HSBC Loans with 25% interest refund

MusicalLawyer

I think you only get the rebate if you make all repayments on time and so forth.

My OH had one of these loans and when he had paid the final payment, the interest money just went in to his HSBC account about a week later.

GlamGirlie

shappers82 wrote: »

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!

It is! There is no need to chase at all.

If it was included in your original loan agreement then the system will effect the interest refund in due course.

It can take up to 28 days which is what people are chasing - they have no patience! And of course, people who are trying to claim the refund when in fact it wasn't included in their original deal.

For example, people who regularly reschedule debt onto a loan and then run up their credit cards again - these people will have a marker on their account which means they are not eligible for such offers.

shappers82

Thanks, I was expecting to receive at least a month after the final payment was made, so in my case, end of March. Whilst I am not relying on it, it certainly would come in handy, and the sooner I get it, the better. Seeing a few others posting that they are struggling certainly plants a seed of doubt if you know what I mean.
Regardless of the money back, the most pleasing thing will be having the debt paid off, and having the £200+ I was paying back as disposable income. It will feel like a pay rise! Can restart my pension, and start saving for a decent holiday

GlamGirlie

Shappers - a holiday sounds much deserved, and pension contributions, whilst boring, are very useful! Well done.

bankscausepain

Just to update, I had 25% of the interest refunded 3 days after the final payment of my loan.

The offer was on loans taken out over 3 months in the summer of 2006, so only a small window.

But it is good to see HSBC sticking to their legal obligations without any problems.

Shelldean

bankscausepain wrote: »

Just to update, I had 25% of the interest refunded 3 days after the final payment of my loan.

The offer was on loans taken out over 3 months in the summer of 2006, so only a small window.

But it is good to see HSBC sticking to their legal obligations without any problems.

This is incorrect as ours was taken Jan 2008.

bankscausepain

"This is incorrect as ours was taken Jan 2008."


No Shelldean - It is indeed correct. You may have benefited from a similar deal but the one in question was from the summer of 2006, for loans taken from July to September.

MJ41

I wasn't expecting to receive mine as it was conditional on maintaining a fee paying current account which I downgraded during the loan term, but to my surprise they still paid it into my account about 2 weeks after the loan was settled