HSBC previously said anyone due compensation would be contacted directly, so you don't need to do anything - even if you're no longer a customer. The latest refunds are linked to fees and HSBC - the umbrella company - is now processing these refunds. If you qualified for this, you will have received a cheque by March 2021. Do I need to actively claim it?Īffected borrowers were sent goodwill cheques in the post worth £50 depending on the level of service received. The banking group has 14million active UK customers across the four brands, even if just 1% were affected that would amount to 140,000 people - so if you receive a cheque, cash it in. HSBC has confirmed this issue impacts all types of consumer banking product where you could fall behind with repayments from mortgages to personal loans to credit cards.
The Financial Conduct Authority (FCA) generally defines credit arrears as any shortfall in one or more payment due, while for home mortgages it's a shortfall equivalent to two or more regular payments. Now, it's refunding customers who were charged extra fees and interest too - and some of these refunds and compensation payouts are much higher.
HSBC has not confirmed exactly what it did wrong, but said examples of bad practice included poorly worded letters that didn't engage customers who might have been struggling to make repayments. It's not a scam, despite some confusion caused by letters arriving out of the blue. HSBC Group, which all four brands come under, said an internal review uncovered instances where customers in arrears hadn't received the quality of service expected. What happened exactly?īorrowers who fell behind on repayments between 20 were sent refunds of up to £50 until March this year, after the bank admitted it delivered a substandard level of service over a nine year period. “You were overcharged so if you receive a cheque, cash it in as it’s your money,” Lewis added. “Two people this week told me they received cheques worth £7,000 in the post this week," he added. If in doubt, customers can contact their bank to verify the refunds.
“But if you receive a letter in the post, don't throw it away thinking it is spam.” “It’s a smaller group of people than last time that fit these refunds," he said. “People were wrongly charged fees and interest and are now being refunded in addition to the refunds last year. One viewer then said he had been sent a £390 First Direct cheque in the post, asking the consumer expert if it was a scam. Speaking on the Martin Lewis Money Show, consumer expert Martin Lewis said: “Towards end of the last series, I told customers of John Lewis Finance, HSBC, M&S bank and First Direct customers to expect a cheque in post of they were in arrears 20.” Martin Lewis issues bleak warning to anyone with a phone in the UK.Cheapest UK supermarket for online shopping named - and it's not Tesco, Aldi or Morrisons.These have all now been made however HSBC - which owns all four lenders - is now issuing further refunds for fees and interest changes incurred over the nine-month period. People who have accounts with HSBC and First Direct have reported receiving payments of up to £7,000.Īccording to the Mirror, thousands of HSBC customers are being sent refunds worth thousands of pounds as the lender seeks to rectify a payments error it more than a decade ago.Ĭustomers who banked with HSBC, First Direct, Marks & Spencer bank or John Lewis Finance between 20 have been receiving £50 compensation payouts since mid-2020 in the post. Money Saving Expert Martin Lewis has explained why thousands of Brits have discovered cheques worth thousands of pounds in their postboxes.
0 kommentar(er)
