OD and interest on the 20 of THEIR charge as well - great isn't it (for the bank anyway)

 

hope this helps - Steve


Dec 2006 - Sucessfully recovered over £3k from HSBC with much help from CAG :-D

 

 

if you found this post helpful, please click my reputation, thank you

 

(The small print-my advice and opinions are my own, and are given freely and without predjudice or liability whatsoever)

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Guest bong

yes you will need to use the advanced excel spreadsheet to calculate the overdraft interest solely caused by the charges. http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-6-interest-calculation-spreadsheets.html#post750

 

you don't need to know the rate, all you do is input the charges, overdraft interest debited, the balance on your account at the interest date and it works out the interest reclaimable.

 

don't confuse this with the 8% interest you add on top of everything when you get to the court claim stage.

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Now you guys have got me wondering too!

 

I've just started getting my duplicate statements through after sending the SAR letter and I noticed this -

 

DATE

22/06/01 DR - Total charges to 31 may 2001 £242.06

22/06/01 DR - Interest to 31 May 2001 £90.24

 

On this one example can you confirm:

 

1. I am claiming back £242.06?

2. I am claiming back £242.06 + £90.24 = £332.30?

3. I am claiming back £242.06 and a portion of the interest?

 

Thanks in advance.

 

The straw.

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Guest bong

it'll be 3.

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Thanks bong.

 

Not sure if this is right - I've used the spreadshet (metioned above) and etered those exact figures in the relevny columns.

 

Just in case anyone fancies running it for clarification - here are my figures

 

DATE

22/06/01 DR - Total charges to 31 may 2001 £242.06

22/06/01 DR - Interest to 31 May 2001 £90.24

 

OD agreed limit £600

A/c balance on 22/06/01 OD £934.67

 

Entered all this info into relevant boxes and its giving me "Interst on penalties" = £90.24

 

This looked wrong to me - its suggesting that all of the inteest I should reclaim? Just to test it again I then entered a fictous £100 charge and £100 interest into the next line with the date exactly 1 month later (22/07/01) and it came back with

 

Interst on Penalties

£90.24

£100.00

 

Total 190.24

 

This cant be right can it? I know the figure is correct but not for my reclaimable interest?

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Guest bong

it could be right if the running total of charges incurred at that point were equal to or more than your overdraft (934.67).

 

where you say your agreed overdraft limit was £600 was this an interest free arrangement? If not, it doesn't need to go into the spreadsheet.

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Ahhh good point bong.

 

I have an agreed OD limit of £600 and I presumed that would be classed as "Interst Free" because it was an agreed limit. Do you think I should seek clarification from HSBC as to whether it was indeed interest free or is it a standard thing with agreed limits that they are deemed interst free?

 

After writing the post above, I tinkered around with different figures for an agreed OD limits of £100, £200, £300 and it does alter the figures in the interest to reclaim box.

 

Thanks for your help bong, I think I'm getting a bit closer to understanding the interst side of it. I hope I'm not boring you too much with this - sorry.

 

The straw.

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Guest bong

Did you have a letter agreeing your overdraft? The interest terms will be in there. It's unlikely to be interest free unless it's for a very short period.

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Thanks for that bong,

 

I think I'll err on the side of caution and leave the "Interest Free" box blank.

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Guest bong

t-f-s that wouldn't be erring on the side of caution - it would be increasing your claim if you left it off and you did have one.

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I've had the account over 12 years and the £600 OD limit has been in place for all that time. So, if the interest free period is usually short and I'm only going back 6 years (although reading your thread I may go back all the way! best of luck with that) then the chances are, it would have ended a long time ago.

 

Unfortunatley, I dont have paperwork that goes back that far to check and I have a sneaky suspicion HSBC arent going to give me any paperwork unless they have to by law.

 

Any thoughts?

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Guest bong

I can't see any bank giving an interest free overdraft for 12 years or even one year for that matter! look back at the times when you stayed within the o/d limit and see if you were charged interest.

 

all the best

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I agree, not many banks offer 'interest free overdrafts' and remember you end up paying interest on the charges as well !!!


Dec 2006 - Sucessfully recovered over £3k from HSBC with much help from CAG :-D

 

 

if you found this post helpful, please click my reputation, thank you

 

(The small print-my advice and opinions are my own, and are given freely and without predjudice or liability whatsoever)

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I am Very close to sending off my initial letter with a breakdown of all unlawful charges for the past 6 years (£728 ) . However with my balance in the state it's in presently, I am pretty certain that I will have some more charges to add to my existing £728 by next month. So Kind People of CAG my question is...

 

Should I wait for these new charges to appear, then add them to my schedule and submit my initial letter next month?

 

Or not worry about the new charges and submit the initial letter with the current total of £728 now?

 

Please let me know

 

Thanks

 

Phil

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Guest bong

hi again.

 

try to keep all your posts together in one thread, so that your progress is charted in one place.

 

don't wait for the new charges, send off your prelim letter with the charges as they stand now. when you send your next letter, the lba, you can add in any further charges to your schedule and update the letter with the new amount. you can go on amending the schedule right up until you make your court claim.

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So I've just done a revised schedule of charges and there's a couple of issues still left before I post the letter...

 

1. Can I reclaim the £20 charges for arranging a temporary overdraft?

 

2. There have been a number of occasions where I have been refunded certain charges from my bank in the past (the refunds had nothing to do with CAG). And I haven't deducted these refunded amounts from my schedule. What should I do?

 

3. I'm finding it really hard to work out what charges put me into my overdraft. And how much interest I have incurred due the charges putting me in my overdraught. This is really stressing me now - I'm tempted not to include for this at all.

