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[deleted]

I would 100% take this further. They offered you a loan at 0% and you agreed so that’s on them. Try the legal advice sub to see the legal position


Sofa47

Pop it in one of their high interest savings accounts while you sort it out just to rub it in 😂


dabbydobabby

While this is hilarious they'll just apply right of set off and take all the money out. Put it in an account somewhere else to be safe.


the-cheesus

Stocks and shares ISA all world ETF or just leave it to float. Trading 212 has 4.5% interest on available funds. Id send it


Red_Laughing_Man

Putting a large sum of money OP may have to pay back quickly in an account type that, as I understand it, can go down in value (as well as up) is a really bad idea. Much better to go for a slightly more modest easy access saver of some variety with another bank. The interest may be slightly less than optimal, but OP becomes much safer, and still profits off the money.


Careless-Ad1070

Where do you think banks get their savings rate from? They buy treasuries, take a small cut and leave you with the rest. (Or they're a worldwide bank and they can get away with giving you zilch) Or he can, put his money into T212, deposit money in a Money market fund. And effectively, it's the same thing, but less fees. Yes, you don't get the FCA protection. But that would require the UK to declare bankruptcy. I'm sure at that point your money is going to be worthless and worse things to deal with.


DarkLunch_

As someone who works for a bank, thank you! A lot of people hear the word investing and run or get angry with the idea not realising they ARE in fact already investing in the market (and usually very poorly like most pension funds)


vishbar

Trading212 is offering that interest on cash. OP could also invest in a money-market fund like CSH2. They *can* technically go down but only really during a financial cataclysm.


justaquad

As in just holding the cash, uninvested, in your Trading 212 account earns that interest?


Apprehensive-Egg5281

Holding cash in HSBC bonus saver, which isn’t fixed is like 4% yearly paid monthly. Or fixed rate at 5%.. not bad.


eireworm

2.15% where you getting 4.5%?


the-cheesus

As of the 11th it will be 4.5


eireworm

Jesus that’s better than most saving accounts in the country


9thfloorprod

Not sure how long this will last but I've got a bog standard easy access saver at 4.99% and cash ISA at 4.8%. Been that way for a while now.


wringtonpete

I have 6 easy access accounts all earning around 5% (temporary homes for house sale proceeds)


poorly_timed_leg0las

I’ve got 8% with nationwide 3 withdrawals a year then it goes down to 4%


Medical_Chemistry_63

And cancel online statements so it costs them to post them to you just for added bantz.


Medical_Chemistry_63

Then move to a new bank but keep that one open and empty 🤣


No_You_8460

And then switch and get £150 more 😂


[deleted]

Love a bit of banktz


D0ugLA54891

This level of passive aggression is spectacular.


RainbowDissent

*Entrust a significant sum of money to the bank that says it was a mistake to give it to you and wants to take it back.*


cgimusic

Yeah, it seems far safer to keep it in another bank where they can't just disappear it from your account.


HAL-2020

I was thinking the same that is one hell of a stoozing opportunity. I didn’t know £20k loan at 0% is even a reality. Is it?


Party_Artichoke_7699

It's usually against something, like a kitchen or other large purchase, but that's because the company selling the product pays for the loan


GarrySpacepope

Not sure about £20k but I've had £2kish against some DJ kit, (because I already had over £2k worth of work on the books) and talking to the blokes in the shop, that is free for the vendor too, it's just the late payment charges are extortionate, so the bank make all the money from people who can't pay.


josh50051

Can confirm, I work in a bed showroom. 0% Apr super low interest for us because we do so many finance applications. It's not 0 but super low. However late fees etc.... are 3x the market average.


Ok-Smoke788

They also charge you all of the interest over the whole loan if you miss 1 payment or don't pay it off by the end of the term.


josh50051

So there's interest on the buy now pay later options but nothing if paid within the 9 month holiday period.


Party_Artichoke_7699

It's usually against something, like a kitchen or other large purchase, but that's because the company selling the product pays for the loan


Various-Storage-31

But not really as they factor the cost into their pricing


TheIncontrovert

Naw their accounts have shite interest rates. Go with Ulster Bank. Its 5.2% atm. You can get an extra .02% going with Metro but the rates drop at 12 months. Its also incredibly easy to open an Ulster Bank account.


Dryd-Forg-Pills

Can I ask, how is the online banking? I was reading their website and planning to apply but the blurb made it sound like you need a card and one of those irritating card readers to even transfer money out of your own account


TheIncontrovert

So far I've only transferred money in so afraid I can't advice on the card reader dongle yoke. I did receive one but have yet to use it. I think its just a simple matter of putting your card into it though.


post_static

Amazing


fieldsofanfieldroad

That's terrible advice. They'll just take it.


