HSBC payout times...

angbur

It's now 4 weeks since HSBC received my acceptance form and the settlement still hasn't been paid. I called again today to be told they can't give me any further idea when it will be settled (despite being previously told that it should be 15 - 20 working days).

So anyway I've email both the Chief Exec and service quality to see if they can get things moving, let's just say it's frustrating to say the least.

bandofbrothers

angbur wrote: »

It's now 4 weeks since HSBC received my acceptance form and the settlement still hasn't been paid. I called again today to be told they can't give me any further idea when it will be settled (despite being previously told that it should be 15 - 20 working days).

So anyway I've email both the Chief Exec and service quality to see if they can get things moving, let's just say it's frustrating to say the least.

And then when you do get paid out because they include 8% gross interest your advised to inform the Inland Revenue as it's taxable !

I've just done that and my tax code will get changed for a short while to pay them £320'ish !

Feels like everyone wants a slice !!!'

laurence_p

my offer said i had to pay the tax on it , if thats the case then all i get as compensation is 300 quid. i know my loan will finish a year early but thats rubbish considering ive been paying them 50 quid a mth ppi for the last 4yrs. as soon as im paid im changing banks.

bandofbrothers

laurence_p wrote: »

my offer said i had to pay the tax on it , if thats the case then all i get as compensation is 300 quid. i know my loan will finish a year early but thats rubbish considering ive been paying them 50 quid a mth ppi for the last 4yrs. as soon as im paid im changing banks.

I was paid a little if 5k with £1,600 of that being 8% gross interest.

My base rate is 20% so it rounds off to approx £320.

I think some lenders are paying the tax part to the hmrc but if your letter says gross interest then legally you have to declare it. In my opinion I don't want a tax evasion claim against me and rather declare it. £320 out of 5k ain't too bad !

nixx101

Working day 9 here.

They're up to something though, the loan was sold on about 2 years ago and I'm on a DMP, DMP sent me a letter yesterday saying HSBC were no longer accepting payment of my money :huh: it's already been sold to Lowell, so no idea what is going on.

Apparently because it's been fully sold to Lowell, they have to give the money back to me, which I will then forward on to the DCA, but they're now utterly confused by my maiden name and married name! Argh.

Think I'm going to ignore it at least until I've moved house on the 29th, I don't have enough brain space to deal with this too.

Owneymower

bandofbrothers wrote: »

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.

No, still NO settlement :mad: :mad: :mad:

E-mailed twice to CEO, no acknowledgement after first one but postal response after 2nd saying they are looking into it.

My acceptance form gave the option to choose what bank account I wanted the settlement to be paid into even though loan still outstanding with them through MBC

6 week deadline passes on Sat which they stated in the acceptance letter is whereby the offer closes.

Hate playing the waiting game seen as though we've been waiting one of the longest

laurence_p

bandofbrothers wrote: »

I was paid a little if 5k with £1,600 of that being 8% gross interest.

My base rate is 20% so it rounds off to approx £320.

I think some lenders are paying the tax part to the hmrc but if your letter says gross interest then legally you have to declare it. In my opinion I don't want a tax evasion claim against me and rather declare it. £320 out of 5k ain't too bad !

i know what you mean, but what im saying is do the bank think its ok to give me 300 quid compensation when ive been giving them £50 pound a month for the last 4yrs. just seems a pittance when ive given them £2400 that i didnt need too. i know im getting my loan paid off but it would have been anyway if i didnt pay ppi. im just saying 300 quid is a joke.

bandofbrothers

What they should have done is not paid the interest out in gross and send the hmrc the tax owed to them. I only
Noticed I had to pay the inland revenue after reading it on here. I like
Most are guilty of skipping thro the letter to the actual amount I'm gonna get.

But in the end the inland revenue would take the stance that I'm responsible for declaring it.

If you feel that the redress is not correct then reject it and keep fighting.

angbur

At last, finally the payment has been made 21 working days after they received my acceptance.

However they appear to have paid me £1600 more than I was expecting and than was in my agreement. It's so tempting just to go out and blow it something nice, but before I do I'm going to have to do some more chasing of HSBC to make sure it wasn't an error (the last thing I want to do is spend it all and then have them demand all that extra money back).

It feels like this saga is never going to end!

bandofbrothers

Don't miss the part about 8% gross interest that your required to inform the inland revenue about or include in your tax return. {I did}

I would check like your doing as it wouldn't be good having to pay it back !

I'm glad your nearly sorted after waiting for so long.