Is it time i spoke to the ombudsman regading HSBC?

HSBCareNot

Hi,

im brand new here! and if im in the wrong place or over-step the mark then please let me know!?

My story is i have beeen in dispute with HSBC since 1995 over a professional studies loan agreed Base + 2% on £10,000. To cut a long story short i was ill when doing the final 2 exams for my MBA and as a result had to await another 6-12months to take these exams. Alongside the professional studies loan i opened a student acc in order to take advantage of the interest free overdraft of £2k. I immediately after leaving hospital approached my bank and told them of the situation and agreed a 12month grace on the account ie: payments were not to be for a further 12months as my course would have officially ended then. However! i was aware and fully accept that the loan although not being paid into would continue to accure interest at the 2% above base. The Student acc however, was not at it £2k so i was advised that the grace would be extended to this acc also.

3 months later, i am harassed by the HSBC call centre sometimes upto 6 times in an evening, this continues for months and i approach my "Relationship Manager" at HSBC and i must admit that after upto 6 months daily harassement she was able to manually remove my no from the screens so as they could not contact me as the notes advising them not to contact on the screens in front of the HSBC call centre staff was ignored!

Three years ago i approached HSBC about reporting them to the Banking Ombudsman, over their treatment and complete lack of communication and understanding whereby any agreement that i had with my relationship manager was a complete waste of time!

Anyways! I have faught and won back over £800 in charges so-far from HSBC, my £2K overdraft was eaten up straight away with payments to loan acc that should not have been made, as i result i was over my agreed limit and therefore incurred charges.

However! what most concerns me is the loan acc/proff studies loan. I have been working out the payments and although i know the payment are not set for 60month final payment but due to my circumstances they would be at a monthly repayment of £118 per month and 1st repayment on 1st May 2005(£10,526.31) and as of the 1st dec 2008 i will have made 43 payments of £ 117.74 = £5,06.82!
Can anyone explain to me how a loan of £10,526.31 charged a base rate + 2% can now stand at £8,800!?

I spoke to my relationship manager and she sent me out the workings for how they came to the quartely interest calcs as they were way above mine!? on closer inspection of the base rate i now discover that HSBC have their OWN base rate and it is this base rate which may be changed at their discretion only is the rate + 2%!!!!!!!!!!!!!!!!!!!!??????????????????????????????????

I have today managed to dig out the original loan agreement signed in 2004 and guess what!? The base rate is BoE base rate and not HSBC base rate. I have today emailed my relationship manager asking what this HSBC BASE RATE! was? She couldn't? and then admitted it should have been the BoE base rate.

I have mountains of emails going back to 2004 and some dictaphone recorded conversations and details agreed in this conversations have been totally ignored and once i fight them in one area they simply gear my other account.

I must emphasise that i do have experience of banks from a work point of view however! not retail.

Is it time i went to the Ombudsman?

HSBCareNot.:mad:

olly300

You have two choices here you can either go to the financial ombudsman or take HSBC to court. If you are going to court you need to work out how much HSBC actually owe you.

Also you can't use any recordings you made with anyone in a legal situation unless they knew you made the recordings and agreed to them. This is why companies warn you on the telephone that your call me be recorded. So I suggest you transcribe the notes and do not mention the recordings except if an argument arises where they state your notes are not accurate then the person presiding over the case can hear the recording for "tone of voice."

Secondly I would work out everything that HSBC has done wrong and send a formal complaint to them via recorded delivery listing everything using numbered bullet points and cross reference any documents you include. In the case of the interest rate send a photocopy of the documentation and highligh it. State what you want resolved and that if the issues are not resolved you will take further action which may include going to the finanical ombudsman or court.

Then once HSBC don't reply to your detailed letter decide whether you are going to the ombudsman or court.

If you don't do this then you will be going back and forth to HSBC every few months.

HSBCareNot

olly300 wrote: »

You have two choices here you can either go to the financial ombudsman or take HSBC to court. If you are going to court you need to work out how much HSBC actually owe you.

Hi olly300, im agreed with you its one or the other....but! i find myself favouring the ombudsman!


Also you can't use any recordings you made with anyone in a legal situation unless they knew you made the recordings and agreed to them. This is why companies warn you on the telephone that your call me be recorded. So I suggest you transcribe the notes and do not mention the recordings except if an argument arises where they state your notes are not accurate then the person presiding over the case can hear the recording for "tone of voice."

Im aware of the law regarding recordings and i asked as i was about to sit down to hammer out an agreement which has been reneged upon already! my relationship manager was a bit taken aback when i asked her if it was ok if i recorded the conversation and she said YES!

Secondly I would work out everything that HSBC has done wrong and send a formal complaint to them via recorded delivery listing everything using numbered bullet points and cross reference any documents you include. In the case of the interest rate send a photocopy of the documentation and highligh it. State what you want resolved and that if the issues are not resolved you will take further action which may include going to the finanical ombudsman or court.

I have many times! and i have asked if i should present the details to my accountant as they are unable to provide figures that correspond with mine!? I am going to tell them that i will bill them my accountants charges!


Then once HSBC don't reply to your detailed letter decide whether you are going to the ombudsman or court.

If you don't do this then you will be going back and forth to HSBC every few months.

How true!

Many Thanks olly300, im just wondering if i should be speaking to my solicitor?


Regards,

David aka HSBCareNot.