HSBC loan interest refund

jzcari

Hi everyone. I have just finished repayment with for my personal loan at HSBC and part of the deal was that they will refund 10% of the interest paid.

I tried to contact them but they couldn't give me a date. Has anyone got the refund from them before? When do they process the refund? Thanks in advance!

bengalknights

Usually the pay it within couple months of account being cleared.

dizzyblonde82

If you have the original loan agreement the repayment date will be stated in there.

I recently finished paying a HSBC loan with a 25% interest repayment at the end, HSBC said it would be paid within 4 weeks of the loan ending but the wording in my loan agreement stated that the payment would be made on the date my final payment was made.

I wrote a letter of complaint and received my repayment within 3 days and an extra £50 compensation due to the misleading wording given in my agreement.

Shelldean

dizzyblonde82 wrote: »

If you have the original loan agreement the repayment date will be stated in there.

I recently finished paying a HSBC loan with a 25% interest repayment at the end, HSBC said it would be paid within 4 weeks of the loan ending but the wording in my loan agreement stated that the payment would be made on the date my final payment was made.

I wrote a letter of complaint and received my repayment within 3 days and an extra £50 compensation due to the misleading wording given in my agreement.

This thread made me dig out my loan agreement. And it sounds like my loan agreement is similar to Dizzyblondes. Could be taken either way. But tbh I decipher it the same as dizzyblonde did, it's due the day I make the final payment. I will keep a close eye on it. Only downside is I have another 12 payments to make:(

guynelson

Hi everyone,

Just come across this, and thought I would let you know my situation.

I took out a loan in September 06 (60 month term) from HSBC with a 25% interest refund if it goes full term. I couldn't find my copy of the documents, and couldn't get a copy from HSBC.

My last payment was taken on Monday 30th (I had deferred start) and I've just looked today and my refund has been processed back into my HSBC current account where they transferred the original money when I started the loan.

I haven't had to do anything, so I would hope this would be the same for everyone.

Cheers
Guy

Shelldean

guynelson wrote: »

Hi everyone,

Just come across this, and thought I would let you know my situation.

I took out a loan in September 06 (60 month term) from HSBC with a 25% interest refund if it goes full term. I couldn't find my copy of the documents, and couldn't get a copy from HSBC.

My last payment was taken on Monday 30th (I had deferred start) and I've just looked today and my refund has been processed back into my HSBC current account where they transferred the original money when I started the loan.

I haven't had to do anything, so I would hope this would be the same for everyone.

Cheers
Guy

Thanks Guy, hopefully mine will be the same when it finally finishes next Jan:(. Ours was 60 mths and 25% refund. Tho if it means an extra £50 wont mind too much writing a letter of complaint LOL

guynelson

Well I wish mine hadn't been sorted so quick, as I wouldn't mind complaining for an extra £50 either!