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HSBC - Overpayment policy

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1 HSBC - Overpayment policy on Thu Sep 01, 2011 4:53 pm

re0mablue


Arresto Menor
Last year, I took a salary loan from HSBC thru my previous company worth 300,000 to help fund a business and buy a property. Monthly payment is deducted from my payroll account so I know there's no issue. This year i got myself a new job but problem came with it, they enforced the policy that they should get my final pay from previous employer to pay my remaining balance. I tried to negotiate and ask to transfer this to a personal loan instead despite a higher interest rate but they wouldnt agree despite the option being available as mentioned in the contract as well. I even offered to issue post-dated checks but they refused.

This month, my previous employer informed me that HSBC already have my final pay leaving me not a single cent, HSBC called me as well and informed me about it and that my final pay isnt enough to cover the loaned amount. I asked about the current balance and it surprised me that they also have overpayment policy which means that I will not gain back the money for paying in advance since they got my final pay.

It's just crazy, the final pay policy automatically forces the overpayment policy which forces an individual to complete the contract prematurely. With this being the case, is there anything else I can do about it?

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2 Re: HSBC - Overpayment policy on Thu Sep 01, 2011 11:34 pm

attyLLL


moderator
what do you mean not gain back the money for paying in advance?


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3 Re: HSBC - Overpayment policy on Fri Sep 02, 2011 1:05 am

re0mablue


Arresto Menor
What i mean is, since the loan is paid in advance and they confirmed that the contract will end prematurely, shouldn't a re-computation take place? hence the interest will be lighter and I wont have to pay the interest of the supposed 3 yrs loan.

Please any advice you can give. Thanks!

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4 Re: HSBC - Overpayment policy on Sun Sep 04, 2011 10:27 pm

attyLLL


moderator
read your contract first and see what it sees about pre-termination. make your computation of how much you believe you are entitled to as a discount and send a demand letter. after which you can file a complaint and allege that they were not entitled to some of what they collected.


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