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

Bob666

I've been sent a refund letter covering 2 years worth of interest: 2012 & 2013. Does anyone know whether HSBC should be refunding interest in respect of 2014 until date of their letter (19/12/14) or will they argue they're not obliged to as their annual statement letter for 2014 covers the ability to part pay (I've not seen the wording in 2014 statement)?

I also had a HSBC loan from May 2009 to Dec 2011. Does anyone know if HSBC are required to refund loan interest on this loan for the period June 2010 onwards even though the loan was entered into before June 11 2010? thanks Bob

andydiysaver

I have two - one qualified one didn't - the one I took out August 2014 didn't , I pressed them on this and got to the answer by asking for the total figure of the refund - the figure that came back was the first total on the loan that did qualify - so I then made the point they'd as good as told me by having to answer this and asked was I to assume that anything within the last 6 months of 2014 affected, to which they admitted no not at this stage


my take on it is this - you need at least one annual statement -that is the sticking point and where all the legistlation lies. Therefore of my two loans the older one got the jackpot the more recent one didn't


good time too - it's Christmas!

squidgychesspiece

Bob666 - I think its only loans entered into since 2010 but someone correct me if I'm wrong.


Also the first 12 months of any loan doesn't qualify anyway as the loan agreement itself still said that you could make partial payments and this is considered to cover the year until your first annual statement. That is my understanding anyway!

eastcorkram

I have only had one loan. Over 30 months, taken out May 2011. I have had no communication from HSBC about a refund of any kind

Scotty_Ash

My wife took out a first direct loan (offshoot of HSBC) in March 2012 and is receiving the refund of interest as the line about making prepayments wasn't on the statement. I also took out a loan with them in Nov 2013 but on my statement the line was included so I I'm thinking it's statements that were received prior to October 2013.


Nice unexpected Christmas bonus either way.

flashpanther

My letter states the refund will be paid into my account on 29 December. That is today. The pending debits have been taken out from various. NOTHING has been paid in. Extremely annoyed. I've logged in numerous times now. No refund from HSBC to my HSBC account. Surely they are not delayed awaiting some clearance issue. Ridiculous!

flashpanther

After logging on my account numerous times this morning waiting for the refund which I have a letter claiming it will be paid to my account on 29 December... NOTHING. Oh there has been a change. A new pending payment. My loan payment for the month will go out tomorrow. WHERE IS MY REFUND HSBC?!?

teddy74

Flashpanther, same issue for me too. Heavily relying on the payment as well, since they stated payment would be made on 29th! Have you given them a call yet to see what's going on?

flashpanther

No. Haven't called them. Too early in morning. Haven't slept all night either. Feared calling them before for confirmation for fear I'd be told it was a mistake

teddy74

** update** just been in contact - it will be in the account by the end of the day, apparently it is being sent manually