Good evening. In January of 2009 My wife and I purchased a sofa through DFS. Unfortunately though, when DFS went through to get our credit for the sofa we were declined. We were phone up a few days later and told by DFS that we could still get the sofa if we could get a guarantor. My wife therefore asked her grand parents if they would mind becoming guarantor for the sofa, of which they agreed. A few weeks later her grand parents visited DFS and signed over all the paperwork. Throughout this whole process we were advised that the credit would be in our name and the grand parents would only be acting as a backup to finances if we were to miss any payments. A few weeks later the grand parents received a credit agreement from HFC and thought this was odd, as it should have been in my name! Upon confronting DFS they deny that the credit was miss sold and that we should have been aware the credit would not be in my name. This is complete nonsense, there were three of us in DFS when the salesman said the credit would be in my name! How do we go about legal action to force HFC to move this credit over to my name? Thanks very much for your help/advice in advanced. David

Good evening all. Well I have finally received my reply back from HSBC, not sure what to do next though! Letter reads as follows: Further to our previous correspondence, I have now completed my investigation into the issues you raised. To begin with mai I say how sorry I am that you have felt it necessary to complain about your Cardholder Repayment Protector. In addition, please accept my apologies for the delay in providing this response. Your concerns as I understand them are that: * You were Self-employed upon commencement of the policy. * You were not aware the policy was optional. * You were not questioned as to what existing cover you had in place at the time. * You believe the policy was a Single premium type and you were not informed of its true cost. * You were not aware PPI was added to your Credit Card * The full terms and concitions were not explained to you. * You felt the salesperson was forceful in their approach to the sale. Having taken the opportunity to review the records we hold in relation to this matter, I regret that I am unable to support your complaint. Perhaps I can explainwhy. Our records show that in January 2007 you applied for an HSBC Credit Card. This car was protected by the optional Cardholder Repayment Protector Plan, which is designed to repay 10% of your outstanding credit card balance for a maximum of 12 months in the event of sickness, accident or redundancy. Life cover is also included in this plan. I can confirm you are elible for the plan. Unfortunately, as I was not present during the meeting when this policy was arranged, I am unable to comment on the actual conversation that took place and can onto take into consideration the records and documentation we hold in respect of this. At the time you purchased the Cardholder Repayment Protector Plan it was HSBC's process to provide you with a Product Information Pack and a Policy Document, which explained how the policy worked together with the claims procedure and the exclusions that applied in respect to your self-employment. The literature also confirmed the costs associated with the plan. I also wish to bring to your attention that the Credit Agreement Form was completed and signed by you. Your seperate signature requested the Cardholder Repayment Protector Plan confirmed that you were aware it was optional and that you had a period of 30 days in which you had the right to cancel the Cardholder Repayment Protector. This provided you with the time to read the Policy Document and to raise and queries you may have had with the plan, or to change your mind and not proceed with it. A copy of the Credit Card Form is enclosed for your ease of reference. I regret that I can find no evidence to suggest you were informed at the point of sale that the Cardholder Repayment Protector Plan was a requirement of the Credit Card rather than it being optional. However, I would reiterate that the Cardholder Repayment Protector is and optional policy and if you were unhappy with the product you could have canelled the protection at any time. I can confirm that as a self-employed person you will be covered if you became involunarity unemployed. However, in order to make a claim for involuntary unemployment the cliams procedure set out in the Policy Document needs to be followed. Provided you meet the required criteria, such as providing proof that you are actibely seeking alternitave employment and that HM Revenue and Customs has been informed that you have ceased trading, then a claim will be assessed. All other benefits in respect of your self-employment are unaffected and will be assessed in accordance with the policy terms and conditions. I would also point out that preiums paid in respect of the plan have appeared on your monthly Credit card statement. Yet we have no records of you contacting HSBC to query the insurance or advised that you consider the plan was mis-sold to you. I now turn to your concern stating it was not explained to you that the policy premium would be paid up front as a single premium and then added to your Credit attracting interest. I would like to take the opportunity to conform the Cardholder Repayment Protector is in fact a Regular Premium Policy and not a Single Premium. In regards to your comment that it was not established whether you had alternative cover to protect your Credit Card repayments. Our records show that you did not hold any other insurance products with HSBC, and had you held products with another provider, it would have been your responsibility to provide this information before the recommendation was made. Consequently, I consider adequate steps were taken to advise you of the main features and claim procedures of your Cardholder Repayment Protector Plan. I am therefore unable to agree to the refund of premiums that you seek. I realise that you may be dissapointed with my decision but I hope that this letter has been helpful in explaining the reasons for it and that I have been able to respond to your concerns satisfactorily. However, if you have any further information or evidence that you feel is relevant then please for it for my consideration. I am obliged to inform you that if you remain dissatisfied you have the right to refer this matter to the Financial Ombudsman Service, South Auay Plaza, 183 Marsh Eall, London E14 9SR, telephone 0845 080 1800 (website www.financial-ombudsman.org.uk). I enclose a brochure entitled 'Your complaint and the Ombudsman' which explains their role. If you wish to refer the matter to the Ombudsman then you should do so within six months of the date of this letter. Finally, please be assured that your relationship with HSBC is valued. Feedback from our customers is taken very seriously as we are constantly reviewinh the quality of our products and services to ensure they meet our customers' requirements. Thank you for taking the time to bring this matter to my attention. Yours sincerely Louise Donnarumma Regulated Complaints Manager I should not, the signed credit form was not enclosed with this letter. It looks like to me this is a standard letter, but what route should I go now? Any advice appreciated, Best wishes David

