Need some help!

[sarahab7]

Firstly, I want to say that this site is fantastic!

 

Secondly, I seem as though I have been reading for hours, but need to find something on the interest charges I want to claim.

The thing is I thought I'd done it right....tomorrow is the last day of the 14th on my letter before action and I want to get my MCOL filled in!, but my partner, who has just started his claim against HSBC, has chucked a spanner in the works by saying that the o/d interest to be claiming back is only the interest charged if the original charges applied knocked you overdrawn.

I live using my overdraft all the time! So it's hard to figure out.

Is this right?

All I did was tot up the o/d interest charges on my statements and added that on as it was.... help..... I'm sure I've done it wrong now...!

 

Please help?

 

Sarahab7:confused:

[maverik1979]

Firstly, I want to say that this site is fantastic!

 

Secondly, I seem as though I have been reading for hours, but need to find something on the interest charges I want to claim.

The thing is I thought I'd done it right....tomorrow is the last day of the 14th on my letter before action and I want to get my MCOL filled in!, but my partner, who has just started his claim against HSBC, has chucked a spanner in the works by saying that the o/d interest to be claiming back is only the interest charged if the original charges applied knocked you overdrawn.

I live using my overdraft all the time! So it's hard to figure out.

Is this right?

All I did was tot up the o/d interest charges on my statements and added that on as it was.... help..... I'm sure I've done it wrong now...!

 

Please help?

 

Sarahab7:confused:

oh dear, this is what we are here for, if you had any questions you could have asked before it got this far, but dont worry , there is a solution, my advice is this, recalculate all your charges but do not include any o/d interest charges, the reason being they are hellish difficult to calculate accurately , and you wouldnt want the bank to use it as an excuse to get your case thrown out, best thing to do is resend your LBA with a revised total amount (i.e. minus o/d interest) and a new timetable of 7 days to comply, when you've done this let us know how you are getting on,

 

dont fill in the mcol without getting some advice from here first, as it can be quite easy to get it wrong

[Michael Browne]

Dammit. Don't you just hate it when a man is right?

 

When you go overdrawn the bank will charge you interest, perfectly lawfully.

 

However if part of your overdraft is made up of penalty fees, they are also charging you interest on these too and it is this interest which you are entitled to claim back and it's tricky to separate out from the total interest figure.

 

Vampiress has a spreadsheet (the 2nd one), in the bank templates library, which attempts to calculate this

[sarahab7]

Thanks for the speedy reply Michael!

 

I've used that spreadsheet and printed it out. When you enter the interest date and interest chgd, I just took the amounts from my statements, 'cause that's all the info I have, is this right? I've entered the balance of account at interest date, only on three occasions out of ten was I in credit when they charged it.

For example - I was £1189 o/d when they applied £125 fee and £6.46 o/d interest, but that interest is for the month up to 7 Dec... oh and the £125 fee is up to 7 Dec as well. So that knocked me further over.

So if I was in credit when the o/d charge was applied, I'd have to look at the previous month and work out the daily rate for the days I was o/d??

Or just add the o/d interest charge on if I was o/d during the previous month?

 

Am I complicating this more than it really is?!

Should I just not bother with the interest, it seems to complicated to calculate!

 

Sarahab7

[maverik1979]

question answered 2 posts up

[rdm2006]

sorry but am i being really stupid - surely after a few charges then the overdraft would not have been there at all if they had not ripped us off with these charges ! I.E. if they had charged you 100 in the first year and your overdraft never went above that amount then all the interest is due to the charges in the following years

[maverik1979]

sorry but am i being really stupid - surely after a few charges then the overdraft would not have been there at all if they had not ripped us off with these charges ! I.E. if they had charged you 100 in the first year and your overdraft never went above that amount then all the interest is due to the charges in the following years

 

no you're not being stupid thats exactly as it is

[sarahab7]

Hi,

Quick update...

I knocked off the interest and am just claiming for the actual charges, I re-sent my claim with the revised amount and gave them 7 days to respond.

3 days later I got this reply..

'Following your recent enquiry, I am pleased to enclose the copy of letter dated 19 June 2006 you asked for.

 

Yours sincerely

Colin Langdale

Senior Service Quality Officer'

 

Attached to it was a copy of their letter they sent to me (the standard one that says ' the bank does not agree with the contention that the charges imposed constitute a penalty blah, blah, blah').

 

What the hell is going on!! I sent an LBA!

They obviously have not read my letter properly! It seems to me that they don't have set procedures to follow or something..

I've ignored it anyway and have filled in a MCOL. We'll see what happens next....

 

Sarahab7

[sarahab7]

Some time has passed with this one and I have been plogging along. No response from the LBA so it was off to court we go.

they have until the 22nd Dec to reply. Shame the 23rd is a saturday as I would have been going down to the court with the request for judgment to hand it over myself.

 

We went to our local court, rather than mcol as we did not have to pay the costs.

 

Has the HSBC let it get this far with anyone else? I expect that they will respond just on the deadline or afterwards and claim incompetence!

 

Sarahab7

[westwalian]

Hi Sarah

 

I'm at a similar stage.......HSBC have submitted their defence via my MCOL yesterday. Just been on the phone to DG solicitors to check that they've got a schedule of my charges and they told me that I will be hearing from the bank in the next 7-10 days, pity Chrimbo is in the middle!!! (I love Chrimbo though!!) I'm just sitting tight and see what happens. I've printed off the AQ stuff in readiness!

[sarahab7]

Just been to our court to file the paperwork to request Judgement by default as no response has been received. They had unti 4:00pm on the 22nd December, and today is the first time the Court has been open since then!

So, we have our judgement, the CCJ will be registered with the credit reference agencies blah blah blah (the stuff they threaten you with - lol). They have until the 5th Jan to cough up the money because then I am applying for a warrant of execution!

 

Just checked their credit file and they have the following 4 CCJs already:

Date Court Amount Status Case Number Date Paid

19/12/2006 EDMONTON £2969 Judgment 6ED09191

22/11/2006 MILTON KEYNES £2065 Judgment 6MK03970

31/10/2006 NORTHAMPTON CCBC £6340 Judgment 6QZ71799

11/03/2004 LEEDS £493 Judgment 4LS00561

 

They don't seem to care about their credit record, otherwise they would have at least applied for certificate of satisfaction from the courts when they paid. These are all left as unpaid on the register!

[sarahab7]

Just checked Lloyds TSB and they have 38 CCJ most since June 2006! Must be as a result of people continuing with actions against them and their continued insistance that their charges are "fair and just"!