HSBC Charges / Managed loans

[johnnymitch]

hi Can any one help please ,................

Thanks xx:)

 

Hi i am after some help here please . i have had a hsbc account since i was 16 , i have had a creidt card and 2 personal loans and an overdraft. They put me on a managed loan to apparantly help me as was getting charges on charges . Th e interest is shocking , after having a few refunds for charges i am awaiting ,my last one but it has been put on hold due to curt case .

Hi bones , welcome to the forum

A managed loan is the worst kind of legal theft and very difficult to get out of. You could try pointing out to them that this is a short-term type of loan which should be re-structured to suit your ability to pay. But it may fall on deaf ears, in which case you may want to report them to the Financial Ombudsman Service(FOS) for failing in their duty of customer care ......

Treating customers fairly

Have a look at the link below, it may help you with further action re your ML (there are also some other links on it for reclaiming bank charges.........)

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/162162-advice-managed-loan-please.html

i have been thinking , my loan is made up of some unfair charges so surely if they have rebated me some they must realise that they are charging me interest on unfair charges that the loan is made up of .plus i hve never claimed for my cc charges or a previous loan that had ppi that is now fully paid off .

They won’t admit that these charges are unfair, therefore they won’t consider that the loan is made up of anything but ‘fair’ charges.

You say your current claim for refund of current account charges is on hold due to the court case – do you mean it is ‘stayed’ by the court , or just on hold on HSBC’s say-so? If it’s the latter you should try to get your claim to court , where, yes, it will be ‘stayed’... but earning 8% interest while it’s waiting and it definitely puts your account ‘in dispute’ and protects the 6-year back-date if that is applicable. (See the above link for claiming .......)

Where do you suggest i start and is there any chance/point of getting it looked at ?. i have paid nothing off the loan cause of the interest in 2 years . i have asked them change interest , they not interested ........

I would say also, that you should look at reclaiming your cc charges if you think they were unfair, and PPI if you consider it was mis-sold......(there is a very good PPI site on this forum , which you could have a look at ).

 

please help

thanks x x

Take each action a step at a time and you'll get there, but there is no quick fix, I'm afraid...... if you get any refunds from the other claims, i.e. PPI and CC charges try to use them to reduce your managed loan.

If you are in any doubt about any of the procedures , just come back and ask – we’re user-friendly on here . There may be other helpful advice from other members of the site , so keep looking from time to time .....

.

Edited January 10, 2009 by johnnymitch
Tidying up .........

[johnnymitch]

Hi again bones01

 

A very good idea to open a 'parachute account' - it keeps the money you need for everyday living out of HSBC's control.........don't go overderawn on it though ......... this link may help.........

 

Parachute Account

http://www.consumeractiongroup.co.uk/forum/general/13832-do-you-need-parachute.html

 

 

Also I would send them a SAR - costs £10 but well worth it :

 

Getting started with a claim (courtesy of pete castlebest )

All of the answers to your questions are in the frequently asked questions section in red at the top of this site; this includes a step by step guide to reclaiming your bank charges

 

There is also a bank templates library that contains templates for all the letters you need that you can adapt to your own circumstances.

 

If you have any problems just post them here and one of us will be along to help you.

 

Best of Luck

 

SAR (Subject Access Request

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/516-1-data-protection-act.html

 

Explanation –what a SAR is

http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/subject_access_-_guide_for_data_subjects.pdf

 

It has nothing to do with the bank why you need your S.A.R - (Subject Access Request) information, they have a legal obligation to provide ALL of the records they hold on you when you request it. This includes ALL of your accounts ALL of their internal notes and ALL of their correspondence ANYTHING with your name on it, and all for £10

 

they should send you anything with your name on it for any account of yours they have for a single Subject Access Request. This has nothing to do with how many accounts you hold with them its a request for all and any data they hold concerning you, this includes

copies of correspondence,

copies of internal notes,

copies of any telephone recordings or a transcript of the recording copies of statements of account

and last but not least a copy of the terms and conditions agreed to by you governing the account.

literally anything with your name on it or about you... and all for £10.00 - bargain!

 

If you make this your first step , you can move in any direction from there .... again , come back if you need further help. Others may come in with further advice , so keep your eye on your thread......

Edited January 13, 2009 by johnnymitch
Tidying up font markings .........

[johnnymitch]

You're welcome bones ,

 

Keep us posted , we'd like to hear how you get on with your claim.

[johnnymitch]

Sorry bones , I thought I replied to this yesterday , but my post obviously didn't 'take' for some reason...

 

Technically you are right - but the discrepancy is £15 . in your favour .

