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

HermioneBoo

*Phew* I've been looking in my account for my refund and wondered if HSBC had made a mistake in sending me my refund letter!

teddy74

My Money's gone in 😊 check your account 😊

dalepearson

Does anyone know the specific criteria to check on eligibility?
I had a loan with HSBC in 2011, but not sure if this issue applies to all loans over a set period or what.

eastcorkram

dalepearson wrote: »

Does anyone know the specific criteria to check on eligibility?
I had a loan with HSBC in 2011, but not sure if this issue applies to all loans over a set period or what.

Further to the above question, does anyone know if all this is done and dusted now? ie, were all the letters sent out on the 19th, and money paid on the 29th, or was that just the first lot, with more to come??

flashpanther

My money went in 29th as informed. :beer:

problemcashback

To answer the two questions about what is impacted I believe the simple answer is no one knows, I sent them a secure message to ask as I was planning to pay my loan off this month slightly early but wanted to check first.

BRITGUY

The bank says it's set aside the cash because when it sent customers their annual statements, it didn't tell them they could make overpayments on their loan – something it's required to do under the Consumer Credit Act.


It's clear to me looking at the annual loan statements from a high street building society from 2012 that although their statements refer to the right of early settlement, they do not refer at all to a right of partial overpayment. Does anyone know if HSBC were forced to refund because of that, that that is enough to invalidate future charges - or if they just chose to because they could see they were at fault and had enough on their plate? thanks

jaxkesa

I took out an HSBC loan in June 2012, settled in June 2014. Can't see any reference to partial settlement in my 2 annual statements but I haven't heard anything from HSBC yet.

Sashakins

Congratulations to all who have received refunds, another victory for the consumer.
I am very confused, does anyone know if this applies to loans pre 2010, I took my loan out in 2007 and have statements where the necessary wording is missing, not sure if I should contact HSBC I have not received anything as yet, I'm guessing they will not contact everyone concerned see how many they can get away without refunding, forgive me not a lot of faith in the banking industry!!

JKSandy

I believe it's all loans from June 2010.