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

[lateralus]

and here is a suggestion:

there are many threads on here mentioning managed loans and i have stopped reading them because they make me so very angry.

however, you may like to read some as it makes you realise that there are loads and loads of peeps in the same place as you:

Who has had Managed Loans? (1 2 3 4 5 ... Last Page)

 

 

now, as to the suggestion: there is only one thread i know of where someone has asked for the m.l. to be included with the charges and they won. i would read this thread very carefully. tigs is very helpful and if you want her advice - she will give it to you. this is her thread:

Husband v HSBC - Paid (1 2)

 

 

i would think your story is very similar and i don't think you are too late to take her approach. but you must read up on it and probably make contact with tigs with any questions.

it could just be the way to go for you.

 

as for the overdraft interest on the statements (i'm talking about the current acct charges - not the m.l) if you want to include the o/d interest - you must use the advanced s/s to calculate what portion, if any, on each interest charge the amount you can reclaim - do not under any circumstances just plonk the o/d interest onto your list of charges - that would be incorrect.

as it is common practice to amend your schedule of charges right up to filing the claim - i would say - first, decide if you are going to ask for o/d interest but second - i'm still thinking joining your man. loan onto your reclaiming of charges as was done by tigs in that link above may be the way to go - please look at it.

[hsbcfiddled]

Thanks latty,

 

gonna read tigs thread.

 

Les

[hsbcfiddled]

THOUGHT I WOULD POST THIS FOR ALL TO SEE!!!!!!!!!!!!!!!!!!!!!!

 

Hi Tigs33,

 

Latty told me to read your link because of your success and the similarites that my problem has to yours.

 

if I outline my problem maybe you could advise me as to my best direction to take.

 

My wife and I opened our joint current account in June 2001 with HSBC solely as a means to receive my wages from my new employer. I had previously had a failed business and still owed money to HSBC.

I had a loan on this new account to repay HSBC the monies that I owed from my failed business.

 

Between October 2001 and December 2003 (some 26 months) I had charges on my account to £720.

 

From January 2004 just one charge of £72 but our Bank Manager had started to insist on us going onto a Managed Loan. Reluctantly we agreed and started our Managed loan on February 26th 2004.

 

The Managed Loan was for £16,600 and at the same time HSBC removed our O/D facility and cancelled our credit cards leaving us virtually penniless with five children at that time aged between 12yrs and 2yrs.

 

During the next 14 months from February 2004 up to May 13th 2005 I had a massive £4000 levied in unlawful charges.

 

Compare that to:

previous (No Managed Loan) 26 months = £720

then the (Managed Loan) 14 months = £4000

 

I am reluctant to accept 8% interest on the return of my charges considering that of the first payment of £260 that I made on my Managed Loan less than £80 was made towards reducing the balance and £180 went in interest.

 

I have to date paid over £10,000 back to HSBC against my Managed Loan only to discover that I still have £12,000 to pay.

From January 2007 our 'kind Bank manager' has agreed to freeze the interest on this Managed Loan but we have not had it in writing.

 

What do you suggest is our best course of action.

 

Kind Regards

les

[lateralus]

you may need to pm tigs if you want to make sure she sees it - just copy your thread title from the forum list and go on private messages - upper right side and then compose message send it to Tigs33 and paste your thread title there.

[hsbcfiddled]

Yeah thanks latty did that before posting it for all to see.

[lateralus]

ok, sorry - sometimes i treat everyone like my kids at the playgroup!!!

[hsbcfiddled]

Thats ok no problem..................Mummy lol

[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.

[nettyg]

tiggs, could you take a peek at this thread please if you get a minute?

 

Can anyone help me please?!(1 Viewing)

[Tigs33]

done and replied

[hsbcfiddled]

Hi Tigs33,

 

Thanks for the reply.

 

The Managed Loan was a consolidation of two loans:

- one a debt of the business.

- and the other a loan for a vehicle.

- plus paying off the Overdraft.

 

It is plain to see that the Managed Loan has drastically affected my charges.

Before Managed Loan £790 Charged over 26 month = £30.38 per month

During Managed Loan £4000 Charged over 14 month = £285.71 per month

 

Thats almost nine times what I had been getting charged.

 

Good job I dont possess a shotgun.Lol

 

I was getting more in charges than I was paying on the Managed Loan.

[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.

[hsbcfiddled]

Yeah i think so. But how do I calculate contractual interest.

[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.

[hsbcfiddled]

Yeah still with HSBC

 

At the moment they have fozen the interest on the loan leaving me just £12,000 to pay with their figures.

Hopefully your right and I can alter that considerably - preferably wipe it out.

 

I will have a go at the link tomorrow to see how it works out.

 

thanks again.

[Tigs33]

No problem, if you need any help just shout.

[hsbcfiddled]

Is there a compound interest spreadsheet?

[photoman]

Is there a compound interest spreadsheet?

 

Try this.

 

http://www.zen122856.zen.co.uk/CompoundSheet_v1.9.xls

[hsbcfiddled]

I have decided that I am going for compounded interest after all what have I got to lose they cant deny the unlawful charges they have made against me (ok yes I know they will deny the charges are illegal but we know they always pay up nearly all, or all eventually) so the interest is niether here nor there (I expect them to fight harder against the higher interest but so what).

 

I have just finished calculating the charges that I have had levied against me prior to and whilst being placed on a Managed Loan (shouldnt it be called an Unmanaged Loan)

and they come to £4,856.50 plus interest @ Apr 14.8% as applied by HSBC on agreement start date which equates to £6948.69 giving a total of £11,805.19 (See how that compares to my first claim for 8% interest)

 

Question: Should I be reclaiming @ Apr 14.8% which was February 2004 or todays Apr% what ever that is?

[hsbcfiddled]

Parachute opened....Now hoping to shoot down HSBC:D.

[hsbcfiddled]

UPDATE.....

 

Received nice letter from Uncle Colin today- he is investigating my bank charges- I bet he is. well, while he is investigating, he can investigate the wisdom of placing me on a Managed Loan.

He is going to contact me when hes finished. Good! but the LBA goes out today - times up.

[bennyowen]

That's the spirit.

[hsbcfiddled]

Timeframes?

 

I am waiting for april 26th for the expiry of 14 days from sending LBA.

I am starting to complete MCOL but i need some advice please.

 

If I file MCOL on time then it is 28 days before the next process which would be May 24th yes?

 

I am going away on holiday on 17th May for three weeks returning June 8th.

 

What should I do?

 

Les

[jowalshy]

When you file MCOL. It takes approx 2 days for MCOL to issue it to HSBC. This is date that it is deemed served. I think you take 28 days from that date for HSBC to defend. HSBC was due to defend on 19.04.07 and they defended on 16th. I am now waiting for it all to be transfered to my local court and whether AQ is to be done.