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pinkduchess v HSBC


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Hello All

 

Have spent many evenings reading through threads on Martins money tips & finally sorted out my statements and realised I had approx. £1600 to claim back.

 

Sent off my first letter on Weds 14th Feb. claiming this plus the £8% interest as per Martins template letter.

 

I came across this site from one of Martin's threads and have been up all hours reading many facinating threads, especially the HSBC ones.

 

I hope you can assist me with my claim as now the letter has actually gone I'm feeling a bit queasy.

 

I need to send the LBA after 14 days - does this include weekends?

 

Can the bank stop me from paying by switch / cheque during the claim period?

 

Any particular advice I need at this initial stage??

 

Thanks in advance!!

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Hi Pinkdutchess.

Yes, the 14 days includes weekends.

The banks can stop switch/cheque payments but it would be very unusual.

 

Any particular advice I need at this initial stage??

Yes. Spend a few days reading the FAQs and the step by step guide in the library section. That will answer most of your initial questions.

 

Good luck.

Regards, Rooster.

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Hello All

 

Have spent many evenings reading through threads on Martins money tips & finally sorted out my statements and realised I had approx. £1600 to claim back.

 

Sent off my first letter on Weds 14th Feb. claiming this plus the £8% interest as per Martins template letter.

 

I came across this site from one of Martin's threads and have been up all hours reading many facinating threads, especially the HSBC ones.

 

I hope you can assist me with my claim as now the letter has actually gone I'm feeling a bit queasy.

 

I need to send the LBA after 14 days - does this include weekends?

 

Can the bank stop me from paying by switch / cheque during the claim period?

 

Any particular advice I need at this initial stage??

 

Thanks in advance!!

 

Duplicate advice, Sorry Rooster. :)

 

 

 

 

 

I am not a legal expert my advice is given without prejudice and is purely my opinion only. If you are in doubt please seek professional advice.

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No problem.:D

 

Two answers for the price of one.

It's not only double glazing companies that do the BOGOF offer. :D

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Hi guys

thanks for your replies.

 

So... 1st letter sent 14 Feb 07

 

due to send LBA 1st MAR - this allows 14 days from when they would have received the 1st letter - yes?

 

Any other posters out there sending their LBA on or near 1st Mar so I can keep an eye on your threads & give / receive encouragement?

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just thought of something else. I orginally sent claim for £1600 (+ 8% interest).

 

I didnt realise I could claim the overdraft interest. Is it too late to check what this amounts to and add it on when I send the LBA.

 

I have no idea how much it would be. I went through all my statements & just added up the OD fees & excess OD fees.

 

To be honest I would just be happy to get the £1600 back if its too late but thought I'd ask before I do my LBA.

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the long and the short of it is yes, you can claim for o/d interest - trouble is you don't just add it up and stick it on.

here's a part of another thread:

 

Overdraft interest

 

This is the single most confusing part of most peoples claim, and one of the most frequently asked questions

 

overdraft interest is applied to your whole overdraft, however if some of your overdraft is made up from (unlawfull) charges,

then a proportion of the interest has been wrongly applied and is therefore reclaimable

 

Example

 

you have a £400 overdraft, you purchase something that day for £200 so now you are -£200 on your current account balance, but on the same day £200 of charges are placed on your account, which means that your current account balance is now -£400 and the bank will charge interest on the whole £400, but as we are contesting that these charges are unlawfull, then the interest should not be placed on the whole amount, only on the amount that you have actually spent,

therefore in this example you can claim back 50% of the interest, however these calculations have to be done daily to truly reflect the amount which can be reclaimed,

 

Dont worry, Vampiress has made a spreadsheet that will calculate this for you, you can find it here, but please read the instructions that come with it;

 

 

so, if you understood that - then go ahead - because if you don't and you just plop it on there - the bank/solicitors will hang you out to dry.

 

if you decide to do it - you must use vampiress' advanced spreadsheet

on the tab charges and interest - charges go on the left and interest on the right - and as you put in the balance at the time of the interest debit - the s/s will pick up some, all or none of each entry. you will end up with a running total which at the bottom will become your claim for o/d interest. try it - see how much it adds to your claim

it isn't too late - if you decide to do it - once you have that spreadsheet - you do the 8% tab and that gives you the interest which you don't ask for until you file your claim (a change from martyn's advice).

if you do decide to do it - send the bank a copy of your "revised schedule of charges" but stick to your timetable - 14 days after the lba you file your claim.

hope this helps.

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thanks for your quick response. Yep I realise I need to work it out properly on the spreadsheet which I will do now tomororrow if only to satisfy my curiosity on how much it will be. If I decide its worth adding on I will send an amended letter to HSBC (shall I send direct to Colin Langdale where I sent my LBA?) & should I still stick to the LBA deadline as I only gave them 7 days? Sorry for so many questions in one go.

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yes, i'd send it same place as the lba (in fact you could copy the lba and attach the "revised schedule of charges") - don't change the sent date at the top - you could just put a note on the top saying "please find enclosed my revised schedule of charges. Please note the deadline is for your response is xx/xx/07 (and make that 14 days from your original lba). your threads will be merged soon.

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I've done the excel spreadsheet - (up till 2.30am this morning!!). I first filled in column J putting in my monthly overdraft and it came up with less than £200 interest. I then read further & realised this column should be left blank unless the overdraft was interest free. That changed the figure to over £600. Does that sound right? I was charged monthly interest. If so I will definately send an amended schedule. Also how do you delete the extra lines before printing?

And what date do I put in period to: ??

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welcome to the forum - finally!!!!

 

as for period to - i put oldest charge to latest charge:(xx/xx/xx - xx/xx/xx).

as for deleting extra lines - once i had it to the latest charge, i think i highlighted extra lines and deleted and highlighted extra columns and deleted - it's been awhile (last july) since i did it.

my son's claim was approx 1500 charges - o/d interest added 300 and then 8% interest added another 300 - just for comparison.

as for the o/d interest: as long as you are using the advanced s/s and it is picking up some, none or all of the interest debits - you are most likely doing it correctly (if you were just picking up the whole interest every time - that would be wrong, wrong, wrong - some do - please don't - it is wrong!)

as for the 8% interest - once you've done the charges and interest tab, then you do the 8 % tab - although you don't mention this 8% until you file your claim - so just send the s/s without that column (cover it and copy it) showing.

 

are you happy with all that?

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firstly how do I message people - should I just post a reply on here or send individual pms??

 

thanks for your response lattie - my spreadsheet is showing 1600 charges, 650 ish interest. This is made up of a % of the interest charged but on some its giving me all of it. It is giving me a percentage for every transaction but I was overdrawn for all of these. that sound right? I havent done the 8% yet.

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yes, that sounds like you've done it correctly.

as the post above says o/d interest is applied to your whole o/d but if a portion of your o/d is made up of charges then the portion of the interest which has been applied to the charges is reclaimable. and if all of your o/d is made up of charges then all of that debit is reclaimable for that entry. and that is what the advanced s/s does - by asking for the balance at the time of the interest charge - it calculates how much of the interest is reclaimable.

 

if you want to say something to everyone put it here - if you want to say something to one person specifically send a pm.

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right I think I'm happy with the revised schedule of charges so I am going to prepare a letter & get it sent off tomorrow.

 

Thanks to all for your help.

 

My mind is whirring with all this at the moment & as if I haven't got enough to think about my car is in the garage with "dodgy fuel" syndrome!

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