marrac V hsbc

[Marrac]

Hello Everyone,

I've received all my statements, trawled through them and I'm about to enter all the charges into the simple spreadsheet....but. I'm slightly confused as to the wording of the Preliminary letter template. The paragraph that states " What I require. I calculate that you have taken £XXXXX plus £XXX which you have charged me in overdraft interest for the sum which you have taken. Total £XXXXX."

I have read on various threads and on the FAQs that I should only include the bank charges and not to include any interest on the schedule of charges at this stage. It might just be me but the above paragraph seems to be contradicting what I've already read,.

Please could someone explain.

 

Thanks.

[PPMAN159]

I would not include any claims for the interest at this stage-just go with the basic charges.

 

If you end up taking HSBC to court via MCOL then you can claim the interest at 8%.

 

Hope this helps

[lateralus]

let me give this a go -

there are a few different interests we speak of here -

first to understand is the 8% interest which goes on all charges, is figured out on the simple spreadsheet but isn't actually mentioned to the banks until you file your claim.

next there is overdraft interest - when you've gone overdrawn - the bank has charged you and then put interest on top of it - that is o/d interest.

it is shown on statements as Interest-DR. you can reclaim the portion of the interest that was applied to the charges - and that is figured by using the advanced s/s. this s/s will calculate on each charge - according to the balance at the time of the charge whether some, all or none of it can be reclaimed - it sounds very daunting but really the s/s does all the work.

if you want to give that a go just to see how much it may add to your claim - by all means do so. if it isn't much - i advise not bothering as the solicitors balk at paying o/d interest and the hassle can be more than it's worth - but if it is going to add a significant amount - claim for it - as long as you do it properly - you must use the advanced s/s and not just plonk the interest charges into your total of amounts being reclaimed - that would be incorrect and would sully your claim. i have a simplified approach to the advanced s/s if you want to try it. it is post 26 on this thread: honeygie v HSBC *****WON***** (1 2

 

the other interest some talk about is contractual interest - figuring the bank charged a high rate so you should charge it back. it is not for the faint hearted and a bit complicated - if you are interested in that, i can point to another thread:

Why is no one claiming the contractual rate of interest??? (1 2 3 4 5 ... Last Page)

 

hope that clears up the interest question for you. you aren't the only one confused by it - everyone is!

[Marrac]

Thankyou for the replies PPMAN159 and lateralus, I did understand the basic concepts and will be just claiming the 8% at the later stage as this claim is for approx £937. I think I lost the plot with the wording in the template....obviously enter zero in " plus £XXX " I was thinking of editing the last sentence out. The old grey matters turning to jelly already and I'm only at this early stage!

This is for my husbands current account. Will have to do " you have 7 days to provide ALL statements " for his business account only recieved about half, thats when the fun will begin.

[givememymoney]

Don't worry about mistakes at the early stages the key things is to have it all nailed down when you start the court action. Good Luck

[lateralus]

when you get around to o/h's bus. acct. - check this:Business Claims - basic guide apparently it does vary a little to curr. acct.

[Marrac]

Thanks to givememymoney and lateralus for your replies and links will keep watching toto691 and make me happy for business account problems/solutions and will no doubt be back for advice and encouragement.

[Marrac]

Hi, two small problems so far, business account only recieved two and half years statements,( some from 2003 some 2005 some 2001) DPA request sent 21st Feb, template letter 2 for none complience sent 10th April ( tracked post recieved 11th April) Shall I sent template letter 3 or write to OFT/ comissioners office?

 

Personal account sent prelim recieved "looking into it letter" and shiny leaflet, sahll I send LBA now, just wondering as I will be away from 9th May to 22nd May and dont want to miss an offer with timescales etc.

 

Thanks for any advice

[lateralus]

on personal accout - go ahead and send the lba - you can log onto the mcol site and get your claim all ready to go - then upon your return on the 22nd - when you find there has been no positive response - you will be ready to pay and submit your claim - you'll only have lost a couple of days and this is your schedule - not theirs - so you file when you are ready to file. i'll send my particulars as an example so you really can get your claim all ready to go - and here's a good link to help you with it.

Getting MCOL Right

 

as for the business - can you ring them and ask what the hold up is on the other statements - it might just be that a phone call could sort it.

[Marrac]

Excellent, will do many thanks.

[Marrac]

MCOL query for husbands personal account. I only have access to my works pc, so regarding the 'statement of truth' 'I am the claimant' Can I still use MCOL or do I have to file at the local court with a N1 form?

[lateralus]

use mcol -

 

 

(i did my son's and the world didn't come to an end)

[Marrac]

Thanks for that, Is there a phrase I can use as I don't have the date the account was opened?

[lateralus]

a long time ago?

in a period now gone by?

lol - just being weird.....

 

wanna guess the year?

I have held this account since 1989.....

 

or The Claimant has held this account since 1995 (or since before 1995?)

doesn't matter too much.

 

i'm going to pm my partics as another example for you to look at.

[Castlebest]

I put "before 2000" on my partics

 

pete

[Marrac]

Hi, Have now recieved statements for business account, applied S.A.R. end Feb. after 3 template letters for non compilence and a kick from the Comissioner have received statements from May 2001 instead of March 2001. I am still confused about 'total charges' I seem to remember a moderator saying you could claim for these in there entiraty and other posts saying a further breakdown is required, it has taken so long to get the statements, I'm tempted to just include 'total charges' as read. Any advice?

