Thousands of Brits will be checking their post for banking refunds this month.
Customers at HSBC, First Direct, Marks & Spencer bank or John Lewis Finance – between 2020 and 2019 – started receiving payouts in 2020 due to an old payment error.
While these have been paid, HSBC announced it is issuing further refunds for fees and interest changes incurred over the nine-month period.
It’s not clear what the issue was, but the bank has confirmed it impacts all types of consumer banking product where you could fall behind with repayments; from mortgages to personal loans to credit cards.
According to the Mirror, Martin Lewis spoke about the pay-outs on his ITV Money Show.
He told viewers: “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 2010 and 2019.”
While some have worried about the pay-outs being a scam, Martin reassured viewers not to throw letters away.
He said: “People were wrongly charged fees and interest and are now being refunded in addition to the refunds last year.
“It’s a smaller group of people than last time that fit these refunds.
“But if you receive a letter in the post, don't throw it away thinking it is spam.”
If you have concerns, you can always check with the bank directly for verification.
Martin added: “Two people this week told me they received cheques worth £7,000 in the post this week.
“You were overcharged so if you receive a cheque, cash it in as it’s your money.”
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So what should you do if you think you may have been affected?
HSBC said anyone due compensation would be contacted directly.
However anyone concerned can contact the lender online – this may be because you had one of the qualifying products over the nine year period and have since changed address or your name.
A HSBC UK spokesperson previously said: "We always strive to do the right thing by our customers. Regrettably, some historic cases where customers were in arrears at times fell short of this commitment.
"We are taking action to put that right and remediate customers who may have been impacted. Customers do not need to do anything.”
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