MSE News: Got an HSBC personal loan? You could be due share of £218 million in refund

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  • **laura**
    **laura** Posts: 73 Forumite
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    Can anyone offer me some advise on this please? There are lots of posts on here but I can't seem to find anything specific to my query.

    Firstly - we have had 3 joint loans with HSBC. I would say the first one was taken out around 2008/2009 but I can't be sure. Since then we have consolidated twice. The most recent time being 2014. I would imagine one if not two of the closed (to add into the new consolidation) loans would fall in the correct date range. However, we have recently fallen into financial difficulties and are making token payments of £1 pcm to this current loan.
    Would I still be able to contact HSBC to see if the loan qualifies? Would the token payments affect this? (Or would my query affect them accepting our current payment arrangement?)
  • beeswax95
    beeswax95 Posts: 32 Forumite
    First Anniversary Combo Breaker
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    Just an update on my previous post. HSBC contacted me yesterday to say that I qualify, but the process is still going to take some time. She said something to the effect of January 2016.
  • Firewire1200_2
    Firewire1200_2 Posts: 5 Forumite
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    Spoke to First Direct, they refused to give any further information as they have issues a final response (stating that yes they own me interest refund) and that it would be end of 2015 before i get a payment, they where unwilling to provide any information as to what stage they where at etc.
  • happy53
    happy53 Posts: 4 Newbie
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    Result !!! went to the Ombudsman a month ago and received a call from someone at First direct with an attitude last week,saying they would deal with my case now. Money paid into bank on Tuesday. Hope this helps.
  • Firewire1200_2
    Firewire1200_2 Posts: 5 Forumite
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    Nice one,, glad u got a result,, i am still hitting head against brick wall,,, first direct ones speak to me, just keep referring me to final position letter, stating i should receive something by end of year,, Useless FOS adjudicator said they could not help, have asked for a final ombudsman decision but that may take 6 months.

    Its really frustrating that they seem to be able to drag their heals and nothing i can do
  • Tink2014
    Tink2014 Posts: 10 Forumite
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    happy53 I was just after a bit of advice on how you approached your complaint... im sure a lot of us would be keen to get a refund so a template of your letter (excluding personal info) might be help. or even just giving us the jist of what to put. I've never gone down this route before with the ombudsman.

    I was told back in december my payment would be a few months and 7 months later I am still waiting.
  • **laura**
    **laura** Posts: 73 Forumite
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    I have just spoken to HSBC regarding this. Advisor wasn't particularly helpful regarding whether I qualified or when i would find that out but she did give me the following dates for the 4 loans we have had with them...
    Loan 1 - opened Nov 2007, closed Jan 2011
    Loan 2 - opened Jan 2011, closed Feb 2012
    Loan 3 - opened Feb 2012, closed Mar 2013
    Loan 4 - opened Mar 2013, still open

    She said the affected period is 31.10.10 - 02.07.13.
    I forgot to ask if the loan had to be opened during this time or whether those opened before this time would also qualify, does anyone know the answer to this?

    Also - looking at my loan dates am I unlikely to qualify because of the initial 12 months of any loan being exempt?

    Thank you in advance x
  • gavvy
    gavvy Posts: 73 Forumite
    edited 10 July 2015 at 12:12PM
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    After HSBC closed my complaint and issued me my FOS rights, basically giving me 6 months to complain about a refund HSBC have admitted I am entitled to but cant say how much or when, i have now gone to the FOS.

    What a stupid situation to put a customer in. We will pay you, cant say when, but you only now have 6 months to complain if you are not happy with the result. (so if its over 6 months... bad luck!) FOS say its an unusual situation.

    Will wait and see what FOS say....
  • Firewire1200_2
    Firewire1200_2 Posts: 5 Forumite
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    hopefully the more people got to the FOS the more likely they will find in our favour, so far the adjudicator found against me and said it was not their place to judge if it was fair (the amount of time taken by first direct), strange cause i thought that was exactly what they are there for.

    They also said that HSBC/FD are following the FCA's guidance and therefore nothing they could do,,

    Think the FOS are a bunch of spineless muppets who's strings are pulled by the banks
  • happy53
    happy53 Posts: 4 Newbie
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    Hi, I just went on to the Ombudsman page on the internet and filled in the form, I used terms such as unreasonable length of time and for their financial gain. Then I received an email confirming they were looking in to it. After about 4 weeks I went online and noticed all my correspondence with first direct has disappeared as it was over 6 months old. So I sent a secure message requesting copies as I needed them for the ombudsman. two days later a received a phone call from First direct confirming they would deal with it. I received the money in my account 2 days later.
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