HSBC ..Total Charges Can I claim these????

[hsbcfiddled]

Tigs,

 

But if I am wrong does that mean that i can list the dates the interest was added on a spreadsheet and add apr 14,8% to the interest charged to me?

[Tigs33]

Not too sure how to illustrate this but I will have a go.

 

Bank charges you £30 >>>> and makes you overdrawn >>>> you cannot pay charges therefore they convert your overdraft into a loan, at this point in time you have still not repaid the £30.

 

You now have a £30 overdraft on which they have charged you £5 interest. In order to put you back to "square one" you reclaim your £30 charge, now the only bit you are out of pocket is the £5 interest which I believe you are entitled to claim, because if it wasn't for the £30 charge the £5 wouldn't have been charged.

[Tigs33]

In theory there is no reason (that I can think of) that you cannot charge the bank the 14.8% interest, as the interest on the loan is an additional charge that the bank have taken from you.

 

Are you sure that both rates of interest are 14.8%? both for the managed loan and for the unauthorised overdraft rate?

[hsbcfiddled]

In theory there is no reason (that I can think of) that you cannot charge the bank the 14.8% interest, as the interest on the loan is an additional charge that the bank have taken from you.

 

Are you sure that both rates of interest are 14.8%? both for the managed loan and for the unauthorised overdraft rate?

 

Definately 14.8% apr on managed loan as that is what it states on the agreement.

 

But I have applied the same rate for unauthorised overdraft because I feel that i am (unlike the Bank) not being unreasonable because I am sure the unauthorised overdraft rate would be much higher (do you agree)

[Tigs33]

I do agree that the unauthorised overdraft rate would be higher but if it was me I would still have a go at that rate and use it as a bargaining tool, if you have to. It would be up to a judge (I believe) to decide if the rate and the fact that you have compounded it was reasonable, and I still think a lot of the banks do not want to take a managed loan issue to court (hey but I could be wrong)

 

Did my explanation about the charges and interest make any sense??

[hsbcfiddled]

yes i think i understand and hey the interest they charged me compounded is going to exceed what i have paid them anyway.

 

Think i will ask the bank tomorrow what the unauthorised o/d rate is...perhaps get them to write it down for me with the date on it.

if they will.

[Tigs33]

You can always look it up on their website, actually I think my recent claim with them had the compounded interest (this was a prior 6 year claim)

 

Ah I got 18.3%

Well I am off to bed now, I will try and catch up on this thread tomorrow. night night all

[hsbcfiddled]

i'm off to bed as well goodnite and thanks Emma.

Les

[rhsymonds]

hsbc fiddled, i too have been conned into accepting a managed loan (after my inital request for financial help was met with 'im sorry, theres nothing we can do'). As soon as they realised i was desperate they signed me up for a £10k managed loan and ive been regretting it ever since.

 

Anyway, the point of my story is, if they cannot supply you with a copy of the original agreement then they cannot enforce the debt in court. Im currently pursuing this route, and have received letters placing 2 accounts on hold while they search for the agreements. Just a suggestion, as i have no idea what my ML was comprised of, i was only 18 at the time.

 

Check it out: http://www.consumeractiongroup.co.uk/forum/other-institutions/10900-loan-company-cannot-supply.html

 

Good luck !!

[hsbcfiddled]

Hi Rhysmonds,

 

Thanks for the info.

It all seems too good to be true.

However I have been to the bank to request a copy of agreement (although i do have mine).

 

My knees are going to be sore during the next week but i hope my prayers are answered.

 

How long have you been paying your ML?

Did they tell you it was called a ML?

Did they tell you they were cancelling your O/D and taking away your Credit card?

 

Regards

Les

[rhsymonds]

How long have you been paying your ML?

3-5 years i guess, but i have missed payments frequently due to the fact i was forced to agree to unreasonable installments.

 

Did they tell you it was called a ML?

I honestly cant remember, i dont think so. I went into the bank asking for help and they told me there was nothing they could do. I had maxed out the £5k mastercard they had given me (i was at university, what can i say, i had fun) and owed them about £2k as an overdraft and £2k as a previous consoidation. I was being charged about £200 for missed payments a month on my CC and OD. It was my only option.

 

Did they tell you they were cancelling your O/D and taking away your Credit card?

To be fair, yes they did, it seemed sensible to me, but they made out like they were doing me a favour. I was promised it was the easiest option and id be a model citizen in a matter of months. They never mentioned the extortionate interest that means ill never pay it off, or the fact that it instantly destroys your credit rating.

