HSBC Loan Interest Refund

NathanMorgan

I recently had a HSBC loan interest refund and im wondering if I will need to declare this amount to HMRC or not?

I don't want a letter from them in a few months time asking about it.

- Nathan

TrickyDicky101

No - it's a refund of money you originally paid across to them. It isn't income so has no bearing on your tax status.

silman

NathanMorgan wrote: »

I recently had a HSBC loan interest refund and im wondering if I will need to declare this amount to HMRC or not?

I don't want a letter from them in a few months time asking about it.

- Nathan

Did HSBC write to you to advise of the refund?

I have had 3 loans with HSBC over the last 5 years and was quite hoping I may be one of the lucky ones to get an interest refund

No letters through my post box yet!

nano_shed

silman wrote: »

Did HSBC write to you to advise of the refund?

I have had 3 loans with HSBC over the last 5 years and was quite hoping I may be one of the lucky ones to get an interest refund

No letters through my post box yet!

Same here (3 loans in 5 years )!

Would somebody who has received compensation please be so kind as to check their Messages in HSBC's online banking system?

If I know that they contact you there as well as via post, then I can stop worrying about the possibility of having missed the letter.

Thanks very much!

Molly80

nano_shed wrote: »

Same here (3 loans in 5 years )!

Would somebody who has received compensation please be so kind as to check their Messages in HSBC's online banking system?

If I know that they contact you there as well as via post, then I can stop worrying about the possibility of having missed the letter.

Thanks very much!

I had 2 loans from HSBC, one in Sept 2010 and another in Dec 2012. I received a refund of interest on the Dec 2012 loan and received a letter only for this, no message through internet banking. Only loans entered into from October 2010 up to July 2013 are affected, so it may just be that you are not eligible. From my understanding they are dealing with active loans first, then moving onto loans that have ended. Worth sending them a message.

JKSandy

I believe any loans that were paid within 12 months also will not be due a refund.

nano_shed

Thanks both! I'll keep a watchful eye on my letterbox and also contact HSBC.

From what I've seen, two of my three loans should be eligible (ie. took over a year to settle and within the date range).

The third, most recent loan was taken out in January 2014 so will of course be ineligible.

The two, eligible loans are already settled, which is why it may be taking a bit longer for me than it took for a friend of mine who, in December, got compensation for a still-active loan.

Thanks again for the quick replies! A great help!

pevonia

Hi, can anyone advise if you had loan with other banks ie Bank of Scotland, Northern Rock would I be due interest refund.

Many thanks

NathanMorgan

silman wrote: »

Did HSBC write to you to advise of the refund?

I have had 3 loans with HSBC over the last 5 years and was quite hoping I may be one of the lucky ones to get an interest refund

No letters through my post box yet!

Yes I had a personal letter from HSBC just before Christmas saying that I will have a refund on the 29/12/2014 and so I did!

Minx1986

Molly80 wrote: »

I had 2 loans from HSBC, one in Sept 2010 and another in Dec 2012. I received a refund of interest on the Dec 2012 loan and received a letter only for this, no message through internet banking. Only loans entered into from October 2010 up to July 2013 are affected, so it may just be that you are not eligible. From my understanding they are dealing with active loans first, then moving onto loans that have ended. Worth sending them a message.

Hi, Would you do this through internet banking? Or is there an address to write too? I received a letter and payment for my current loan, which I took out in June 2013, to replace and consolidate my old loan and other debts) which I took out in September 2011. So sounds like I would qualify for a second payment (which would be really handy atm)!

Molly80

Minx1986 wrote: »

Hi, Would you do this through internet banking? Or is there an address to write too? I received a letter and payment for my current loan, which I took out in June 2013, to replace and consolidate my old loan and other debts) which I took out in September 2011. So sounds like I would qualify for a second payment (which would be really handy atm)!

Yes just do this through secure messages on internet banking, your question will be forwarded to the relevant department and they'll get back to you to let you know if you are eligible, though from what you've said it seems like you are. Good luck!