Stockportlad Vs HSBC

[Stockportlad]

Hi there,

 

I've had a good read around and through some of the posts on here and I think I might be close to sending my letter off. However, I a question about the advanced spreadsheet I have used. I'm not sure which figure I actually put in the letter? I've copied the summary section from my spreadsheet below.

 

CLAIM DATE: 12/03/07

COMPOUND ANNUAL INTEREST RATE: 31.00%

TOTAL PENALTIES AND BANK INTEREST ON PENALTIES: 420.42

TOTAL INTEREST: 529.74

TOTAL CLAIM: 950.16

 

Is it the £420.42 ?

 

Thanks.

[lateralus]

i never did the compound interest - just read about peeps who have - but is not 31% a bit high?

 

if you did the advanced spreadsheet and put 31% into the formula then yes, the 420.42 would be what you are asking for in the first two letters and the added interest goes on at the claim stage - normally.

saying that, i have seen it written that if you are going for anything other than the 8% interest - you need to make that clear right from the first letter. i think a bit more reading may clear it up for you. not sure, but i'd start here: Why is no one claiming the contractual rate of interest??? (1 2 3 4 5 ... Last Page)

i do know if you are doing contractual - you need to know what you are doing, so don't do anything until you've got it right!

[Castlebest]

Interest confusion again... compound interest is just the way interest is calculated and on a standard claim as recommended here should be 8% pursuant to section 69 of the county courts act 1984.

To alter this figure would mean you are attempting to claim contractual interest (market rate interest) I think currently 15.6 % with HSBC but I have seen reliable sources quoting figures as low as just over 10% for periods around 2002/3.

This is one of the flaws I found with contractual interest it fluctuates because the bank alters it in line with the Bank of England base rate. To calculate it properly you need to find all of the changes in rate the bank have made and edit the spreadsheet to accommodate this accordingly.

If you intend to claim market rate interest I recommend you read Bong's thread and go to the general forum and read the market interest threads there before you make your final decision.

pete

[lateralus]

sorry pete - i meant contractual not compound - mea culpa!

[Castlebest]

Gawd latty dont go lattin on me

 

pete

[lateralus]

that means i need a cup of tea!

[Stockportlad]

Thanks for the replies. The 31% was already in the spreadsheet that I downloaded so I just thought it was normal. I've had another read through some posts and I've decided I'm not going to claim for the contractual interest.

 

I downloaded another spreadsheet off here last night, which is slightly different so I'm going to transfer my charges onto that one. Also realised that I didn't put my overdraft figure as a minus when I should on my original spreadsheet.

[HSBCrusher]

Its good you posted it up first before you sent it off!

[Stockportlad]

Certainly is good that I posted it up.

 

Ok I've now finished my new spreadsheet with 8% interest and I have another question.

 

These are my totals for the last 6 years.

 

The total penalty charge is £392

8% interest on penalties is £71.44

Interest on penalties is £3.34

8% interest on penalites is £1.16

 

Am I claiming for the £392 + the £3.34 as overdraft interest on my prelim letter?

[lateralus]

for the sake of 4 pounds, i'd skip the overdraft interest - just do your charges and if you do it on the simple s/s it does the 8% very neatly for you. reason being - the bank and their solicitors are being very picky about overdraft interest - so why bother for 4 pounds - you don't need the aggro. it's a small claim - hopefully - with just charges and 8% interest - it may get paid relatively quickly.

[Stockportlad]

Hi again,

 

I'm still a bit unclear as to when I ask for 8%, do I ask for it on my prelim letter as well?

 

Cheers,

Matt

[Stockportlad]

Also which address do I send it to, my branch or head office and is there a name I should use?

 

Thanks,

Matt

[nettyg]

hi

you don't ask for the 8% interest until you file the claim in court matt. as for the address to send off your letters, you can send it to your branch or head office, it will find the correct department.

 

HSBC plc

Canada Square

London

E14 5HQ

[Stockportlad]

Thanks

[Stockportlad]

Thnaks again, my prelim letter was sent yesterday.

[Stockportlad]

Hi again,

 

I haven't received a reply yet to my first letter. I just need to check with you all, is it 14 working days that I need to count from the date they received my LBA?

 

Cheers,

Matt

[Janeykate]

Hi Matt. 14 days is from when they'd receive the letter. probably day after you posted it.... thats what I did anyway.. counted 14 including weekends!! Good luck, this site is fantastic, a real help to all of us trying to get our money back, stick to the system and all will be well,,,