Why did I get a refund from HSBC?

Why did I get a refund from HSBC?

HSBC originally told us some customers who incurred interest or other fees while they were in arrears that they shouldn’t have had to pay are now having them refunded. They’re also getting an additional 8% interest on top. We’ve heard of refunds ranging from £245 to over £7,000.

How long does it take to hear back from PPI claim?

I complained before the deadline but haven’t heard back – how long will it take? From the date you make your complaint, the financial business has up to eight weeks to give you their final decision.

Why have I got a Cheque from HSBC?

The first cheques, worth between £25 and £100, were sent out from October 2020 to March 2021 as goodwill gestures to borrowers who fell behind on repayments between 2010 and 2019 from the HSBC Group – which all four lenders fall under – in compensation for substandard service.

Can HSBC write off debt?

Unaffordable Debts To HSBC Can Now Be Legally Written Off. Are you struggling with debt to HSBC? We can help. Use a legislated debt solution to write off up to 90% of your debt to HSBC.

How long does HSBC PPI take?

For a payment service: Responses may take up to 15 days (or 35 days if there are exceptional circumstances). Typically, this will be payments made or received from your Current Account, Credit Card or Savings Account.

Should you accept first PPI offer from bank?

Should I accept the first PPI offer? The bank is likely to reach one of three conclusions when assessing a PPI complaint: It can reject the claim in its entirety, although it must give full reasons for doing so. It can partly uphold the claim and make an offer of compensation.

Are all PPI claims successful?

In a perfect world, every legitimate PPI claim would be successful. But, some banks have been known to overlook cases. The FOS figures reveal that some banks and lenders are much less willing to refund customers.

What happens if HSBC mis-sold my PPI?

On receipt of a mis-sold PPI claim, HSBC will normally contact us within eight weeks with a reason why a decision has been delayed or to explain their final decision in detail and if appropriate, make an offer of compensation. If you are due a refund it will be sent out to you within 28 days of the decision.

Can I still claim money back for PPI If I complain?

Generally, if you didn’t make a complaint to HSBC before 29 August 2019, you can no longer claim money back for PPI by complaining to us or to the Financial Ombudsman Service. If you complained to us about the sale of PPI on or before 29 August 2019, we will firstly acknowledge that we have received your complaint.

What is PPI (payment protection insurance)?

Payment Protection Insurance (PPI) is designed to cover the monthly repayments of your loan or credit card, if you are made unemployed, have an accident, become sick or die. HSBC (previously Midland Bank) stopped selling Payment Protection Insurance in its branches in December 2007 and throughout the rest of its business during 2008.

How do banks get paid for selling PPI?

When a bank, lender or other provider sold a PPI policy, the PPI provider would pay them ‘commission’ for arranging or making the sale. The money for this commission would come out of the payments you made for the PPI policy.