 

Let me know how you get on with them, i did receive a copy of my agreement when i asked but it wasnt signed or dated by anyone. Theyd just looked back at the amount and printed a loan agreement for it with my name on. I wrote back to them saying, as it isnt signed by me, i cant verify that it is the same document, therefore i cant believe its contents. If they want to enforce the debt in court they need a signed copy, and its up to them to provide me with one, rather than me to prove they do not have it.

 

Ill fight to the death if i have to !!

[hsbcfiddled]

So how do you stand if they cannot produce a signed copy?

[rhsymonds]

If they cant produce it within the 12 days, then they are in default (which they are) and if it is still not available after another 30 they have committed a criminal offence.

 

It is up to them to prove they have it, otherwise if i take them to court and they suddenly whip it out, the judge will ask why they didnt show it to me beforehand and save the courts time.

 

IF they admit not having one, I will inform the FOS etc about the default and hopefully they will write off the debt rather than see me in court. It would question their ability to hold a creditors licence if they managed to lose a piece of paper worth £10k, dont you think ?

 

Obviously this is a 'best case' scenario, and many other things could happen, like they find it, take me to court or refuse to acknowledge the law. Ive seen all three happen in other cases on here. I just figured it was worth a shot for £6k (ive managed to pay off £4k)

[hsbcfiddled]

It looks like a 'no lose' situation.

At the worst your stuck with a debt that you have resigned yourself to anyway.

What's the timescale in this case?

 

Les

[rhsymonds]

What's the timescale in this case?

 

Well, i sent my requests for agreement about a month ago. They had 12 working days to provide the agreement, as they havent done so, they are in default and cannot add interest or charges to the disputed loan. Also, They cannot sell it onto collection agency, or place a default on your credit score.

 

As they didnt supply it in my case, it moves onto the 2nd deadline which is a further 1 calendar month (30 days inc weekends) before they have committed a criminal offence. When this happens, you write to them telling them you no longer acknowledge the debt and will be stopping payments. Some people also demand repayment of all previous payments they have made, but this is more likely to make them fight. Im just going to demand a statement showing a zero balance, otherwise i will report them to the relevant authorities.

 

PM Tiggs as she has already won a similar case for her husband i think, and will be more able to give accurate timescales.

[Celicaman]

Followed thread so far, any updates, this looks like one hell of a claim,

Best of luck with it. Not even got as far as consoldated loans to pay off unlawfull fees. One day i will dig the stuff out.

 

Once again Good luck.

 

Celicaman

[hsbcfiddled]

Update.

14 days on LBA for personal account passed ages ago.

But I dont want to persue it until i have had all my details on business account because the managed loan is made up of loans re business account (are you still with me).

I originally asked for SAR details in my first letter dated Feb.24th 2007 Re. Account number xxxxxxxxxxx Plus any other current account/business account i.e. T/A xxxxxxx company.

Got statements just within 40 day deadline for personal account only and they returned my cheque for £10. no mention of business account

Second SAR letter for business account was handed in at my local branch of HSBC on March 29th but this time with account no xxxxxxxxx (provided by local branch staff - who also put in request for statements - and they also said they could see details of the business account - and that they could see it was there - account was closed June 2001) Did not include fee of £10 because they could have used the one that they returned to me if they wanted the fee in my SAR of Feb 24th.

Local HSBC branch told me my Business account statements - requested by branch staff - would be available for collection Monday 11th June -

However when i went to collect them it was a second set of personal accounts that i had already been provided with in March.

Business accounts requested again by Branch staff same day (Mind you staff told me that details of Business account now no longer appear to be there!!!!! - Check the date - June 2007 and account was closed June 2001 - SIX YEARS!!!!!!! and they have now conveniently managed to waste a couple of months to get past six year deadline - Sneaky B******S)

Up to yesterday nothing received so i sent them this:

LETTER BEFORE ACTION

Section 7 – Data Protection Act 1998

Dear Sir or Madam,

I sent you the following request on 29th March 2007:

Re. Account number: xxxxxxxxxxxx

T/A xxxxxxxxxx Company

I am writing to request a fully comprehensive list of all the default charges for direct debit, unauthorized overdrafts and standing orders that I have paid since the opening and closing of this account.

Please find enclosed a cheque for the maximum statutory charge of £10. If you are unable to provide this data, I will accept a copy of my statements going back to the opening and closing of this account.

