Please help - 12 days left to sort this out

Frith

I've been trying to sort out my debts over the last 2 year and am now left with just one - but its a big one!!

I had an a/c with HSBC which went overdrawn (I'm in the middle of reclaiming the bank charges). In 2000, they said it was so overdrawn I would have to take out a loan with them, so I did.

To cut a long story short (redundancy/maternity leave/ex doing a runner) the loan went unpaid for a few months and was blacklisted and taken over by MCS. Loads of charges seem to have been put on at that point.

The loan was about 4,000 to start with, then jumped up to 11,000 with charges and interest. That was the total given on my final bank statement from HSBC. Then, when MCS took it over and wrote to me, it had leapt up to 18,000! I have paid 9,000 off so far and have had enough.

I was getting help from another site (better keep them nameless) who suggested I get a copy of the CCA from MCS. I did this and have done nothing for a couple of months. Now MCS say I have 14 days in which to send them a copy of the CCA, highlighting the bits I don't agree with. I have been back to the old site, but now I'm in a bit of a fix, I've had no help from anyone there at all!!!

Well, I simply don't know enough about CCA's to be able to do this!
I have scanned them and I'd be REALLY grateful if someone could take a look for me so I can write another letter to MCS - otherwise I'll have to admit defeat and start paying them again.


Thank you.
Liz

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RAS

Hi folks

Just to explain, MCS have produced the CCA signed - well now we are not sure -wathc this space, so that it not an issue. They have not produced a letter of assignment as yet.

The real questions are

Can ACEY reclaim the charges that have been added to the loan by MCS?

Can she reclaim the charges added by HSBC prior to that but within the six year timescale?

LozBingley

You can only claim the charges (not interest) for the past 6 years so anything after 14 July 2001 if you start your claim today!

If she made the request a few months ago its 6 years from that date, ie from March 2001 if she requested in March 2007

RAS

LOZ - you ABSOLUTELY sure this applies to charges on loans?

LozBingley

RAS wrote: »

LOZ - you ABSOLUTELY sure this applies to charges on loans?

its the same as a credit card
claim for Late Payement Charges, Overlimit Charges, and Out of Order Charges
let me know what other charges you have and I'll tell you if you can calim them

Post 4 in here lists some others you can get back but its more for banks than CCards/Loans
http://forums.moneysavingexpert.com/showthread.html?t=400981

Frith

Hello, all.

I'll try to give you as much information as I can!

I had a current a/c with HSBC which later became a joint a/c with my now ex husband.

When I was on maternity leave in 2000 and ex wasn't working (he very rarely worked.....), we got overdrawn and had lots of charges added to this. In the end, we were called into HSBC and they offered us a loan, of about £4000. This paid off our overdraft (over 2,000) and another debt.

We hadn't very much income at all for a while, plus the loan payments which were £150 per month. We went overdrawn again, had bank charges added, and HSBC increased the loan once again.

I do have the paperwork in front of me for that increase, although I don't understand all the acronyms.

It reads:
MLA - £2650
MBA - £950
Charges - £27.50
Int - £12.12
Personal loan - £4930
= £8570
extra loan = 1600

The total in November 2000 was then a loan of £10,170.06

It says repayments 260.93 and there were 60 months. Interest rate was 10.9%

This loan a/c had an a/c number of its own.

We also had a current a/c with HSBC with a different number. I have the statements in front of me for this, from September 2000 - May 2001.

This is very interesting.... the last few payments read as follows:

Loan repayment (the other a/c) £11,875 (so not £10,170.06?????)
This payment went to "Debt collection"
Underneath is says "debt collection £1,414.98"
At that point, HSBC closed our current a/c in May 2001.

BUT..... when we first started dealing with MCS, the loan was 18,000! I can see that HSBC had bumped it up to c£13,200 but where had the other 5,000 come from?

Liz

Frith

P.S

I am at the moment half way through claiming back my charges on the HSBC current a/c. I have not included anything to do with the loan, merely claimed for "normal" dd and o/d charges which amounted to £400.

Liz

LozBingley

Unfortunatly its over 6 years ago so you can do nothing about any charges prior to July 2001 Any charges, such as Late Payement fees or Failed Collection fees, made to the account after that date can be claimed.

Frith

OK, if its too late *sniff* what should I do now?

Should I offer them £1 a month (so will take 9,800 months to pay them back)? Or should I offer them a final settlement as they have had £8,000 back already?

Liz

RAS

LOz

If ACEY made a Subject Access Request some time ago to get the statements, would she be able to reclaim from the date of the SAR?

Twinkly

You can reclaim prior to 6 years using the Statute of Limitations Act.

Section 5 of the Statute Of Limitations Act states that the action (claim) must be brought within 6 years of the cause of action (charge). This is what they would rely on in court. There is nothing to stop you using this arguement in correspondence prior to court action though if they argue the point then.

You can defend this statement using this section of the same act (c) which states:
Section 32
(1) .... where in the case of any action for which a period of limitation is prescribed by this Act, either-
(a) the action is based upon the fraud of the defendant; or
(b) any fact relevant to the plaintiff's right of action has been deliberately concealed from him by the defendant; or
(c) the action is for relief from the consequences of a mistake;
the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it.


The CAG forum and this thread in particular contains a lot of information on the subject and others experiences that you may find useful:
Reclaim Beyond 6 Years

Your claim is reliant on proof of the charges and the stumbling block may be in obtaining that proof. As you will see in the above thread some banks do hold records for longer than 6 years and they can be obtained under a SAR.

ACEY I would make complaint to the Ombudsman that the loan was offered initially in part to repay unlawful charges and again extended for further unlawful charges. I dont believe all issues surrounding the fact that these charges are unlawful are covered properly and your situation may warrant some investigation. They stand to make a huge profit on the back of what are, up to now, unlawful charges. I dont know what the outcome would be but it is worth a stamp to post a letter of complaint to find out.

Good luck