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

rem82

Hi Jackobee - great thanks for that - good to know that your loan was roughly the same period as mine - I had read it was for loans taken out after October 2010, hence my query. Fingers crossed I receive a letter, but as you say it is a fairly minor technicality for the majority of us, and quite a nice surprise if you received some money back at all - Good for you though

eastcorkram

Finally had letter about this. Happy to be getting anything of course, but loan amount was £7000, and refund is £176.47. Given the figures talked about in this thread, some people must have had huge loans!

beeswax95

eastcorkram wrote: »

Finally had letter about this. Happy to be getting anything of course, but loan amount was £7000, and refund is £176.47. Given the figures talked about in this thread, some people must have had huge loans!

That is quite a small amount. Hopefully someone will be able to shed more light. I hear you about being happy to get anything, but its still important to be treated fairly in relation to everybody else. I'm not saying that HSBC got their figures wrong, but were you able to work it out yourself according to the dates of your loan? Can' t say how they work it out, but it would certainly be good to know. Sorry not much help, but best of luck.

Slayerx

One thing to factor in will be the loan interest rate two people can have the same loan amount but the rate could be different.

However 176.47 seems very low for a loan of 7k

eastcorkram

Slayerx wrote: »

One thing to factor in will be the loan interest rate two people can have the same loan amount but the rate could be different.

However 176.47 seems very low for a loan of 7k

I think, having looked at it again, the refund is low because of the dates. Top of the letter shows start date of January 2012. Presume this is towards the end of the mistake period.
It says they will write again if any other loans are liable. I had one from 2010 to 2012, which was paid off when the 7000 was taken out.
So maybe there will be another letter.

phatbear

i got my refund yesterday, straight into my bank account, i didnt receive a letter though.

rem82

Just received a call from HSBC - they have advised my loan I took out does NOT qualify as it was taken out in October 2007 and it only applies to loans taken out AFTER 31st October 2010 - I did ask because my loan ran over past this date does it qualify? to which the lady I spoke to said it doesn't as it only applies to loans that started after 31st October 2010.


Strange how some loans with dates before then that people have stated on here do qualify and some don't - I do believe there are a number of reasons for refunds, not stating you can make overpayments on your annual statement, and incorrectly dated statements being just 2 of them, so seems it's not a 'one fits all' rule - still I'm glad I asked so I'm not waiting anxiously for the post for the next couple of weeks wondering if I'm due any refund.


I can stop spending the money in my head now lol

beeswax95

I can stop spending the money in my head now lol [/QUOTE]

That made me laugh now. You wont believe all the plans I've got with that money, but I'm expecting my bubble to be burst in some way or the other.

Re the pre 2008 loans I've read up a bit about the transitional period for existing loans at the time and gathered that some people might have had issues with their statements caused by the transitions itself. Maybe they can shed some light.

A slightly different set of guidelines was in place for statements of existing loans at the date of 1st October 2008 as opposed to loans starting on or after that date. Maybe that is where the banks got confused. Like the statement dates as mentioned by you.

Please correct me if I'm wrong someone, but this is what I have gathered from my frantic research attempts.


Ps: I will be checking if my one qualifies, but my old one started 2006.

MoneyMission2015

I noticed this thread when the news of these refunds first came out, but didn't follow it as I wasn't holding out much hope of my loan being eligible. But last week I received a letter from HSBC saying that I am due a refund, it was a whopping £24.17 :rotfl:.


I was surprised to get anything at all but after reading this thread a little, I thought that this amount seems so low compared to what other people have had. My loan was for £7,000 and was taken out in 2012. However, looking back I think I had it over quite a short period because I wanted to pay it back as soon as possible so I'm guessing this meant I paid less interest in the first place. Oh well, something is better than nothing.

Macca80

For all those with small payments, it's due to the length of the loan taken. Regardless of the size of loan, no interest is due for the first year of repayments as no error had been made until this point. The error is that detail about loan re-payments was not included on the annual statement received at 12 months, so those with just 2 year loans will only receive interest on year 2. Hope that makes sense?