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

letThemPlay

Minx1986 wrote: »

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).

I'm still waiting to hear as well, although I would be part of stage 3 if you are correct.

Has anyone else with a closed loan heard anything from HSBC yet?

janthemum

Im guessing mine is what you describe as a closed loan and im still a FD customer and heard to day but it was the first thing I have from them about it.

JJB223

Janthemum

Good to hear that first direct are actually moving on with the process, guess you are in what they are classing as phase2

I am phase3 (ex customer closed loan) so still waiting

cwal

I've an open loan but got a letter today, refund being paid in on Monday.

jonny_power

knew nothing about this, so it was a nice surprise hearing that we're getting £600 added to our account next week!:beer:

Slayerx

Do they have a dedicated phone number for this?

How does the refund work?

Macca80

Hi,


Didn't know much about this, until wife got a letter yesterday from HSBC stating a refund will be paid into her bank next Monday of just over £800. She had taken a 4 year loan for £4,000, which finishes in April. The banks letter included all of previous years annual statements and advised all interest on loan would be refunded except last two months which is payable now we have received the correct paperwork.


I have since looked at any loans I have taken in this period with HSBC, and can confirm I have. I took out a £3,000 loan on 02 Apr 2012 over 24 months. May 2014 was the final payment, of which the loan had been paid and closed.


To date, I have not received any communication from HSBC indicating they will refund me of the interest for the period of this loan which I have worked out to be £574.00


As it's closed, and having read through the previous posts on the forum, it's been advised that closed loans will potentially be looked at next. Should I wait for HSBCs letter or should I contact them reference this, or am I simply wasting my time? How long are we expected to wait for this to be sorted? Has anyone else received correspondence on a loan that has been opened and closed within the designated time period, that this refund is being paid?


Jamie

JJB223

Jamie, I tnk if you contact them they will just advise you to wait till they get around to the closed loans and will contact you in due course.

My understanding is for loans taken during the time period specified, interest will be refunded from month 13 (as the first 12 month interest was lawful under the initial loan documentation) through till loan closure or July 2014 whichever is first.

So in my case I had a 19k loan opened in February 2011 and completed August 2013 so am owed interest from March 2012 through till August 2013 which should be a fairly decent sum

Slayerx

I just called my loan is due a refund but they couldn't say how much or when.

Beeble

Received a nice, thick envelope from HSBC in the post this morning. Hurrah, loan interest refund I thought. :dance:

Opened it to find it was just some standard info and brochures for a savings account

So basically I've yet to hear anything :undecided For info my loan account was held directly with HSBC starting mid 2012 and ended just last month.