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

Horseygirl123

Macca80 wrote: »

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?

Well I received less than £200 and my loan was for five years.

beeswax95

So taking into account that we don't get the first 12 months' interest back does it mean we get back all the interest we paid from month 13 up to when we received the correct statement or could it be any amount like a goodwill gesture type of thing? The bank now calls it the "Contact Program" I believe.

Slayerx

Still haven't heard anything and I was told a few months ago on the phone my loan qualified.

beeswax95

Looks like no refund/goodwill for me this week. AGAIN!

BigCraigJohn

Mums just rang to say she's had a letter through to say she's got £795 coming back before next monday.
I dunno how big the loan was but I'm guessing it was a pretty big one.
She's paid its back early so she's pretty chuffed as she hadn't heard anything about this before the letter so its all bonus.

beeswax95

So after almost a year of me daily looking out for a letter that says I will get a refund on such and such a date I have just been told by HSBC that I should be patient as they have not looked at my loan yet and don't know when and how much. I don't know why I think I am so entitled to anything really. So I give up.

eastcorkram

Were you told this today? Was this by phone or online? I already had a refund last week, but am convinced that I had another qualifying loan. Can only really describe their communication about the whole thing as very poor. Not with me especially, just in general.

beeswax95

eastcorkram wrote: »

Were you told this today? Was this by phone or online? I already had a refund last week, but am convinced that I had another qualifying loan. Can only really describe their communication about the whole thing as very poor. Not with me especially, just in general.

Yeah its like a state secret. I send them a secure message yesterday to ask if any of my old loans qualified and they emailed back yesterday to say no it does not. Today someone called me just before 5pm to say that of all 4 loans I had over the last 10 years only the last one I took out in 2011 qualified, but that was all they could say about it.

Tink2014

Finally some good news for my husband and payment will go in on his birthday :-) we settled the loan early but I believe we have been paid back interest we would have paid in the settlement figure as the refund is a decent amount and more than we were expecting

eastcorkram

Tink2014 wrote: »

Finally some good news for my husband and payment will go in on his birthday :-) we settled the loan early but I believe we have been paid back interest we would have paid in the settlement figure as the refund is a decent amount and more than we were expecting

That's very vague. If you don't wish to divulge the amount or the date, fine, but could you please let us know how and when you got the info? Letter? Call? Message? Did this happen this week?
Thanks!