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

problemcashback

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?

loans taken out before this time were not effected as they did not allow over payments. Only loans in a set period, added below, didn't have the correct information in the annual statement as they sent the information that went to the other loan customers. So no need to be annoyed I am like you my loan didn't count for a refund as we weren't disadvantaged


Information from FD part of HSBC is that their issue is for loans from 20-Nov-2010 and 02-July-2013

Mel1986

An update to my previous post.

I received my managed loan statement for 2014-2015 which clearly stated that overpayments could be made.

I ordered copy statements for up to 2014 and this information was not included.

As far as I can tell, a managed loan is treated the same under the CCA as any other personal loan, so if it was taken out within the relevant timescale it should also be due a refund.

I have raised a complaint and will update when I get any reply.

tony541

Hi,
I've just phoned first direct as I haven't yet received any correspondance re my loan taken out in 2011. I was told to wait a further two weeks and then phone Fdirect.

JJB223

I spoke to FD last week, they told me there where doing it in the order of :-

Current active loan account customers
settled loan but still FD customer
settled loan no longer FD customer

I fall in to the 3rd category and was told to expect somthing by the end of March 15 (q1)

Personally I don't know why it takes so long to resolve, they know they took the money unlawfully so should expedite the repayment (especially as they are not giving interest on the money's unlawfully taken). If roles where reversed and I owed money to the bank they would be quick to demand IT, oh and ensure they applied lots of inflated fees to it.

miltel96

Thrugelmir wrote: »

Banks will shortly have repaid £23 billion in PPI compensation though you'd hardly realise it.

Hi there
Just contacted HSBC to ask about this loan refund.Told me if the loan started on or after 31 October 2010 and before 3rd July 3013 interest could be refunded. My loan started 21st September 2010 !!!! Surely annual statements would all be the same in their so called wrong period,regardless of when the loan was started.Anybody clarify this for me

System

Hi all

I had a first direct loan from 10/03/12 to 04/10/13 and going by what I've read on this thread this seems to sit within the affected period.

My question is: I have since closed my FD accounts and moved home, how would I go about finding out if my loan was affected? Would this best be done over the phone or in writing?

Regards
UNDERGROUND

JJB223

Hi underground

I am in the same boat, loan that qualifies for refund but ex customer at different address, I just called them and provided new details which they updated and said they will write to me with refund details in due course, whenever that may be

eastcorkram

Moving slow this isn't it. They started a 'roll out' of letters on the 19th December. Those went out, and those people received the money on the 29th.

Judging by the posts on this forum at least, it seems as though nothing has happened since then, and it's now nearly February.

JJB223

I spoke again to first direct this week who advised me they had completed the first wave (those with currently active loans) and where no working on those with closed loans, but yes I agree they are taking their time over it,

They are also not paying interest on the funds so no incentive to be proactive and fast in resolving

amy2705598

My Professional Studies Loan was taken out in July 2007, so before the 2010 cut off.

However, I was explicitly told by my local HSBC bank when I took the loan out that I WAS allowed to make over-payments. I also still have the official HSBC printed leaflet entitled "Professional Studies Loan" that on a page untitled "Your questions answered" has the phrase:

Can I repay my loan early?
Are there any administrative charges or penalties if I do?
You can repay early, in part of in full, at any time. There are no administrative charges or penalties for early repayment or lump sum reduction.

None of my annual statements, until the 2014 statement, included the phrase about settling in full or in part at any time.

Surely if I was allowed to repay in part, as I was told at the time, then I should have had the phrase included on my annual statements - and therefore should be also entitled to refund of the interest. And if actually I didn't have the right to repay in part, then I have some sort of claim for miss-selling of the original loan?

Any thoughts?