HSBC Loans with 25% interest refund

tonyivb

Managed to get what appears to be a top deal on a loan this week with HSBC...

I got £10,000 over 3 years at 6.5% fixed, which is not the best rate on the market, but you do get a refund of 25% of the interest once the loan has been paid off. This means that the overall cost of the loan is about £752, meaning that I would have had to get a rate of less than 4.9% to beat it.

The money was in my account the same day and I don't have to start repayments until November.

I appreciate that not everyone could get this deal (I am already a HSBC account holder and have a decent salary) but I couldn't find anything else that came close to this

_Andy_

Yep HSBC brought this 'offer' in because they know damn well most people will have re-consold into another loan before this one ends. But like you say, a good deal if you keep the loan until the end are eligible.

Inside_Man

very true andy

coolmadore

I took this loan out and made the last repayment this month. Unfortunately I haven't got my 25% interest payment refund yet. I spoke with HSBC a week ago and they said it should have gone into my account. I just spoke with them again today and they said someone will get back to me within 5 working day. Slightly worried now as I can't remember where I placed my loan contract. I definitely remembered there was a 25% interest payment if the loan completed its full term though.

t_bt

coolmadore wrote: »

I took this loan out and made the last repayment this month. Unfortunately I haven't got my 25% interest payment refund yet. I spoke with HSBC a week ago and they said it should have gone into my account. I just spoke with them again today and they said someone will get back to me within 5 working day. Slightly worried now as I can't remember where I placed my loan contract. I definitely remembered there was a 25% interest payment if the loan completed its full term though.

Hi Coolmadore - just wondered if you got ever got this resolved and received your 25% of the interest on your loan back? I'll be making my final payment next month and was on the same deal.

Cheers

[Deleted User]

Hmm. Given coolmadore only averages 1 post per calendar year, I wouldn't hold your breath.

simjim1980

Hi,
I took out 1 of these loans on 06/11/2006 and have not had my rebate back.
I do have my loan agreement and there is no mention of the refund in the contract.
HSBC say its not in the contract so they are not paying out and that this offer was not running in November 06.
When they sold me the loan this was definatly part of the sales pitch to get me to sign up.
Good luck too anyone who gets there cash back and it would be great to hear if anyone else has had a similar problem to me.

DCFC79

simjim1980 wrote: »

Hi,
I took out 1 of these loans on 06/11/2006 and have not had my rebate back.
I do have my loan agreement and there is no mention of the refund in the contract.
HSBC say its not in the contract so they are not paying out and that this offer was not running in November 06.
When they sold me the loan this was definatly part of the sales pitch to get me to sign up.
Good luck too anyone who gets there cash back and it would be great to hear if anyone else has had a similar problem to me.

How are you going to prove the rebate was on offer when you took the loan out as thats your case, without it cant see you having much of a chance.

Shelldean

simjim1980 wrote: »

Hi,
I took out 1 of these loans on 06/11/2006 and have not had my rebate back.
I do have my loan agreement and there is no mention of the refund in the contract.
HSBC say its not in the contract so they are not paying out and that this offer was not running in November 06.
When they sold me the loan this was definatly part of the sales pitch to get me to sign up.
Good luck too anyone who gets there cash back and it would be great to hear if anyone else has had a similar problem to me.

Ours was taken out in Jan 2008, and it does clearly state in the forms that we get 25% interest refund.

edited t add on our agreement it's the final point numbered 15 and titled repayment reward. I think w/o this on your agreement you're fighting a losing battle

GlamGirlie

simjim1980 wrote: »

Hi,
I took out 1 of these loans on 06/11/2006 and have not had my rebate back.
I do have my loan agreement and there is no mention of the refund in the contract.
HSBC say its not in the contract so they are not paying out and that this offer was not running in November 06.
When they sold me the loan this was definatly part of the sales pitch to get me to sign up.
Good luck too anyone who gets there cash back and it would be great to hear if anyone else has had a similar problem to me.

I'm 99% certain this pffer wasn't running that long ago, sorry.

If it was part of your loan, it would be included in the loan agreement.

Whilst I am sure you are disappointed, I think you must be confusing it with something else.

shappers82

Has people had success with receiving this? I make my last payment on the loan this month. Cant remember exactly what my deal was (I took out loan around 2008), but when I called last year to settle (was made redundant in June), they said that I wouldnt be eligible for the loan rebate if I settled. Worked out to be about £500 I believe, so continued with it in the hope of a nice day payday this year. Sure I have the contract somewhere boxed up at my parents, but would be more staightforward if the money was just paid without having to chase!