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

TBeckett100

I wonder how many people here would have partially settled the loan if they were told. I doubt many would have.

throwaway_newbie

neiloxford wrote: »

The question is does the above mean that borrowers between June 2010 and October 2010 should get a refund

Posting chunks of legislation without context isn't very helpful. You need to read the whole set of regulations, together with the act(s) that they are amending to be able to make any sort of sense out of it.

In short, I've boiled it down to these facts:

1. The law changed on 11/06/10 meaning that any personal loan taken out from this date was able to make partial repayments.

2. This information was not contained in my loan agreement in August 2010.

3. It has never appeared on any of my loan statements, nor in any other communications from the bank.

4. This has disadvantaged me, as there have been times when I could have paid a lump sum off my loan to reduce its term.

To my reading of the law, this means that regardless of the arbitrary date of 31st October stated by HSBC, the interest on my loan is, always has been, and continues to be, unenforceable.

I shall formulate a letter to them to this effect (if I can ever find out where to send it to) and will post any updates as and when I have them.

neiloxford

neiloxford wrote: »

The question is does the above mean that borrowers between June 2010 and October 2010 should get a refund

I believe that due to regulation 54 not applying to loans before Feb 2011 that there will be no refunds. Can anybody confirm?

TheCrutt

Hi there I'm new to the forum But after reading many of the comments regarding the interest reclaim for not being shown how to pay my loan off quicker ? I wonder if anyone has a copy of template letter to make this claim as I have had 2 loans from FD
Kind regards TheCrutt

TheCrutt

Thanks Throwaway_newbie I would assume it would go to FB head office ?
When I claimed PPI back Martin had a template letter which you could use different paragraphs which applied to your own claim ! I wondered if there was one already set out

Regards theCrutt

throwaway_newbie

neiloxford wrote: »

I believe that due to regulation 54 not applying to loans before Feb 2011 that there will be no refunds. Can anybody confirm?

That was my initial thought to, but that doesn't then tally with HSBC refunding loans taken out from 31st October 2010.

I'm starting to suspect they may be two different issues; we'll see what their response is to my enquiry.

JJB223

anyone had any contact from First Direct Yet, spoke to them end of Jan and was advised they had finished working on current loan customers and where now working on closed loans, still nothing from them yet though

Minx1986

JJB223 wrote: »

anyone had any contact from First Direct Yet, spoke to them end of Jan and was advised they had finished working on current loan customers and where now working on closed loans, still nothing from them yet though

I was just wondering about this? I know that HSBC were intending on doing this in 3 stages:

Open Loans
Closed Loans existing customers
Closed Loans no-longer customers

As the process was due to be completed by end of March, I thought that I would of heard by now, about mine (which would be stage 2).

cwal

Well I've an open loan which I've been told my hsbc does qualify for the refund but I've heard nothing yet. Have phoned and been told I should hear within a month.

janthemum

I knew nothing about this until Iopened a letter from First Direct this am and they are paying in £1509 into my acct on Monday! So its only now Ive researched it. Very Happy.