 

I can see that they've used the same figure 'in error' instead of the balancing figure, so you may be able to query it ..... personally I can't see why they didn't just make it 144 weeks @ £138.22 ...... . (That's what comes of trusting calculators..... lol..)

 

As regards your previous post (which I missed due to being away on 16th..) I think most of your questions were answered by my threads #4 and #6 but to reiterate ......

 

A few questions please

A) how long do i give them to reply ?

 

They have 40 calendar days to comply with a SAR , from the date they received it , which you may know exactly if you sent it 'Recorded Delivery)

 

B) how would i get them to understand that the managed loan is made up of some unlawful charges that thay are now charging me interest on?

 

They won’t admit that these charges are unfair, therefore they won’t consider that the loan is made up of anything but ‘fair’ charges.

 

C) can i dispute this and not pay till we have reached an agreement ?

Well done on opening a parachute account , bones ... that gives you breathing space, but I'd say wait till it's up and running before you tackle the 'stop payment ' question . That way HSBC can't commandeer money you haven't got ...

 

Also concentrate on getting your 'unfair charges', claim to court , so that the account is definitely 'In Dispute' .

 

 

D)has any one ever suceeded in this ?

 

I believe there were a few in the days before the OFT case but the banks are hiding behind the case now to do absolutely nothing ..... even although Loans and Credit cards don't come under the OFT case ....

 

I'm hoping pete castlebest may be along soon - he's better at Managed Loans than I am ......

[johnnymitch]

Hi bones , haven't heard of it , may be a new ploy to timewaste ...

 

btw for safety & security could you please go back and edit your post to take out your names , you never know who is nosing on the site .....

[johnnymitch]

Hi bones 01

 

Looking again at that SAR from the forum - the second sentence in the first paragraph is somewhat ambiguous..... I know what it's suppose to mean , but if there's another interpretation they'll find it - especially if it's to their advantage - I may try to draw a Mod's attention to it - and ask for their opinion .....

 

Meanwhile , will it hurt to play their silly game of 40 days from now .. ?

I know it's annoying , but ........... they've got to produce sometime , eh ?

[johnnymitch]

I wouldn't bones - or they'll start the 40 days from that letter .......

 

If it comes to the crunch, your telephone conversation should have been recorded........

[johnnymitch]

:(Sorry , bones01 - missed your post .....

 

Is that a reply to Martin 3030's letter , or haven't they got that yet ?

 

They are just being dowright obstructive about this bones 01 - but they've still got to produce within the 40 days from your conversation.(If they admit to the conversation ...........)

 

Also , if they are the company which has your Credit Card account , they have to produce that info as well , no matter where it is lodged in their consortium. The Data Controller is responsible for digging this out and producing it - I think they're playing for more time and another 40days ---

don't let them get away with it ....

 

If you haven't had a reply yet to Martins letter , wait and see what that says or, alternatively , post the PPI query in the PPI forum - you'll probably get a more detailed answer from there .... they are very good....

[johnnymitch]

Hi bones 01 - really annoying aren't they ?

 

There a re many useful templates on here , but in this case No 17 is the one you want ....... give them 7 working days to reply then consider a court order ..... come back if you need more info ......

[johnnymitch]

btw - have you posted your PPI query on their forum ?

[johnnymitch]

I don't think that the SAR call-up letter is appropriate then bones 01 , - I think you just have to send a stronger letter to force them to agree /disagree with your calculations ........

 

If that fails , then maybe a court has to decide - but that's a long way off yet .....

 

And I'm sure by now they are sure you know what you're talking about - that's why they're trying to duck out .....

[johnnymitch]

Yes , bones01 after the 40 days send No 17 on the template list ...

[johnnymitch]

There you go bones 01 -

 

Data Protection Act

 

HSBC Bank Plc

Service Quality Team

Arlington Business Centre

Millshaw Park Lane

Leeds

LS11 0PP

[johnnymitch]

Go get 'em , bones ! ...........

[johnnymitch]

good news , got my sar details today , not sure if everything was there as it is MASSIVE ha ha , so going to start wading through it . I did notice they had said in brief letter that 3 of the loans were not inc as they were older than 6 years ago , is that right ?

 

If the Loans finished more than 6 years ago then I would say you probably won't get any joy unless you really push it ...... but if they finished after the 6 -year deadline they should still have the whole package I would think . They're not going to throw out stuff leaving an incomplete active file.

