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Mistake with the Interest


hsbcmug
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Hi,

 

Fantastic Site...!!!

 

Thanks to your site I have sent of the Prelim Letter, with copies of my statements, asking for my charges back and the interest which come to a total of somewhere around the £4,000 mark.

 

However, I have just realised, I have not calculated the interest properly, and have just added the Interest amount for that month. I was always in my overdraft, and sometimes over it!, but I now believe HSBC were entitled to charge me some of that interest as part of the contract.

 

I understand I am entitled to some of the interest back, and I have had a look at the xls calculator, but find it quite confusing, so to hurry things along I might just forget the interest and proceed with just the charges (which make up the bulk of the total).

 

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Question about the XLS Complex-Spreadsheet:

I entered in 27.50 as the first charge, this automatically gave me 13.37 as 8% interest on penalties, this figure is coincidentally the same as the interest calculated on my account for that month, this is what confused me, as I believe I am only entiled to a portion of this. Secondly, what is supposed to be entered in the 'Interest on Penalties' field? This can't be the 13.37 as surely it would have been automatically copied across? This has what has made me think about forgetting the interest, as although the total is not a small amount, it is no where near the importance of the charges!

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Anyway, back on track... I have recieved the standard Letter, and the inital 14 days are up, so my question is, do I have to start all over again, or should I just send the LBA letter, with a paragraph explaining that I am now changing my total figure to exclude the interest.

 

Thanks for your help!

 

Regards

 

HSBCMUG

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I am reading the loubi thread and following instructions for interest so please ignore the question regarding interest.

 

And I believe I just give them a revised total in the LBA, after reviewing my figures.

 

But I have another question: Originally I sent a copy of my statements which included charges, but not the calculator... This time i intend to send the xls calculator, but should I also include another photocopy of all the statement again?!

 

Many Thanks

 

HSBCMUG

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Hiya, copy statements are not necessary, I’m surprised they didn’t write back and ask for a schedule of charges when you sent in your statements with your first letter. Just complete your spreadsheet and use that.

pete

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Hiya, copy statements are not necessary, I’m surprised they didn’t write back and ask for a schedule of charges when you sent in your statements with your first letter. Just complete your spreadsheet and use that.

 

pete

 

Thanks Pete... Going thru the Complex XLS now.. :eek::wink:

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hiya hsbcmug,

 

if you struggle with the s/s (i did) look on my thread loubi2136 and take a look at the things Laterlus has written they really helped me out!!

 

Good luck

Luci:D

 

Hey luci,

 

Yeah thanks, I have actually been getting most of my answers from that thread, very useful indeed! :grin:

 

Many Thanks!

And good luck yourself! :D

 

HSBCMUG

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1 thing that is confusing me tho:

 

There is the date that the interest is applied and the date to.. (Interest to 5th may for example). Which Date should I be sticking in the S/s? Because I guess the interest is calculated on amount on the 5th may, rather than the date the interest is applied? So the balance immediatley before the intrest is applied is irrelevant?! Am i right in thinking this?

 

And is this the same for the charge?

 

I've confused myself again!

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With regards to the interest on overdrafts...

 

I have claimed for 6 years worth of charges, but at some point down the line, my arranged overdraft changed from £50 to £150 but I do not recall when this was. There are charges on my online statements but they do not show if they relate to the overdraft being £50 or £150 at the time..

 

Should this matter?

 

I could do with finding out soon so that I can adjust my claim if need be and make it 100% accurate when I come to send my LBA.

The last thing I want to do is make the claim if I am in the wrong in anyway.

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This shouldn't matter unless your arranged overdraft was interest free. :)

 

The key thing is to make sure that when it comes to making the court claim you have to have your charges information perfect before that you can change things without too much problem.

Guide to claiming back your bank charges

 

Most of your questions can be answered by following this link.

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as for the balance at the time of the charge - i just used the balance on the line above the interest DR.

 

if you want my step by step instructions - you can find them here:

honeygie v HSBC *****WON***** post number 26.

 

Thanks lateralus...

 

I did follow your step by step guide, probably wouldn't have been able to do it if it wasn't for that! Thankyou!

 

But it just threw me a little, Can you see my point? But it's good to hear it worked for you anyway, I wanted to get this answered before sending it off, so sending it off today.

 

Thanks again, for all your assistance.

 

HSBCMUG

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you are welcome -

i wrote it so i could understand it - i'd never done a spreadsheet in my life - but i did understand that one - just thought i could explain it a little easier so i would have gotten it = if i hadn't been lucky enough to get it.

does that make any sense!!!!!!! whatever - glad you got there!

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One other thing, I recommend you register on the MCOL site and start to enter your claim details. You can log off and go back as many times as you want to add and edit your information so you make sure everything is correct for the day you send it off.

pete

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