"You could be owed money from a Loan you took out"

BetterWithMoney

Hi all,

I keep getting calls from various companies (names escape me), telling me that i could have a case to get back some money for any Loans I have taken out in the past.

I only have 1 and it's with HSBC.

- Is this legit?
- Does anyone have any experience of such a thing?
- Why would i be owed money, when i took out the loan?

Thanks

Tixy

No its not legit. They will want an upfront fee from you and you won't see that money again.

Their claims are loosely based on the fact that in certain circumstances for some older loans the agreements are not legally correct so people with those loans could stop future repayments and not be taken to court (although you would still wreck your credit rating) but you certainly could not get any money back that you have paid already.

BetterWithMoney

Many thanks for your reply.

I assumed it must be a complete con - they kept ringing and ringing, and when i asked to be taken off their list, they continued to ring (and wouldn't tell me where they go my details from).