 

Please help

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Guest bong
So I've just done a revised schedule of charges and there's a couple of issues still left before I post the letter...

 

1. Can I reclaim the £20 charges for arranging a temporary overdraft? No

 

2. There have been a number of occasions where I have been refunded certain charges from my bank in the past (the refunds had nothing to do with CAG). And I haven't deducted these refunded amounts from my schedule. What should I do? take them out

 

3. I'm finding it really hard to work out what charges put me into my overdraft. And how much interest I have incurred due the charges putting me in my overdraught. This is really stressing me now - I'm tempted not to include for this at all. are you using the advanced excel spreadsheet? put in all the relevant charges and all the monthly interest debits and the spreadsheet calculates what is reclaimable.

 

Please help

 

I hope this helps

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bong you Hero!

 

Following on from that, I've just got a couple more questions about using the advanced spreadsheet.

 

1. When I'm removing the charges that have already been refunded to me in the past. Is it acceptable to enter this credit it as a negative figure on the spreadsheet i.e:

21/05/2002 CORRECTION RECALL S/O - D/D (15.00)

 

This seemed pretty logical to me as the spreadsheet will still work out the total correctly but I just wanted to double check!

 

1.(A) In the interest column for where I have done the above ( 1. ) I have just written ''N/A''. Is this ok?

 

2. On the occasions Where I have had more than one bank charge in the same month. On the second charge (and further charges that month) In column ''G'' I've written ''N/A'' and left the rest of the row blank as I believe the interest will already be accounted for in the above figure. Is this correct?

 

 

3.Is there any point filling in the interest columns for the times where I have been charged and not been overdrawn?

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Guest bong
bong you Hero!

 

Following on from that, I've just got a couple more questions about using the advanced spreadsheet.

 

1. When I'm removing the charges that have already been refunded to me in the past. Is it acceptable to enter this credit it as a negative figure on the spreadsheet i.e:

21/05/2002 CORRECTION RECALL S/O - D/D (15.00)

 

This seemed pretty logical to me as the spreadsheet will still work out the total correctly but I just wanted to double check! Yes that is the correct way

 

1.(A) In the interest column for where I have done the above ( 1. ) I have just written ''N/A''. Is this ok? no the interest column does not need to tally date-wise with the charges column, the spreadsheet works out from the dates, not entries on the same line.

 

2. On the occasions Where I have had more than one bank charge in the same month. On the second charge (and further charges that month) In column ''G'' I've written ''N/A'' and left the rest of the row blank as I believe the interest will already be accounted for in the above figure. Is this correct? same answer as 1A

 

 

3.Is there any point filling in the interest columns for the times where I have been charged and not been overdrawn? would you have been charged interest if the account had remained in credit?

 

see above

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Thanks so much Thats great!!! Ok so This is what I'm sending please Let me know if anything seems incorrect....

 

HSBC bank plc

8 Canada Square

London

E14 5HQ

 

 

23/11/2006

 

 

Request for repayment of charges

 

Dear Sir/Madam,

 

ACCOUNT NUMBER: 6129XXXX

 

SORT CODE 40-XX-XX

 

 

My request

I am writing to ask you to refund to me the charges which you have levied from my account over the last 6 years.

I now understand that the regime of fees which you have been applying to my account in relation to direct debit refusals, exceeding overdraft limits and so forth are unlawful at Common Law, Statute and recent consumer regulations. If you say that they are not, then will you please demonstrate this by letting me have a full breakdown of the costs to which you have been put by as a result of my breaches, in order to reassure me that your penalties really do reflect your costs.

Additionally, it has now been confirmed that your particularly high level of penalties are considered to be unfair per se by the OFT who reported on the 5th April 2006 and are therefore presumed to be unlawful in the absence of specific proof to the contrary.

 

Your responsibilities

I would draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.

 

 

 

 

 

I am frankly shocked that you have operated my account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.

I consider that your repeated representations that your charges are fair and reasonable are deceptive and that they have deceived me into agreeing to pay them.

Your concealment of the true nature of your charges has prevented me from asserting my right until now.

 

What I require

I calculate that you have taken £803.00 plus £14.49 which you have charged me in overdraft interest for the sum which you have taken. Total £817.49 .

I enclose a schedule of the charges which I am claiming with this letter

 

My targets to resolve this matter

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets.

 

I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive payment.

 

If you do not respond, or you do not respond positively, within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that these targets are more than sufficient for a large company such as yours with dedicated staff and departments.

 

After that, there will be no further communication from me and I shall issue a claim at the expiry of the second deadline.

 

 

 

 

 

 

 

 

 

Yours faithfully,

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Guest bong

I'd edit that post if I were you to remove your name.

 

letter looks fine, apart from last line, shouldn't it say "claim at court"?

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Hi HSBC destroyed my life !! (phew)

 

letter looks fine, if anything very polite and even dare I say it 'nice' have they been that nice to you, they certainly haven't to me over the years, but that's your choice obviously.

 

Don't forget to send recorded 1st class and stick ridgidly to your timescales !

 

Steve.


Dec 2006 - Sucessfully recovered over £3k from HSBC with much help from CAG :-D

 

 

if you found this post helpful, please click my reputation, thank you

 

(The small print-my advice and opinions are my own, and are given freely and without predjudice or liability whatsoever)

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Yes I am dumb.

 

So far I have sent my preliminary letter. And had no response. 14 days after they received it I sent my LBA ON 13/12/06.

 

However from looking at my copy of the letter I realised that I failed to put a date on the letter. So I need to know...

 

1. Should I send a new LBA? If so with what date?

 

2. I updated the spreadsheet with a £125 charge that was to come out on the 18/12/06. Is this ok as I actually sent it before I had been charged.

 

 

Thanks

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