MSE News: Got an HSBC personal loan? You could be due share of £218 million in refund

"HSBC has set aside nearly £218 million to refund the interest paid by some 'fixed sum unsecured loan' customers"...
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Got an HSBC personal loan? You could be due share of £218 million in refunds

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  • Hi, i have had 2 loans from HSBC under their Fixed-Sum loan agreement in Aug 2007 and July 2005. I have moved abroad and my contact details my HSBC account is now dormant. I have the paperwork for both loans, should I contact HSBC? Thanks
  • jamesd
    jamesd Posts: 26,103
    Name Dropper First Post First Anniversary
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    In these cases the bank will normally contact customers. Give them a few months at least and then look here to see if people have started to say that they have been contacted. If you aren't contacted yourself then, get in touch with them.

    Best not to contact them directly yet. They will still be working through the process of setting things up and you just might get unnecessary hassle from people who don't yet know what's happening.
  • Great, thanks for the advice
  • eagerftb
    eagerftb Posts: 95 Forumite
    Will HSBC professional studies loan which was unsecured personal loans also be refunded interest
  • Tixy
    Tixy Posts: 31,455 Forumite
    eagerftb wrote: »
    Will HSBC professional studies loan which was unsecured personal loans also be refunded interest

    It will depend on whether the annual statements you received had these errors/missing information. You could have a look back at your statements to see, and that may give you an indication as to whether you may be going to receive a refund of interest.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • di3004
    di3004 Posts: 42,579 Forumite
    I dont think this applies, but HSBC taken over Endeavour Personal Finance (EPF) a few years ago from what I am aware of, so wonder if this will apply to EPF as such as well? not that they were mentioned......

    Edited, saying that, this just goes for personal loans, so maybe not then lol..
    The one and only "Dizzy Di" :D
  • SeanCo
    SeanCo Posts: 34
    First Anniversary First Post Combo Breaker
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    £218m sounds like it could potentially be an awful lot of people depending on the number of years this went on for. I've got a loan from First Direct, so here's hoping the problem extends there as well.
  • I did have a loan which I have now repaid. Will I still be entitled to a refund?
  • Tixy
    Tixy Posts: 31,455 Forumite
    Whether the loan is repaid or ongoing makes no difference.

    If your loan was one of the affected ones that had an issue with the statements sent to you then yes you would get a refund of some interest.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Tixy
    Tixy Posts: 31,455 Forumite
    SeanCo wrote: »
    I've got a loan from First Direct, so here's hoping the problem extends there as well.

    You could always check your annual statements to see whether they contain this issue.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
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