HSBC payout times...

kolin_2

update

(on a monthly payment of 360/month)

HSBC have credited my account with 4400.
Now the stated that they would use some of this to pay off my existing loan (2200).
Question: Will the existing loan be recalculated minus the PPI, so if my PPI is 60/month the actual loan should be paid off using 1940 of the 4400?

Another query.
I am due to make a full monthly payment tomorrow of the loan including the PPI, how will this get factored into the overall scheme of things?! will i be refunded the 60(PPI) and infact only 1600 of the original amount would be used for paying off the loan?

and one other thing
payment reward: - i am due a payment reward for paying this loan off, do people have experience of when this actually happens? immediately, or when the loan was originally set to be completed?

bandofbrothers

kolin wrote: »

update

(on a monthly payment of 360/month)

HSBC have credited my account with 4400.
Now the stated that they would use some of this to pay off my existing loan (2200).
Question: Will the existing loan be recalculated minus the PPI, so if my PPI is 60/month the actual loan should be paid off using 1940 of the 4400?

Another query.
I am due to make a full monthly payment tomorrow of the loan including the PPI, how will this get factored into the overall scheme of things?! will i be refunded the 60(PPI) and infact only 1600 of the original amount would be used for paying off the loan?

and one other thing
payment reward: - i am due a payment reward for paying this loan off, do people have experience of when this actually happens? immediately, or when the loan was originally set to be completed?

I would suggest you levy these questions directly to hsbc to obtain a correct full response. Forum members will only be able to let you know what happened with them.

angbur

I'm now entering the 4th week of waiting since HSBC received my acceptance form. I accepted that my loan would be cleared and I would also receive a small cash payment.
Since they received my acceptance, my latest loan instalment has been paid. I'm assuming that when they finally do process my acceptance they will automatically take this additional loan payment into consideration and increase the cash redress, but I'm only assuming that. Does anyone know if I'm right?
Or has anyone else had this issue?

Pedro303

Well my tale of woe started on the 12th September when hsbc received my signed form. There then follows a tale of farce. My letter made it clear that upon receipt my case would be resolved in 5 working days. Rang the complaints hotline as was advised it would take up to a maximum of 10 working days, due to the apparent massive demand. I was also advised I would be contacted to review my current loan, however no contact was made after a week and I took it upon myself to go to my local branch to make arrangements. Local branch was confused as they had not been advised on what to do- BUT did their upmost to help and my loan was reviewed.

Now fast forward to the 30/9/11, and I rang the hotline as was advised it would take 15 working days to receive payment from acceptance letter being received back, the advisor then admitted that the 30th September was actually the 15th working day. I was advised that I would get funds any time soon.

Imagine my surprise when I checked my account balance to find no payment in the pending payment section. So I rang the hotline today and was advised that due to the high demand deadlines were now running to 20 working days+. Again the advisor would not commit a date to when I'd get paid. Have lost patience and contacted the chief executive copying in the regulated sale complaints people outlining my concerns asking for a date and politely suggesting they change their awful "on hold" music.

oldgeeza

Hi Everyone

Ive just registered but been viewing the forums for a while and I was wondering if anyone can help me.
HSBC upheld my claim (approx £5K) and sent me the acceptance form which was returned on the 12th Sept and as I hadnt received any money yet I decided to chase them. They are suggesting that as I have a debt with metropolitan collection that they considering offsetting the amount they owe me against this debt. Now the debt I have with metropolitan is for a hsbc loan that I defaulted on due to losing my job and is now part of a debt management arrangement but was not part of my PPI claim !

So my question is can they do this ? Im still out of work and managing the debt arrangement and could really do with the money whilst I get back into work ?

Thanks for any assistance

spliced

Well I was told I am being refunded £8868 from HSBC. I finally got the acceptance letter on the 8th September, I completed and posted it back on 9th in the pre paid included envelope, but I am yet to receive the money in the bank!

I wasnt told a timescale in my letter, I dont have any loans with HSBC, and the money is to go into a LLoyds bank.

Bit fed up of waiting, I cant call them from work so do you think its best to email them?
Thanks

ps anyone know what the green spot sticker is for on the envelope?

annie71

after all the help gathered from these boards and waiting a year, heard from FOS claim upheld!! then heard nothing from HSBC, so after a couple of polite but dissapointed emails to CEO I got phone call today!!!!!:j
just over £5500!!!! and my loan paid of, plus still get end of loan payment when it was due to finish!!:beer:
thank u all for advice and the way people stick with their claims!!!! would recommend to anyone to use this site AND forum!!! so a huge THANK YOU!!!!
Annie xxxxxx

bandofbrothers

annie71 wrote: »

after all the help gathered from these boards and waiting a year, heard from FOS claim upheld!! then heard nothing from HSBC, so after a couple of polite but dissapointed emails to CEO I got phone call today!!!!!:j
just over £5500!!!! and my loan paid of, plus still get end of loan payment when it was due to finish!!:beer:
thank u all for advice and the way people stick with their claims!!!! would recommend to anyone to use this site AND forum!!! so a huge THANK YOU!!!!
Annie xxxxxx

Congats.

Ensure you treat yourself a little too !

Owneymower

Still waiting....two letters to CEO but still nothing. Nearly one month in now from them receiving acceptance form :-(

bandofbrothers

Owneymower wrote: »

Still waiting....two letters to CEO but still nothing. Nearly one month in now from them receiving acceptance form :-(

Hi.

Have hsbc confirmed they have received your acceptance letter.

If your having it paid into a non hsbc account or having an existing loan with them paid or adjusted after PPI is removed is thought to cause delay.

On my acceptance letter it stated payment would be upto 10 working days ,and true to their word I received payment on the 10th working day.

I hope you get resolution soon.