Also as a sole trader do I use the standard template letters as per a personal account? ( This is for my husbands business account)

Thanks for any advice.

[lateralus]

if it were a personal account total charges is sufficient but on a business acct total charges has to be more specific. not sure where i read that - try here:

Business Claims - basic guide

 

or maybe here:HSBC Business account total charges

 

not sure if this is the letter:Sample letter to your bank - business version

every one of y our questions is answered somewhere - it's finding it...keep looking.Claiming on a Business account? Lets join forces? (1 2 3 4 5 ... Last Page)

photoman

 

: Business accounts;Partics of claim (1 2 3) MARTIN3030

 

Lloyds V's Repro (Sole Trader)

repro

 

Business account question

 

 

 

i found most of this by going on the site search - the blue line above the forum - look for search and put in whatever - sole trader, business account, whatever.

[glensorie]

Test message

Sorry.

[Marrac]

Hi all.

Just to update you on the situation so far.

Re.my husbands personal account :-

Filed N1 at local CC.

HSBC Acknowledge then Defend as expected.

Aq received from local CC, filled in as per instructions on this site also attached Draft Order for Directions.

Local CC recieved my AQ on 7th July 2007, DG had till 9th July 2007 to file theirs. 'Unless' order issued by Judge giving them till 2nd August 2007 to file or Defence be struck out.

Phoned Court on 3rd August and was informed that the Judge had Stayed all claims pending outcome of 'Test Case'. Received letter confirming this couple of days later dated 31st July. Also received letter from DG saying they will request a Stay blah blah blah, looks like a standard letter that all banks are sending out.

Now for my question.

Have I come as far as I can for the time being awating the outcome of the 'Test Case', or is there anything I can do in the meantime to get things moving again?.

Any help would be very much appreciated.

Cheers

Marrac.

[Marrac]

Sorry to bump this back up but I could really do with some advice. Thanks

[lateralus]

you can try to get the stay lifted -

 

OFT Test claim: What this means for you

 

 

~~## Stays info and guidance ##~~

 

Application for removal of a stay - UPDATED TO ACCOUNT FOR OFT TEST CASE

 

have a read and get back

[Marrac]

Hello All,

Not posted for a while but have been 'watching in the wings' My husbands personal account like many others has been stayed and we are playing the waiting game.

The business account was signed over to a financial claims firm, a trading name of a solicitors which would take 10%, and claim the 8% interest plus the contractual interest etc. I tought this was a fair return as I have limited access to a pc, and it would all be taken care of.

A small business loan was taken out from HSBC to cover the overdraft including outrageous charges etc. with a condition their payment protection plan was taken out. A letter has been received by both business partners from a Emma Boardman.....Head of central underwriting unit...Experian Equifax Callcredit on HSBC paper listing a PO Box number and the Salford branch Manchester, this is not where the account is held, demanding immediate repayment of approx £7k stating action maybe taken by debt collectors or solicitors and court action maybe taken. Is there an ' account in dispute letter' for businesses or has anybody any other advice or ideas? Thanks

[Castlebest]

Hello All,

Not posted for a while but have been 'watching in the wings' My husbands personal account like many others has been stayed and we are playing the waiting game.

welcome to the stays club

The business account was signed over to a financial claims firm, a trading name of a solicitors which would take 10%, and claim the 8% interest plus the contractual interest etc. I tought this was a fair return as I have limited access to a pc, and it would all be taken care of.

That sounds like a sensible option if you don't have the time to DIY it

A small business loan was taken out from HSBC to cover the overdraft including outrageous charges etc. with a condition their payment protection plan was taken out.

 

A letter has been received by both business partners from a Emma Boardman.....Head of central underwriting unit...Experian Equifax Callcredit on HSBC paper listing a PO Box number and the Salford branch Manchester,

Where does Experian Equifax Callcredit come into it ? these are separate companies and have nothing to do with HSBC, they record and report what they are told by any creditor but to my knowledge they are not linked to any of them.

 

this is not where the account is held, demanding immediate repayment of approx £7k stating action maybe taken by debt collectors or solicitors and court action maybe taken. Is there an ' account in dispute letter' for businesses or has anybody any other advice or ideas? Thanks

 

do they say why they are demanding repayment of this loan?

 

pete

[Marrac]

Hi Pete Castlebest, thanks for your reply

They are demanding repayment of the loan as it has had numerous defaults on it. I think it was originally taken out about 5 years ago for approx £20k as a personal loan to put into the business account on advice from HSBC to get rid of the overdraft situation/ bank charges cash flow problems etc.

Then approx 3 years ago it was changed to a small business loan, in January it had arrears defaults more charges etc. for about £3k now it is £7k. Hence the demands I will pm you the letter as I can’t delete the personal details, for reference to the Equifax Experian and Creditcall details.

Any advice please?

[Castlebest]

You need to anylise the charges they have added to the loan and claim back all of the penalty charges they have added.

 

This will have the effect of disputing the total you owe to the bank and once a dispute is in place there is very little they can do to you until they have resolved the dispute

 

If you don't have the time or are worried about doing this yourself I would be inclined to seek the advice of the claims firm you have already employed to handle the current account and do it quickly

 

I still don't understand why they have listed the CRA's contact details on the bottom of the letter, unless these are debt counseling services.

 

pete

Edited July 19, 2008 by Castlebest