pucc -v- hsbc

[lateralus]

ok, here we go - i've done this so many times that i've found an old one and if it calls you a different name - ignore it -

 

right, pucc, i'm going to take it from the top - if you've already done all this - bear with me - we will get it right if it takes a week! when you can read through this and understand it and tell me that's what you did - we will be there. a lot of this is cut and pasted so keep going -----

 

Overdraft interest

 

This is the single most confusing part of most peoples claim, and one of the most frequently asked questions

 

overdraft interest is applied to your whole overdraft, however if some of your overdraft is made up from (unlawful) charges,

then a proportion of the interest has been wrongly applied and is therefore reclaimable

 

Example

 

you have a £400 overdraft, you purchase something that day for £200 so now you are -£200 on your current account balance, but on the same day £200 of charges are placed on your account, which means that your current account balance is now -£400 and the bank will charge interest on the whole £400, but as we are contesting that these charges are unlawfull, then the interest should not be placed on the whole amount, only on the amount that you have actually spent,

therefore in this example you can claim back 50% of the interest, however these calculations have to be done daily to truly reflect the amount which can be reclaimed,

 

Dont worry, Vampiress has made a spreadsheet that will calculate this for you, you can find it here, but please read the instructions that come with it;

 

 

 

did you understand what you just read - if you say no, fair enough just use the simple spreadsheet and you will have a neat and tidy little list of your charges and this will become your breakdown - just fold back or cover over the 8% column as you will need it when you file your claim but not before then.

if you did understand what that bit above was saying - then - perhaps you could be better off figuring the overdraft interest just to see how much it is and if it is worth claiming for. and to that end - i'm going to point you towards a thread i wrote which explains and tells you what to do - take a look, you will be using the advanced s/s - and believe me it does all the work and calculations - the reason i ask if you understood it is because the solicitors have questioned the overdraft interest and if it is not done correctly (like maybe some people just add on all the interest debits which is totally wrong!!!!!!) if it's not done correctly -the bank/solicitors will know and they will chew you up and spit you out.

it is reclaimable (i did it and lots of others) but it MUST be done properly.

ok, take a look at this thread:honeygie v HSBC *****WON***** (1 2 3 4 5 ... Last Page) it is post 26. take a look

 

 

pucc, you are indicating you have a good few interest debits on your statements - these refer to overdraft interest. you can't just add them on - as you must use the advanced s/s to determine how much of each interest charge relates to the overdraft. that's why it asks for the balance of your account at the time of the interest debit - i just used the balance from the line just before the interest debit.

 

take the honeygie instructions and follow them line by line - it will take you through the advanced s/s - on the charges and interest tab it will be charges on the left side and interest on the right - it's a blue and yellow s/s. you will come out with two running totals - one for the charges which will pick up everything you put on it and the one on the right for the interest - and it will pick up some or all of the interest debit if you have a - balance at the time and it will pick up none of it if you have a + balance at the time of the charge. so at the end you will have two totals and thus the sentence in the letters "i calculate you have taken from me xxxx in charges (left side total) plus xxx in interest on these charges (right side total).

 

once you've done that - you press the "8%interest" tab at the bottom - reenter all the charges one more time and this gives you the interest total you will be adding at the claim stage.

 

now, i know this sounds really tricky - but it is like absolutely anything else you do for the first time - tricky - so read it two or three times and i promise if you take it slowly line by line from the honeygie link - with the above explanations in your head - you will get it and it will be right and very defendable. and you will get it back.

 

i don't know if this will happen - but if you end up with a very small amount for the o/d interest then i would jack that in and then just do the simple s/s and not include any interest debits at all in your calculations and just let the s/s figure the 8% interest for the charges and reclaim that.

 

(old thread - i don't mean you, pucc - but read anyway)

i had a feeling - may be wrong - often am - that at some point you were just adding on the interest charges as just another charge and then going to figure the 8% on all of it - and that wouldn't be right and would jeopardise your claim. so, done correctly, overdraft interest is reclaimable.

 

i recommend you try it - see how it goes and get back with any questions. hope this has helped - honestly - when i did this i had never done a spreadsheet in my whole life - that's why i wrote it in what i felt was a simplified approach - to help others like me.

 

 

 

 

so, that's it - it's a cut and paste but exactly what i would have said - so see how you go, pucc, good luck

[pucc]

first off thanx for your reply.. yes i understand what you said but first thing is the amount of interest is about 2 or 3 pound a month do you feel it would be worth while going to these lengths?

[jowalshy]

the decision is entirly up to you, but if you were only charged about £2 or £3 per month in interest then it would not work out to be very much in the end. Personally I would just go for the charges and then the 8% at court stage. But that is my opinion, the decision is up to you.

[pucc]

yeah i thought so the charges it is then!!! ok i need an n1 form dont i ?

[pucc]

looking at this i think i need more help!

[jowalshy]

Having read your thread from beginning to end, I am a bit confused. Have you sent a prelim letter requesting your charges back or have you just sent a letter requesting your statements and if you find that they have charged you you will claim these back.

 

It sounds like you are now ready to do prelim letter.

[pucc]

ok sorry let me explain... i have 2 different cases on going one with hsbc and another with a finance company.. from the bank i have my statements and have totted the charges up was just checking on the interest... on the other i need help to fill in the n1 form sorry for my messup.. is this ok?

[jowalshy]

Ahhhhhhhhhhh. I understand now. Here is the N1 link. If you have any trouble on any points just shout.

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/681-4-particulars-claim-n1.html

[pucc]

ok thanx

[pucc]

right filled that in.. just one thing what do i put in the court cost bit and how do i find out if i dont need to pay a fee ?

[pucc]

help plz i need the exemption form for the court fee ...anyone got the link plz?

[lateralus]

DO YOU HAVE TO PAY?

[pucc]

ok what should i be posting with my n1 form ie n1 form exemption form any thing else ? oh and to where do i send it and should it be recorded ?????

[pucc]

help someone please

[make_me_happy]

I would say you need to enclose with the form a breakdown of your charges. I don't know much about it as I filed mine online, but I don't see anything else you need.

[pucc]

how many copies do i need to make!!! and of which forms do i need to copy?

[pucc]

help please i need to send my n1 form asap.. can somebody help!!

[lateralus]

just make three copies of each and it's a lot easier to walk it in to your local court - then you'll know straight away if it's all there, etc.

is it close to where you are? n1, breakdown and exc. cert.

[pucc]

yes not too far... exc. cert..????

[lateralus]

exemption certificate?

[pucc]

ok thanx again lateralus

[jailbird]

Hi Pucc

 

I filed my N1 at my local court personally and as latty says took 3 copies of form, schedule and the completed exemption form (EX160) . They then checked and stamped them so I could go home and copy them to then send to DG Solicitors by recorded delivery.

 

Hope this helps

 

Chris

[pucc]

let me get this right with my n1 form i need 3 copies of it and exem cert and schedule and send 2 to the local court??? is this right?

[lateralus]

no, if you are filing an n1 - then the local court is the court you are dealing with - you aren't using mcol - so it all goes to the local court - and it won't get transferred anyplace after 28 days as it's already being dealt with locally - so take your n1, your schedule and your exempt. paperwork (i'd take the originals and 2 copies of each) to your local court and it will be dealt with then and there -

i thought they would pass a copy of the n1 and schedule to dg but chris said they stamped them and gave dg's copies back so they could then be posted to dg. we are making this more complicated than it is - just take it to the local court.

[pucc]

i cant get to the courts at the mo so will it be ok to send it ?