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

CaptainMeatJuice

beeswax95 wrote: »

Yes it sounds like refunds are only going to be made next year. I quote from the letter received today which ends with the following: "Unfortunately I am unable to add any further to your previous responses, and ask you to wait until 2016 when we will contact you to confirm when the refund will be applied to your account"
Then they point me in the direction of the FOS.

It could be that it only applies to me and that others might receive theirs sooner. Last week they send a letter to say they are looking at it. I then made an enquiry to establish how far they are with the process. Today I got this response. I dont know whether I pd them off when I enquired.

Has anything happened since this?

FarewellIIArms

Hi,
Have had loans running with HSBC for years, what date did this requirement to state you could repay early come into effect? Can you go back to them for loans that are completed / paid off?

maria4444

Hi, just to let you know that I've just recieved a letter dated 28th Jan 2016 saying that I am due a refund on my loan taken out in 2012.
It says I will hear more within one month. It also says this issue only affects loans taken out since June 11th 2010. I had a loan in July 2010, but reading through these threads-despite HSBC stating the above dates, I shouldn't hold my breath on the July 2010 one (shame, that was the larger one!)
I'll post any further info but just though I'd let you know that the letters are still being issued!

jaxkesa

So I guess they aren't paying out any more refunds to us?

Jimbrassic

Almost gave up hope after being told in December 2014 that I qualified, but letter received today stating payment will be made on the 18th. Finally!!!

Minx1986

Yayyy. finally. Received a letter about my closed loan and payment will be in my account by 18th May.

Looks like they are finally getting it sorted!

eastcorkram

Wow that's a long gap since the last lot of payouts. They must have been scraping some money together!

ShonaSpurtle

I had a letter about this yesterday, completely out of the blue, concerning a business loan of £6,000 I took out in 2008. I hadn't been contacted before at all and my business account with HSBC has been closed for 2 years. The letter outlined the background and gave me a refund total of just over £1,000 which will be paid within a week. I didn't know anything at all about the interest repayment so it came as an absolute surprise but a very welcome one at that!

Jimbrassic

I thought the problem was restricted to loans from 2010 onwards? What did your letter say on the 2008 loan? I have another one I took out just before 2010 initial start date so didn't think that qualified. Would be fantastic if it did!

ShonaSpurtle

The letter isn't particularly clear and of course they haven't explained how it has been calculated. I tried to phone HSBC but because my account is closed they can't talk to me over the phone so I have to go into a branch to see someone. The letter just states that "... We have taken the decision to refund all the interest you were charged from the date of your first incorrect loan statement, up to the date you paid off your loan." I definitely had the loan in 2008 as I took it out at the same time I opened my business account with them.