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

jaxkesa

gazcarter123 wrote: »

Received £236.29 refund for loan taken out in Jan 13. (HSBC)

This reminded be of another loan I took out in Sep 11 and now payed off. Rung them to query this and all of a sudden I've a letter in the post with another refund due in 5 days, they would of otherwise got away with not paying me for this closed account I'm sure!!!!!!

I'd ring HSBC and check all your old loan accounts is my advise.

Does your annual statement not include the 'If you don’t want to pay off the whole amount owed, you can still pay off part of the loan early...' text then? Mine does not but I have not heard anything from HSBC.

Does this not affect any other banks? My Egg loan annual statements from a few years ago also don't include the text either.

Tixy

letThemPlay wrote: »

Normally this would not be a problem but a couple of years ago when I moved flats some of my documentation went missing and unfortunately that was part of it.

You could send a subject access request to the bank under the data protection act with the £10 fee to get copies of all the correspondance etc from the bank.

JJB223

letThemPlay wrote: »

Disappointed, I finally managed to contacted HSBC about the issue this morning; and after a protracted conversation where he finally realised what I was talking about he told me the issue did not affect all loans from the date specified; and if I wanted to go further I would have to submit documentation to try and prove that it did affect me.

Normally this would not be a problem but a couple of years ago when I moved flats some of my documentation went missing and unfortunately that was part of it.

Congratulations to everyone who got the redress but it looks like I'm going to miss out.

Ask for copies of the annual statements and use S7 DPA if needed, these will prove if your loan was affected or not, though really they should be able to check this themselves.

I was of the understanding that all loans within the specified time period where affected as surly the legally required wording was just missing from the document template, guess they would just print the loan statments on the template so all would be wrong

letThemPlay

JJB223 wrote: »

Ask for copies of the annual statements and use S7 DPA if needed, these will prove if your loan was affected or not, though really they should be able to check this themselves.

I was of the understanding that all loans within the specified time period where affected as surly the legally required wording was just missing from the document template, guess they would just print the loan statments on the template so all would be wrong

That was my understanding as well; I will have to see if I can get to a branch this weekend to request the documents.

jaxkesa wrote: »

Does your annual statement not include the 'If you don’t want to pay off the whole amount owed, you can still pay off part of the loan early...' text then? Mine does not but I have not heard anything from HSBC.

Does this not affect any other banks? My Egg loan annual statements from a few years ago also don't include the text either.

I just had a look over the couple of statements I do have a access to and couldn't see the text you mentioned. So I think I will certainly go into a branch to try and get this sorted.

JJB223

If you get nowhere with hsbc make a formal complaint then escalate to FOS

gordo43

Don't be too concerned if you haven't heard from them yet - I made a query through Internet banking last week and got a phone call back from their complaints dept. Basically refunds are going out in batches over the next couple of months, the person on the phone seemed to think the first batch of refunds was loans still open, they'll then move on to others. She said loans opened from October 2010 onwards would be affected.

Mel1986

Does anyone know about managed loans?

I took out a managed loan in 2011 but can't find any information. HSBC have told me a managed loan won't be refunded but can't tell me why?

Surely they come under the same rules as standard personal loans?

Mel1986

Ok further to my last post, I've just got off the phone with HSBC.

They've told me the reason managed loans don't count is because you 'cannot overpay a managed loan. If overpayments were made the loan would have to be restructured'.

Does anyone know if this is true?

FireWyrm

gordo43 wrote: »

She said loans opened from October 2010 onwards would be affected.

Does anyone know what happens with loans pre-October 2010 but still ran over those dates? I opened a loan back in April 2010 and it was active until Jul 2013. What annoys me about this whole thing was that I was SPECIFICALLY told by customer services on a number of occasions that I was prohibited from making part payments or overpayment on the loan. Also, am no longer a customer of HSBC, will this affect it?

Molly80

FireWyrm wrote: »

Does anyone know what happens with loans pre-October 2010 but still ran over those dates? I opened a loan back in April 2010 and it was active until Jul 2013. What annoys me about this whole thing was that I was SPECIFICALLY told by customer services on a number of occasions that I was prohibited from making part payments or overpayment on the loan. Also, am no longer a customer of HSBC, will this affect it?

Apparently loans pre-October are not affected, even though from June 2010 customers had the right to make part payments or overpayments on their loans. I had a loan in September 2010 and was told that my loan wasn't affected. I queried this with HSBC, arguing if I had the right to make payments on my loan from June 2010 then surely this should have been on my original loan agreement and any subsequent statements.
HSBC are now investigating. I will post any updates.