Good morning. Just thought I'd touch base with the latest. I've just received a letter from the bank stating they are now looking into my complaint. They're saying it will take 4/8 weeks to complete their investigation, so the usual template reply... We'll watch this space. In the mean time I am now in the process of taking on mbna business credit charges, lloyds bank charges and dreaded hsbc bank charges!

Good afternoon. I have finished my letter to HSBC, hope this reads ok. Dear Sir/Madam, I am writing in regards to the aforementioned ppi policy (payment protection insurance) which I was sold by HSBC, in conjunction with my application for a HSBC credit card in January of 2007. I now believe that I was mis-sold this policy because I was: · Self-employed when the policy was sold to me and was not asked about this by your salesperson / made the salesperson aware of this at the time · Not informed that taking the PPI policy was optional · Not asked whether I already had sufficient cover in place at the time the policy was sold to me · Not informed that the policy premium was to be added to my loan as a single premium and therefore attract interest · Not informed that PPI had been added to my loan · Not made aware of the features, exclusions and terms of cancellation relating to the PPI cover · Pushed into taking out the cover by a forceful salesperson As such, unless you can prove that this policy was sold to me fairly and that it is, in itself, fair and reasonable, I request a full refund of all premiums and subsequent interest on these payments that I have made towards this policy to date. I will also ask that you add the 8% statutory interest deemed as reasonable by the courts to each payment I have made. The total amount due excluding 8% statutory interest is £570.59; though this amount is subject to change if/when a settlement is concluded. I have also enclosed a schedule of the ppi charges, of which have already been compound calculated at the current rates of 24.9, 22.9 and 19.9. I would like you to investigate this matter further and look forward to receiving a full response from you within 8 weeks. Should my complaint not be appropriately dealt with during this time I will be asking the Financial Ombudsman to investigate. Yours faithfully Compounded calculations below - calculated to today’s date: In Respect of: Amount Date Incurred Days since offence Interest 8% APR PPI £20.05 14/07/2009 52 £0.23 PPI £20.88 15/06/2009 81 £0.37 PPI £21.54 17/05/2009 110 £0.52 PPI £19.91 16/04/2009 141 £0.62 PPI £21.14 16/03/2009 172 £0.80 PPI £22.42 15/02/2009 201 £0.99 PPI £22.90 15/01/2009 232 £1.17 PPI £23.32 15/12/2008 263 £1.35 PPI £23.74 16/11/2008 292 £1.53 PPI £24.22 14/10/2008 325 £1.73 PPI £24.09 14/09/2008 355 £1.88 PPI £26.31 14/08/2008 386 £2.23 PPI £25.92 14/07/2008 417 £2.38 PPI £26.34 15/06/2008 446 £2.58 PPI £26.71 15/05/2008 477 £2.80 PPI £28.19 14/04/2008 508 £3.15 PPI £28.12 16/03/2008 537 £3.32 PPI £28.59 14/02/2008 568 £3.57 PPI £29.37 15/01/2008 598 £3.86 PPI £29.05 13/12/2007 631 £4.03 PPI £29.75 14/11/2007 660 £4.32 PPI £30.21 15/10/2007 690 £4.59 PPI £29.11 16/09/2007 719 £4.60 PPI £29.57 14/08/2007 752 £4.89 PPI £20.01 15/07/2007 782 £3.44 PPI £19.95 14/06/2007 813 £3.57 PPI £19.78 16/05/2007 842 £3.66 PPI £12.29 15/04/2007 873 £2.36 PPI £8.77 14/03/2007 905 £1.75 PPI £4.28 13/02/2007 934 £0.88 SCHEDULE OF CLAIM FOR PPI PERIOD: [13-02-2007] TO [PRESENT] £570.59 £69.66 £640.25

Hello there again Pompey. I'm just sorting out the spreadsheet to go along with my letter to HSBC. Do I need to use the original charges in the spreadsheet, or would you opt for the compounded interest charges? All I have done for both calculations is set the settlement date for todays date, but have also stated this is subject to change. Likewise would it then be wise to also include another spreadsheet stating charges as they mount up with the 8%? Thanks very much for your help. Regards David

Thanks Pompey, now it makes sense! What would I do for the six months charged at 0% apr? As you can see from my sums in the thread above, I simply added 8% to those charges. Would you think that's reasonable?