Also i recieved a letter of them regarding the managed loan , saying the interest calculated was in error on their part "a system Anomoly " that has made the payments 10p short each month (due to something about leap years when they were telling me on the phone ) , they should be blah blah , but were put as blah blah and they are just assuring me they will not be persuing me for the extra £14 odd at the end of the loan that would be left to be paid !.

 

Am i right in thinking that this loan is march 07 ( so pre april 07) and they are admiting to putting the prescribed terms wrongly on the cca , so are mis stated , which there for makes it un enforcable , even with a court order ??????

 

Have a read of this thread bones01 ....it may help you decide..... I have guided you to the relevant bits from #21 but it may help to read the whole thread when you have time .........

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/190821-hsbc-does-incorrect-unenforceable-2.html#post2071445

 

Please please tell me that i am right and can now dispute and never pay again this shocking amount of interest that have been paying for years ????

 

thanks guys !!

x

 

You're welcome bones .....

And of course come back if you have any more questions .......

[johnnymitch]

If this is the claim for refund of Current Account charges bones 01, then the next step is to send them a 'Letter Before Action' (LBA ) - giving them 14 days to cough up or you start court action .......

 

This is the link you want for that :

 

http://www.consumerforums.com/resources/templates-library/48-bank-templates/112-letter-before-action-bank-charges.html

 

If it's for refund of Credit Card charges the OFT court case does not affect them - so either way , carry on regardless .........

 

And you are right , the 8% interest doesn't kick in until you get your claim to court - so remember to leave that off your 'List of Charges reclaimed' when you send your LBA ......

 

If you look at the templates list below it gives you them in pretty much chronological order ... but you know to come back and ask if you're in any doubt

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/

[johnnymitch]

Hi bones (btw love the avatar !)

 

Personally , I think if you leave one account open they can take money from it to service a 'supposed' debt on another account - (called 'Right of Set-off' and it's legal !) , so it may be in your interest to close them all .

 

And yes , it is still OK to claim back charges from accounts which are no longer running - if they're within the 6-year time frame . Lot's of people have done that after opening a parachute account .......

[johnnymitch]

Be interesting to see what they come up with bones01...

 

Keep us posted

[johnnymitch]

Well done bones , you're getting there - if you don't answer their security questions on the phone they can't talk to you anyway ....... but send them a harassment letter just to have something in writing if it goes to court .

 

btw , how's your charges claim progressing ?

[johnnymitch]

They are not allowed to send someone round without your express permission bones .... call the police to have them removed if necessary .. and report them to the OFT . They can lose their licence for this sort of bullying ....

 

This is the OFT guidelines on this ;

 

2.11 Those visiting debtors must not act in an unclear or threatening manner.

2.12 Examples of unfair practices are:

a. not making the purpose of any proposed visit clear, for example, merely

stating that collectors or field agents will call is not sufficient

b. visiting a debtor when it is known they are vulnerable, for example, when

a doctor's certificate has been provided stating that the debtor is ill

c. continuing with a visit when it becomes apparent that the debtor is

distressed or otherwise vulnerable, for example, it becomes apparent that

the debtor has mental health problems

d. entering a property uninvited

e. not leaving a property when asked to

f. visiting or threatening to visit debtors without prior agreement when the

debt is deadlocked or disputed1

g. not giving adequate notice of the time and date of a visit2

The full guidelines on this are here :

OFT Debt Collection Guidance

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft664.pdf

[johnnymitch]

Have a look at this link bones - it may help you put a letter together for them ..........

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/162851-consumer-credit-agreements-guide.html#post1747746

[johnnymitch]

Can you post a reference to the above please, bones ?

[johnnymitch]

Of course it was - I knew I'd seen it somewhere-Senior Moment LOL!

 

Thanks bones ..... x

[johnnymitch]

Has to be worth a try - if they're using the legal team I reckon they mus they must be on the back foot and squirming - I'd appreciate a second opinion though from pete or martin 3030 or someone ...

 

Just to reinforce my thinking ...

[johnnymitch]

Hi rockhopper , welcome to the forum ,

 

I think you need to report them to the OFT .

 

The Office of Fair Trading: making markets work well for consumers

 

This is blatant bullying and should not be allowed. For an International organisation it is a disgrace .

 

If you don't get a reply to your CCA within the 12+2 DAYS timescale , come back and we can give you a letter to call it up , before you report it to the Information Commissioner for breach of the Data Protection Act .

 

Let's see what happens with your CCA request first ........ and if you have any more queries - just ask - someone will answer , and we're a friendly lot on here .........

 

Oops sorry , bones , I didn't mean to hog your thread ..... but it seems you and rockhopper are at about the same stage with this shower.....