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

beeswax95

aobriu2 wrote: »

Hi all, I was just wondering who was entitled to the refund. I have friends that took out the same loan, for same price, online, with HSBC within a couple of month of myself (June 2012). They have received a refund but I haven't. I don't have the paperwork as it was sent to wrong address. HSBC have been informed and this was sorted. However I have just rang them again and they were exceptionally vague and told me to check myself, using paperwork I don't actually have! Any suggestions?

Hi. I know if it was a fixed sum loan then you'd qualify. I do find it quite weird that they did not tell you whether you qualified. They should have been able to tell you. I don't have any of my annual statements, but I was told I qualify. I do have the agreement though so could determine that it was a fixed sum loan.


Myself and many other posters actually did contact them to find out whether we qualified and they did tell us whether we qualified or not. I for one send them a secure message through my online banking account and they informed me that I qualified.


With regards to when you get the refund this is a bit of a grey area for me personally. Some people said that HSBC paid out according to a open or closed loan system or whether you were still a customer etc, to decide who gets their money first. I am not so sure about this though. I closed my loan on the 1st August 2015 and still have not received anything. It was opened in 2011.


It might be worth calling them again or send them a message or letter or something. Good luck though

weng

I didn't know this exist (Interest refund) until the other day when i logged in to my HSBC account using the mobile App, I have to blink my eyes many times but it showed INTEREST REFUND added to my account and it is a good amount of money, I havent read any letter from HSBC or I might not opened yet the letter. Then I searched for the word Interest Refund and I landed on this forum. I went to HSBC branch and asked about interest refund, the lady frontliner doesn't even know what im talking about, so why should i give her my info if she doesn't even know the case, it's a pitty because at least she should be aware of the issue. I can't remember exact numbers and years but I had reloans from HSBC and that might be the cause of a very good amount they refunded back to me :


weng

[Deleted User]

She certainly won't be able to help if you don't give her any details.

Alternatively, open the letters.

weng

Hi again,
I didn't gave my details because she seemed not interested, anyway i tried to find the letter but still not found it. But I compared the account number of the last personal loan i fully paid and ALAS its the same with the account specified when they transferred me the so called INTEREST REFUND. Just so happy 😊😊😊

paulharding150

weng wrote: »

I didn't gave my details because she seemed not interested,

With the greatest respect if you wander in off the street and start asking generic questions, what do you expect!

weng wrote: »

when they transferred me the so called INTEREST REFUND.

You mean an interest refund! (Don't know why you feel the need to say 'the so called')

beeswax95

I apologise if I am terribly annoying by now, but has anyone had any letters this week? No letters here yet.

letThemPlay

Nope still haven't heard anything yet. Knowing my luck I will be one of the last people to get the refund.:(

beeswax95

letThemPlay wrote: »

Nope still haven't heard anything yet. Knowing my luck I will be one of the last people to get the refund.:(

Same here. In fact, my hope is fading by the minute.

rem82

Hi all - I have just read the lengthy thread. My sister received a letter for a loan she took out in 2012 - does anyone know if loans taken out before 2010 qualify?


Have sent a message to HSBC re my loan which ran from October 2007 - January 2012 - but no reply as yet - dare say I have missed the boat with this one, but did notice someone saying a loan they took out in March 2009 they had a refund on that?

jackobee

Just joined to add my story. I got a letter this morning, had somehow missed all the news regarding this. Mine was because the "statements not covering the correct period" and I received a refund. It was between Feb 2007 - 2012 and the amount received was just over 10% of the interest in total for the loan. They also took my Repayment Reward into account (which was 25% of the total interest over the life of the loan). I've rung for a breakdown of how this was worked out and they will apparently either write to me or call within the next five days.

I'm guessing if this was only for a small period of the loan that the statements were wrong and hence the refund being fairly small. However, I'm also wondering if they have taken the full repayment reward into account to lower the refund they had to give, rather than just 25% of the period affected? I'm not complaining as I think these are all refunds on a fairly minor technicality for MOST of us, therefore a bonus, but considering the banks are fairly wily it makes me wonder exactly what the circumstances are.

As for yourself rem82 - your loan period looks similar to mine so I wouldn't worry. I never contacted them first so I imagine you'll be receiving a letter, probably on a Weds/Thurs (mine was, as noted earlier in the thread, dated this Monday 12th) sometime soon.