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Hi
With the advice on this forum we have successfully reclaimed nearly £6000 from HSBC on 3 loans taken out by my son dating back to 2002.
The next issue we need to deal with is credit card PPi and overlimit charges.
The credit card has not been used for a few years but has an outstanding balance that is being paid off by monthly automated minimum payment via Direct Debit.
Over time the balance despite no additional spending has gone over the credit limit due to a combination of payment protection charges and interest charges not being covered by the minimum payment the balance increased beyond his credit limit and started incurring overlimit charges wich consequently increased the PPi payment (79p / £100 of balance) and the interest charges.
the balance on the account rose to nearly double my sons £500 limit before I became involved and made a payment to reduce the balance below his credit limit to stop the overlimit charges.
The PPi payments have also been cancelled.
I'm surprised that HSBC have allowed the account to go so far over the card limit and have not been in contact.
We have the SAR information relating to the credit card history.
Having looked at the spreadsheets available on this site I would appreciate some guidance as to which spreadsheet(s) to use for calculating a sum to submit a claim to HSBC for:-
1.Miss selling of PPi
2. Recovery of PPi payments
3. Interest on PPi payments
4. Recovery of over limit charges
5. Interest on over limit charges
6. Adjustment to the balance on the account assuming that the PPi and over limit charges had not been applied and my son had made the same minimum monthly payments by direst debit.
Any help appreciated
With the advice on this forum we have successfully reclaimed nearly £6000 from HSBC on 3 loans taken out by my son dating back to 2002.
The next issue we need to deal with is credit card PPi and overlimit charges.
The credit card has not been used for a few years but has an outstanding balance that is being paid off by monthly automated minimum payment via Direct Debit.
Over time the balance despite no additional spending has gone over the credit limit due to a combination of payment protection charges and interest charges not being covered by the minimum payment the balance increased beyond his credit limit and started incurring overlimit charges wich consequently increased the PPi payment (79p / £100 of balance) and the interest charges.
the balance on the account rose to nearly double my sons £500 limit before I became involved and made a payment to reduce the balance below his credit limit to stop the overlimit charges.
The PPi payments have also been cancelled.
I'm surprised that HSBC have allowed the account to go so far over the card limit and have not been in contact.
We have the SAR information relating to the credit card history.
Having looked at the spreadsheets available on this site I would appreciate some guidance as to which spreadsheet(s) to use for calculating a sum to submit a claim to HSBC for:-
1.Miss selling of PPi
2. Recovery of PPi payments
3. Interest on PPi payments
4. Recovery of over limit charges
5. Interest on over limit charges
6. Adjustment to the balance on the account assuming that the PPi and over limit charges had not been applied and my son had made the same minimum monthly payments by direst debit.
Any help appreciated
