HSBC "no claim then heres some money" Bizareness

harrygoodfella

Hello all

I could do with a bit of help here and don't know where to start but i will keep it very brief.

1. I had a credit card with HSBC from 2000
2. HSBC stopped my credit card with no warning, no letter, no nothing in 2010
3. from 2005 i had a default against me with another company which HSBC were fully aware of.
4. from 2005 HSBC put the interest rate up on my card with no letter, no warning, no nothing, no fewer than 9 times.
5. In 2011 I paid the balance off my card from HSBC (circa £10k)
6. around this time i investigated the above through multiple calls to HSBC which all turned out to be fruitless. "We will get back to you", "Nothing to find", etc etc
7. In the Spring of 2013 I asked them about PPI of which they said "Some was applied in 2000, but only for a short period of time, but we can't find any records so we aren't giving you anything"
8. I complained to them and they said that this was company policy as they don't keep records for over 6 years.
9. I left it at that, but always felt something was rather odd and got in touch with the financial ombudsman about 6 months ago, but didn't do anything about it for fear of it being a waste of time and given i bank with them, didn't want any hassle off them.
10. I get a letter this week from HSBC saying "they have had a chance to look at things again, and want to make a full and final settlement of circa £600 in relation to the PPI claim"
11. I have made a decision to leave HSBC so don't mind about the hassle / grief.

What i want to know, are they probably pulling the wool over my eyes, and the claim is much larger and should i pursue it thorough the proper means i could get more. Or should I just accept and get on with my life so to speak

Any help will be massively helpful

cheers!!!!!

dunstonh

HSBC "no claim then heres some money" Bizareness

Nothing bizarre about it when you know how the system works.

What i want to know, are they probably pulling the wool over my eyes, and the claim is much larger and should i pursue it thorough the proper means i could get more. Or should I just accept and get on with my life so to speak

No. you appear to be getting lucky due to the flaws in the way the FOS is funded.

HSBC will pay £850 to the FOS if they review the complaint. In an attempt to keep the queue down, the FOS gives the bank a chance to offer settlement without incurring the FOS fee. So, they have decided its cheaper to give you a goodwill payment of £600 rather than suffer £850 for the FOS fee.

If you reject this offer, HSBC can withdraw it as they are going to suffer the FOS fee. At that point you are playing poker as you could end up with zero (and on an unprovable payment amount that is possible). It is unlikely you would end up with more as there is no evidence of payment.

harrygoodfella

Many thanks for this.

So are you saying that I should take the offer form HSBC ??

I was thinking of starting a process to understand why they put the fees up without telling me. and getting to the bottom of this PPI money.

I had the card for over 10 years and at no point can i remember saying to HSBC "Stop PPI", yet they have claimed it ran from june 2000 to january 2002.

why would it have stopped then???

they have based their calculations on an average so they say??

Many thanks for this

I really appreciate it