I understand that statements on their own are not covered by the Data Protection Act 1998, yet I’m not requesting the statements per se, but the charges, which I’m entitled to by law.

I look forward to your response within 40 days, as HSBC is obliged to reply under the Data Protection Act. If not I shall seek remedy from the Information Commissioner.

Therefore you have failed to comply with my Data Protection Act Subject Access Request dated 29th March 2007.

 

 

If you do not comply within the next 7 days I shall seek a Court order obliging you to do so together with damages at the discretion of the Court and without any further notice.

 

To avoid this action this is my final request to you Re. Account number: xxxxxxxxxxx.

Can you please supply me with a complete list of transactions and charges Re. Account number: xxxxxxxxxx relating to my banking history with your organization? Alternatively, a complete set of statements or fiche or any other recording method for that period will be acceptable.

 

Additionally, where there has been any event in my account history over this period which has required manual intervention by any member of your staff, or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my banking business with you.

 

If you are unable to supply this data because there has been no such manual intervention, then please be so kind as to confirm this in your response.

 

I enclosed the statutory maximum fee of £10 in my original request and informed you that you had 40 days in which to comply. Furthermore, if I discover that you have levied disproportionate penalties against me, then I shall be reclaiming them, and also reclaiming the enclosed £10 Data Protection Act subject access request fee.

 

If there is specific information which you require in order to satisfy yourself as to my identity, please let me know by return. However, please note that the above address is the one which you normally use to communicate my private business to me and which you have hitherto found to be acceptable.

I would be happy to collect the Data from my local branch.

YF

So now they have until Thursday 4th July to comply (incidently i sent the letter recorded delivery and wrote on the top left corner of the envelope "SAR - 7 day deadline before court action" so they will know what it is before opening.

As for managed loan I handed in on June 11th (again at my Local HSBC) letter dated June 8th requesting details of managed loan agreement under Consumer Credit Act 1974 (Sections 77−79), and presented it at my local branch where they stamped the letter with £1 fee paid.

Deadline of 12 days passed Wednesday 27th midnight so I have not left enough money in account for them to take full payment as we now are in dispute and they cannot request payment or sell the debt.

If my calculations are correct & I receive no reply by July 27th then the managed loan is unenforcable and we are stalemate.

Am I correct?

hsbcfiddled.

[Celicaman]

Hi HSBC, sorry im not really up on that side of things with loan side, so im not much help.

CM

[hsbcfiddled]

#80 (permalink

 

your thoughts please!!!!!

anybody

[hsbcfiddled]

bump

[Castlebest]

Im still reading up on this myself for my own credit card claims but at this point in time I belive you to be correct.

 

pete

[hsbcfiddled]

Just been into my Local branch to ask them about my closed business account that was closed 2001 and i was told that our closed business account could be found in the 'Legal Challenge depatment' they then had a look in that file and told me that a list charges were being compiled/processed in Birmingham and that we would have details going back to 1993 soon.

This is after i sent to Head office a letter giving them 7 days to comply with my SAR from Feb/March or I was taking Court action to get these details.

 

I cant wait for them to arrive.

hsbcfiddled

[Celicaman]

Just been into my Local branch to ask them about my closed business account that was closed 2001 and i was told that our closed business account could be found in the 'Legal Challenge depatment' they then had a look in that file and told me that a list charges were being compiled/processed in Birmingham and that we would have details going back to 1993 soon.

This is after i sent to Head office a letter giving them 7 days to comply with my S.A.R - (Subject Access Request) from Feb/March or I was taking Court action to get these details.

 

I cant wait for them to arrive.

hsbcfiddled

 

Good luck with that

Celicaman

[hsbcfiddled]

Re: hsbcfiddled V HSBC help please

Just been into my Local branch to ask them about my closed business account that was closed 2001 and i was told that our closed business account could be found in the 'Legal Challenge depatment' they then had a look in that file and told me that a list charges were being compiled/processed in Birmingham and that we would have details going back to 1993 soon.

This is after i sent to Head office a letter giving them 7 days to comply with my S.A.R - (Subject Access Request) from Feb/March or I was taking Court action to get these details.

 

I cant wait for them to arrive.

hsbcfiddled

 

I thought this needed a new thread

[freakyleaky]

WOW! I hope you get them. You will have to stick around and help others who want to do the same (like me).

 

I have seen this before but when the statements arrived they were only going back 6 years and told them that they had made a mistake and they did not hold information beyond then.