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

lisaann1

I got a letter on Tuesday saying they are refunding me £1100 on Monday! Result!!!

jaxkesa

lisaann1 wrote: »

I got a letter on Tuesday saying they are refunding me £1100 on Monday! Result!!!

Was yours an old loan? I sent them a secure message and they say they are contacting customers 'in the coming months'.

JJB223

Hi all

So having written to first direct regarding my closed loan, they have confirmed I will be due all interest charged between 12 April 12 and 07 August 13 (when I close the loan) but will not tell me how much this is or when it will be paid.

The letter ends with it saying they hope to resolve the matter by the end of 2015! It's it reasonable to have to wait this long or should I persue with the FOS.

The letter also states they are still processing open loans so closed ones have yet to be reviewed

kay006

throwaway_newbie wrote: »

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.

Has anyone got any clarity on this matter. I have a closed loan taken out on 19th June 2010. I spent half an our on the phone to HSBC and they couldn't explain why this loan wasn't included. I had a refund on another loan and that letter said the right to settle in part only applied to agreements entered into after 11th June 2010 but they are now saying 31st October 2010. They could not explain why or what either of these dates were based on. They eventually agreed to escalate my query and write to me with an explanation but I'd appreciate hearing if anyone else has had any explanation on this.

Molly80

kay006 wrote: »

Has anyone got any clarity on this matter. I have a closed loan taken out on 19th June 2010. I spent half an our on the phone to HSBC and they couldn't explain why this loan wasn't included. I had a refund on another loan and that letter said the right to settle in part only applied to agreements entered into after 11th June 2010 but they are now saying 31st October 2010. They could not explain why or what either of these dates were based on. They eventually agreed to escalate my query and write to me with an explanation but I'd appreciate hearing if anyone else has had any explanation on this.

I am in exactly the same situation as you (I have a closed loan taken out Sept 2010 and also received the same letter from a different loan).
I have sent several queries to HSBC now (see my previous posts) and have now had a final response. They said 'HSBC had until 31 January 2011 to become fully compliant with the new Consumer Credit Directive (CCD) of allowing overpayments on loans. They chose to become fully CCD compliant on 31st October 2010, earlier than the deadline of 31 January 2011.'


As my loan was entered into before HSBC became fully CCD compliant I was eligible to make overpayments from the beginning of my loan commencement date but HSBC did not have to remind me of this as it was before a period where HSBC had agreed to become compliant with the regulation.


They have given me lots of conflicting dates and information, they even said at one point that the loan documents I signed did include information about my rights to make overpayments. When I asked for a copy of this document (which I knew did not exist) they quickly backtracked saying that they were extremely sorry and the information that they had previously given was incorrect. They have now offered me £100 compensation, I don't know whether to take this offer or to pass the matter on to the Financial Ombudsman to investigate. Any advice?

Macca80

Any closed HSBC Loan accounts received a letter yet detailing details of refund?


Jamie

JJB223

Think both hsbc and FD are still working on current loans, FD have told me the end of 2015 before repayment which is a joke, guess willbe the same for hsbc

Horseygirl123

Macca80 wrote: »

Any closed HSBC Loan accounts received a letter yet detailing details of refund?


Jamie

No, still waiting.

Minx1986

Hoping no news is good news, anyone else heard yet?

eastcorkram

I've heard nothing, but unlike you, I consider this to be bad news! Convinced my dates should qualify.