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

[Tigs33]

Got your PM and replied, we really need to establish what has made up the managed loan of £16,600 as a lot of your charges seem to be AFTER you have taken out the loan, with my husbands they were before he took out the loan, and really felt as if he had no choice otherwise the charges would have been more and more. His managed loan was ONLY (well 90%) because of the charges levied.

 

However it is disgusting to see that in giving you the loan and taking away your OD has effectively caused more charges. If it was me I would go after HSBC for contractural interest which I would do with the second letter.

[Tigs33]

done and replied

[Tigs33]

shotgun??? nice idea..... however not very legal

 

I think the banks have got a lot to answer for making people take out these managed loan, yours is a great example, and just how much interest have you had on the managed loan as compared to one of their normal loans?? as well as the extra charges.

 

As you are incurring the managed loan interest and additional charges after taking out the loan I think we need to look back and see how much interest you would have been paying to repay a standard loan with them, I dont think you will be able to get back what would have been the standard loan interest on the debt to the business or the car loan.

 

So to summarise I think it would be fair for you to claim....

 

£790 charges

£4000 charges

Managed loan interest in FULL on £790 charges

Difference between managed loan interest and a more standard rate loan.

 

Make sure you are claiming contractural interest on your charges.

 

Does that make sense?? I am not sure on other peoples views on the above.

[Tigs33]

Details on calculting the contractural rate are here.

 

 

http://www.consumeractiongroup.co.uk/forum/general/18313-why-no-one-claiming.html

 

If you are lucky your charges plus the difference in the interest will cover the outstanding loan.

 

Are you still with HSBC??? If so, would it be better to get another account somewhere else and see if they will give you a small overdraft??

[Tigs33]

Actually looking at your claim I am sure with the Contractual interest your claim would repaid all of your loan.

[Tigs33]

No problem, if you need any help just shout.

[Tigs33]

I think you letter is very good but I would put a total amount of the claim in (charges plus loan interest) just to make it clear the total amount you are claiming.

 

Good luck!!!

[Tigs33]

Something along the lines of this.

 

(1.)

I calculate that you have taken £8877.00 in unlawful charges, plus £6595.00 which you have charged me in overdraft interest for the sum which you have taken. Total £15572.00 to which I shall require interest applied at the same 14.8% Apr compounded interest that you have charged me.

 

I enclose a schedule of these charges which I am claiming with this letter.

 

(2.)

Furthermore by the accumulation of these charges you have lead me into agreeing to loans to pay off overdrafts and eventually to what you referred to as a consolidation loan (your term not mine).

 

However after signing in February 2004 the consolidation loan was later called a Managed loan (again your term, not mine).

None of these loans would have been necessary had I not been charged these unlawful charges.

 

The managed loan that was later applied to my personal account (managed loan account no. xxxxxxxxx) charges interest at 14.8% APR & I therefore shall require interest applied to the return of these unlawful charges at the same 14.8% APR.

Failure to agree to pay the interest at the same rate that you have applied to me you will be deemed to be unduly enriching the bank which exercises the contractual term in respect of such charges with a view to profit.

 

I also demand the return of all 39 payments of £265.33 up today’s date totalling £10,347.87 that I have made against same managed loan account no. xxxxxxxxxxxxx plus interest at same 14.8%APR as applied to me by yourselves.

 

Again by failure to agree to pay the interest at the same rate that you have applied to me you will be deemed to be unduly enriching the bank which exercises the contractual term in respect of such charges with a view to profit.

I am therefore claiming the total of £25,919.87.

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets.

 

I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive payment.

 

If you do not respond, or you do

[Tigs33]

Just one thing the 39 payments of £265.33 is that just the interest charged on the loan??? or the actual payments you had made, as I would only try and reclaim the loan interest actually paid todate on the loan.

[Tigs33]

ahhh but the charges you are reclaiming will repay part of the capital on the loan, I believe that the only part you could reasonably argue in court (if it came to it) is the interest on the loan, otherwise the bank would repay the charges twice. Once the charges are refunded you are only out of pocket by the loan interest if it is not repaid.

 

Does that make sense??

[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?

[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??

[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