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PPI Refund Offered: Bank Charges Too?

So several years ago I wrote to HSBC regarding several hundred pounds in bank charges, and was rejected.

Today I received a letter from them saying I was being refunded £460 as a result of overpaying interest on a loan.

Would it possible to put in my bank charges claim back in as a result of this?
Goal: To be debt free in 2015.
Starting Position: £14,000 to clear

Game... ON!

Comments

  • dunstonh
    dunstonh Posts: 119,868 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Would it possible to put in my bank charges claim back in as a result of this?

    What would be your basis for that argument?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • JetStream
    JetStream Posts: 17 Forumite
    dunstonh wrote: »
    What would be your basis for that argument?

    If I had the £460 at the time I'd have not had the charges applied.
    Goal: To be debt free in 2015.
    Starting Position: £14,000 to clear

    Game... ON!
  • dunstonh
    dunstonh Posts: 119,868 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You wouldnt have had £460 at the time. The £460 includes interest. So, a chunk of it is a "bonus".

    Also, as this is an overpayment on a loan, it would have been on a monthly basis and built up over time. It may have been around £10pm or that sort of ballpark figure. If that sort of figure would have made a difference on the charges then you may have a case. However, if you were in excess of your limit by £50-£100 or more then you would still have incurred charges. Given the amount I think you would struggle to show a link. If the amount was larger, maybe you would have a case for some to be refunded.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • JetStream
    JetStream Posts: 17 Forumite
    Sorry, all the charges kicked in after I'd repaid the loan.
    Goal: To be debt free in 2015.
    Starting Position: £14,000 to clear

    Game... ON!
  • Any further thoughts?
    Goal: To be debt free in 2015.
    Starting Position: £14,000 to clear

    Game... ON!
  • dunstonh
    dunstonh Posts: 119,868 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    If all the charges started later then your expenditure was not being increased at the time the charges were deducted. So, the PPI did not impact on that.

    You can ask but the significant majority of these style of requests end up being rejected. Although some do get a concession.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
This discussion has been closed.
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