HSBC Loan - Repayment Award...

Wood.Justin

Hi Folks,

My HSBC loan will be coming to an end in 2012 and my paperwork states I will be rewarded with a payment of 25% of the interest charged if I stick to the repayments etc etc etc.

Has anyone taken out a loan with HSBC that has this payment at the end of the agreement?

I'm just curious as to your experiences with getting this paid. Do they automatically repay this or is there something I should be doing?

I can't wait to make the last payment on it, such a [EMAIL="b@llache"]b@llache[/EMAIL].

Regards,
- Justin

Wood.Justin

Hi guys,

Just bumping this one up, really curious indeed!

lawrie7062

I used to work for HSBC but I've not heard about this deal (Mind you, I left 4 years ago).

It should just go straight into your account automatically, but keep an eye on it and it should just be one easy call to get it sorted if not.

Sorry I can't give a more definative answer.

Superheavy

I'm familiar with this one, as I have a similar interest refund at the end of the loan, it'll just get paid back in to your account at the end of the loan. If you can afford to pay it off early with over a year to go, paying off the loan will probably save you more than you'd get in the repayment at the end though.

Shelldean

we've got one of these loans but still have a longer than you to pay

dizzyblonde82

I also have a loan with the 25% repayment reward, mine finishes in Sept this year, will post an update if I remember!

Wood.Justin

Thanks everyone for your responses so far.

I have no other options at the moment regarding this loan but boy am I looking forward to being nearly £300 a month better off when it finishes. The repayment award is going to go towards a well deserved holiday I think!

Thanks once again, I was starting to think I was the only one! :rotfl:

Enjoy your Fridays!

nictry

My wife has one finishing this month, she spoke to HSBC and they confirmed the 25% refund will be paid within 28 days of the loan completion

Hope that helps

Wood.Justin

nictry wrote: »

My wife has one finishing this month, she spoke to HSBC and they confirmed the 25% refund will be paid within 28 days of the loan completion

Hope that helps

Fantastic, that's exactly what I was looking for. I hope your lady has fun spending her reward! :cool:

Shelldean

I'm already spending ours:) and our last payment isn't until Jan 2013.:(:(

SpreadsheetPete

I took out one of these loans back in 2006 i think but i dont get my payout until Feb 2012. Actually i was never told in the branch that i get a interest refund if i make all the payments on time so it was a bonus when i found out. If any of you are interested in finding out how much you will get i found a top way of getting to it without much hastle. log into your HSBC online banking and then go to apply for a loan, on the first form to fill out it will ask you if you want to consolidate the HSBC loan you already have, click yes and it will warn you that you wont get .... for your Repayment Rewards if you end early :beer: you can then just close the loan app and nothing is submitted

I just cant wait to get the last payment gone, i could pay it off now but the interest left is no where near the 870 odd quid i'm getting back. Come on Feb 2012!! :T