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

letThemPlay

I took out a HSBC personal loan around April '11; which I finished paying this year, so by the years involved I was probably affected by this.

However since paying off the loan, I have switched my current account away from HSBC; whilst I still have a couple of accounts (ISA and online saver) open with them I'm worried I might not get the refund.

Is anyone else is a similar position and worried that they might not get this refund?

Tink2014

My husband took out an hsbc loan dec 2010

He is yet to receive a refund but after writing to query the interest issue he did get a letter saying "if you took out a fixed sum loan with us on or after 31 October 2010, you will be included in the remediation scheme unless you repaid your loan in full before you received your first annual statement"

So I am pretty sure he is eligible and this might give a few people a clearer idea

Hyzenthlay

I thought they would have gone back further than that to the 2008 changes to the cca which brought into force certain criteria to what had to be included in certain loan statements?

eastcorkram

I assume there has been no more news on this, otherwise someone would have posted on this thread! It seems crazy to me, that this has gone on for this long. I would have thought it would be very simple to notify the people affected.

CHRISL_3

I got a refund of 3 years worth of interest plus a compensation payment for the messing round I have had since trying to resolve this.

I took out a personal loan from First Direct in 2011.

After reading the MSE article about it I checked my loan statements and they hadn't included the right to settle in part until the recent Oct 2014 one.

I have been in a back and forth with them with about 5 or 6 exchanges via letter/ secure online message. They tried to fob me off and told me that they were looking at all loans and would contact me in due course. I pointed out that they have known about this for months, that I have evidence that my statements didn't include the right to part settle until 2014 and that I would go to the FOS unless they sorted it now given that I was simply asking them to put matters right.

Yesterday they finally caved in, giving me 3 years of interest back and £150 compensation for the way they dealt with my complaint.

hutcho2659_2

I thought I would share this with everyone in case this applies to you. I currently have a Marks and Spencer loan of £15,000 taken out in March 2011 and is almost paid off. Today I received a letter from M&S apologising to me because at the start of the loan I should have been informed that I was in fact allowed to pay any amount of my choice off the loan at any time.


They say that they did inform me that the loan could be paid off early at any time, but that they should have informed me of the fact I could also make additional payments throughout the course of the loan on top of my normal monthly payment.


So I have received a BACS transfer to the value of £1467 which is said to be the interest paid on the loan from the start up to present date.


I am now considering whether to contact my previous lender to see if the same applies ????
If anyone has had the same experiences with any other loan companies let me know.


Cheers

HEPHZIBAH

CHRISL & hutcho2659, that's good news! In time for Christmas too.:j

Is there a template letter anywhere one can use to write to HSBC?

TBeckett100

I think M&S Loans were through HSBC, so in theory we should hear from HSBC soon. Probably dealing with the posh people first lol.

Pidge_jen

An update for you all
Mum had/has a loan with HSBC - they wrote to her recently informing her she was entitled to a refund. She got £1600. She said if you ring and ask to speak to the PPI team they are fully aware of situation and can sort it for you if you are entitled to a refund. We took out our loans within a month of each other so pretty hopeful I should be entitled to something, anything is a bonus!
Guess who is getting on the phone first thing tomorrow? :j
I will come back and let you know if I get anywhere as I think they may have to write first before you can claim anything.
If we get our refund (both mine and my hubby have hsbc loans) that's bye bye credit card :j

Pidge_jen

A update from yesterday - rang, apparently the team aren't taking calls from customers so the customer service team have to take your number, should hear back within 5 days. Fingers crossed