Thanks so much for your help Pompey. Just wanted to clarify something. I am presuming the finish date box would be the date of the last payment, or would this be todays date? Best wishes David

Thanks very much, I think I understand. How does this look, I have used both calculators as stated in the thread. 19.35 14 july 09 (APR 24.9) 19.75 15 june 09 19.98 17 may 09 18.08 16 april 09 18.79 16 march 09 19.54 15 feb 09 19.54 15 jan 09 19.48 15 dec 08 19.44 16 nov 08 19.39 14 oct 08 18.89 14 sept 08 20.20 14 aug 08 19.48 14 july 08 19.41 15 june 08 19.27 15 may 08 19.91 14 April 08 –Total £310.50 –compound calculation £413.98 – 8% interest £452.63 20.05 16 march 08 (APR 22.9) 19.99 14 feb 08 20.15 15 jan 08 19.52 13 dec 07 19.63 14 nov 07 19.56 15 ovt 07 – Total £ 118.90 – compound calculation £ 130.76 – 8% interest £139.49 19.63 16 sept 07 (APR 19.9) 19.58 14 aug 07 – Total £ 39.21 – compound calculation £ 48.65 – 8% interest £49.00 20.01 15 july 07 (APR 0) 19.95 14 june 07 19.78 16 may 07 12.29 16 april 07 8.77 14 march 07 4.28 13 feb 07 – Total £85.08 - 8% interest £87.91 Thanks very much for your help in advanced. Regards David

Thanks very much Jan. Would the APR be that of the credit card, or does ppi have apr?

Good evening I wonder if someone could help me please? I took out an hsbc credit card out in 2007 for £2500 and was told ppi would have to be added to the account. I have just received the summary of the insurance charges and it comes to £553.69. I note on the template letter on this website, it asks what the end of term fee is for the ppi. I don't have my credit agreement to hand anymore, but have just requested a copy. Does anyone know exactly what calcuations I would need to do please? I have read I need to calculate the overall insurance premium of which was charged when taking out the credit, the monthly charges and the interest per month. I am a bit confused as to if I also need to include the interest I am currently charged, eg the APR. I should also point out, the APR after six months was 19.9, then after two months then jumped to 22.9, but then jumped up to 24.9 after six months. Best wishes Thanks for your help in advanced. David

Good afternoon, I wonder if someone could help me please? I took out an hsbc credit card out in 2007 and was told ppi would have to be added to the account. I have just received the summary of the insurance charges and it comes to £553.69. But my question is, in the template letter on this website it states how much the payment protection would cost over the entire term of the loan. What would this be for £2500? My statements have three APRs for the past few years, is it this that I add into the compound calculator or just the standard 8%? There is also interest added onto the balance each month, so I'm not sure if I also add this to my claim. Any help would be appreciated. Thanks for your help in advanced. David

Good afternoon, I wonder if someone could help me please? I took out an hsbc credit card out in 2007 and was told ppi would have to be added to the account. I have just received the summary of the insurance charges and it comes to £553.69. But my question is, in the template letter on this website it states how much the payment protection would cost over the entire term of the loan. What would this be for £2500? I should also point out, the APR after six months was 19.9, then after two months then jumped to 22.9, but then jumped up to 24.9 after six months. So, how would I therefore calculate the interest for all three APRs for this claim? Best wishes Thanks for your help in advanced. David

Thanks very much for your message. Does mbna show ppi charges on your statements? It seems odd mine only show interest charges, unless they're calling ppi some sort or interest??

Good evening. I have just received my original mbna business agreement. It states I wanted ppi on the credit agreement, though on my statements all it states is charges for interest retail, interest cash and interest cheques. It clearly states that I agreed to ppi @ 72p per £100 balance spent. Doesn't MBNA business state insurance or ppi on their statements? The credit agreement started from 19 June 2006. I noted from their default charges they stopped charging £20 per default up until May 2007, but then cut it down to £12. If I have just under four years of charges at £20 and £12 a month, am I still able to claim this back? Thanks very much for your help in advanced. Best wishes David

Hello there all. Just wanted to thank you all for your help and advice. Lloyds decided to settle in full out of court. Total amount received was £767.50! So thanks to Gary and everyone else for all their help and support. Kindest regards David Hamer, David's Exotic Plants UK