Jamesrap v Hsbc ***WON***

[Advoc8]

Yes I think it would be a good idea if parliament passed a law to deal with this matter, but I'm concerned that parliament, with all the influence that the banking lobby can bring to bear upon it (how many political parties have big overdrafts?) will compromise on a level of charging that is still disproportionate and/or unfair.

[diane11]

Hi Advoc8, I know what you mean but do you really think that they are charged? I would doubt it very much. The banks are making their money from Joe Bloggs, so to speak on the streets.

[jonni2bad]

The response from the ombudsman to recent media coverage

see below...

 

Jamesrap - are you sure that this is the Ombudsman responding? It sounds very much like a Newspaper article.

 

Is there a link?

 

Also, people might wish to review this thread by BankFodder...

http://www.consumeractiongroup.co.uk/forum/campaign/43287-financial-ombudsman-recommendation.html

[Advoc8]

I wouldn't like to impute anything about our beloved political parties;) but how much legislation gets diluted before being added to the statute books?

[JOSH_IOU]

The post was off the follwing website. ( BBC - Consumer - TV and radio - Bank charges )

 

I found the link from this page

 

news and information

[JOSH_IOU]

I would suggest after reading that link CAG are simply a limited company with a lot of support. However the Ombudsman is payed for by the banks and have a greater influence over them in respects ot claiming money back. Any one can use the court services and the ombudsman.

[jonni2bad]

James, the link does inded show that the post above was not a response by the FOS, but merely a BBC report which also outlined some of the things the FOS does.

 

The point, I believe, that BankFodder was trying to make was that the FOS are not using their influence, not that they wouldn't have any.

 

Details of the FOS:

 

about us

 

key facts

 

• We were established by Parliament to help settle individual disputes between businesses providing financial services and their customers.
  
• We can consider complaints about a wide range of financial matters - from insurance and mortgages to savings and investments.
  
• Our service is free to consumers.
  
• You must first complain to the business concerned, before we can look at your case.
  
• We are not a regulator ("watchdog") or a trade body or a consumer champion. Our role is just to settle disputes, as an alternative to the courts.
  
• We are completely impartial - just as a judge would be if you took your complaint to court instead of coming to us.
  
• You do not have to accept any decision we make - you are always free to go to court instead. But if you do accept an ombudsman's decision, it is binding on both you and the business.
  
• Although we aim to resolve the majority of complaints within six to nine months, some cases can take longer - especially mortgage endowment cases, which we are currently receiving in very large numbers.
  
• Our service is confidential - we do not publish the names of businesses or consumers whose complaints we handle.
  
• We can't give personal advice about financial matters or debt problems.

[JOSH_IOU]

I agree, i guess from there point of view if they done what we are asking they would have esculated the issue.

 

How long dose it take for a small courts claim to be hurd ive never went down that route before!!

[SPROUTY]

Interesting post James, if the ombudsman has let you get away with the "court act 8% interest" any one fancy having a pop with a full caffeen contractual rate or certainaly in the case of a credit card the indisputable interest added to the charges and then some !

 

Can you confirm that you first went through your bank's internal review process before referring to FOS and if so how long was your claim from start to finish...or did you in fact manage to pull a blinder in 28 days (all told)?

[JOSH_IOU]

It only took 11 days for HSBC to respond. They were verry quick indeed.

 

So in total it took 35 days to complete the process.

I was verry suprised as my Lloyds TSb claim took 3 months nearly for the money to land in my account.

[JOSH_IOU]

I might try the full contractual interest with Capital One. How much is that?

[SPROUTY]

You know how much they have debited the account with charges, and your statements will show how much interest they have added (monthly ) on each charge and then again on the charge (+ the interest) the next month..ie compound monthly interest. There can be no dispute about these charges (unless you happened to have completely Paid the account off, every month). then add your 8% or be cheeky and apply the same monthly interest (once more) on both the charge and the first interest calc. (which should work out more then simply doubling the interest charged) and claim that lot back using the mutuality of contract argument. I think vamps got a spread sheeet to calculate the interest.

[JOSH_IOU]

Thanks for that

Will have to send a Data access request off.

I will keep this thread informed of my progress.

[Advoc8]

Hi Jamesrap, site protocol is that you start a thread in the correct forum for the bank you're reclaiming from. Hope all goes well.

[JOSH_IOU]

if you read the first post it is within site protocoll.

[Advoc8]

If you're informing members about a specific claim then it ought to be in the appropriate section. No doubt others will be along to give an opinion soon.

[JOSH_IOU]

the cortrect procedure would be to report me to an admin.

 

However the site owner and an adminstrator no about this thread.

 

They can but as i said i was responding to a question.

 

Read the thread.

[jonni2bad]

Advoc8 - this thread is in relation to the Financial Ombudsman, not a bank charge claim against a specific bank. I think you may have misunderstood things slightly.

 

However, I do think it would be better placed in the GENERAL forum and will move it there.

[JOSH_IOU]

Dosent make any difference i guess will update my favorite link.

 

thanks for posting a reply joni2bad i apreciate your help

[MARTIN3030]

Ok thread moved here.

Too many posts for welcome forum and should not have carried on there !!