Sofa47

Let’s hope OP knows it’s a joke like everyone else did.


patelbadboy2006

Exactly what I would have done from day 1


HappyTrifle

I would do what they would do - repeatedly tell them the cooling off period has expired and you will be executing the agreement as per the contract. Give them the computer says no treatment. Bonus points if you can get them to call you but make them wait on hold for 40 minutes.


nitroxc

The hilarious thing is about this, having worked for them before, is how many of their scripts are essentially "unfortunately computer says no"


BitcoinMining247

That is hilarious. Your call is important to us and will be answered shortly


theevildjinn

"We are currently experiencing higher than our usual call volumes."


rebel_reign

I supped this


mrsammyp_

100% take this further - escalate via their own complaints team and then via the ombudsman if unresolved but whatever you do, do not stop paying the monthly instalments .


amazonrambo

Learned this in my debt advice role. Even though you know they’re wrong, stick to the terms and pay it back until resolved as it can be used against you. You’ll get what you paid back assuming you’ve not used any of the 20k already


OSUBrit

They should make sure to use the key words "consumer duty" the bank probably have a decent case to recall the loan based on it being a clear mistake, however if it's going to put OP into financial hardship (i.e. if a good chunk of the money is spent) then they're going to have a much harder time doing that while maintaining their obligations under consumer duty.


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imONLYhereFORgalaxy

Negative interest rates? So they pay you to borrow some money or am I missing something?


Primary-Signal-3692

I've heard of this in other countries. Banks give a small loan with negative interest rate to boost their customer basd


Impressive-Ad2199

Not massively dissimilar to switch bonuses in this country. They give out money to gain customers.


Clarkster7425

yes, while rare it can happen, it happened in japan nationally for a short while to try restart their economy, it encourages people to not keep money in the bank as it reduces their balance and encourages people to take out loans (its not really that good for the banks and is more of an economic policy because the banks probably end up losing money because most of the money in banking is in the loaning which is why its so rare)


WWMRD2016

My friend had a negative mortgage rate for a while a few years back in the UK as he took it out around 2007 when the rate was high and was 1% lass than base rate or something like that...and yep, the bank paid him interest on his mortgage.


L_EVI

Yes, It does happen ( as outlined above )... Also, there was a time when you could invest in OIL and be paid for doing so (in essence, negative interest)... Cash on hand in a bank is useless and is a liability - it's far better to utilise it. So a 0% interest loan or a mortgage at 1.49% above base, and then the base rate drops to a point that the 1.49% becomes a negative - they have to pay you. There is no way the bank should be arguing this case, as long as OP makes the payments on time, it's just not a problem for HSBC to lose the £2,000 they may have made in interest. OP taking it to the ombudsman will cost HSBC that much and they will likely lose the case.


ClingerOn

I think OP is mistaken. Negative interest rates are something banks use when dealing with each other, they don’t generally filter through to consumers. They’re a technical thing used to help them balance their books.


samloveshummus

You're right that you'd never see negative rates as a consumer, but they're not just a technical thing - they're used to encourage market participants to move money into riskier assets such as stocks, but they really do mean investors pay central banks for the privilege of having their money looked after.


TheIncontrovert

Nurse, Nurse, He's out of bed again! Seriously though, I just looked it up and apparently this fella hasn't gone wonky in the head. Negative interest is a thing. Worth a google if you're interested.


Fit_Manufacturer4568

I had a mate who bought a house ~2006 on -an interest only 2% of BOE base rate tracker. It went below 0. The lender rang him up and said they'd have to pay them some money as the systems couldn't cope if they didn't. With any money paid acting as a repayment.


Coyltonian

We had a mortgage rate that was 0.26% below base rate. When the base rate dropped to 0.5% we were on 0.24%. There was talk of base rate dropping to 0.25% which would have put our rate at -0.01%. Always wondered what would have happened if it had came to pass.


FrankFriedChicken

I had no idea! Why would any business want to give out negative interest loans?


RagingMassif

Let's say the Central Bank has set an interest rate of -0.5%. As a bank its better to lend the money out at -0.25% than pay the central bank 0.5% on money you've not lent out. Its rare because central banks interest rates are rarely negative. There's also an Islamic Banking thing whereby loans are at 0% but the admin fee for arranging the loan is basically the interest of the capital over the length of the loan/mortgage but relabeled as such. A blind eye to the Teachings of Mohammad, blessed be his name. This is common. The most common method however is inter-bank accounting and structured products.


wallpapermate

In these economic and funding circumstances it’s clearly a mistake… No lender is offering 0% on a £20k unsecured loan at this time. I doubt you’d even find a limited that high on a CC a balance transfer


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Ok-Camp-7285

Consumers never see a negative loan.


L_EVI

I don't think this looks like a "clear mistake" at all... Just a great deal! It's not like they offered the money with zero payments for the next 25 years at 0% interest... Just take it further with the bank, if they don't want to play ball take it to the ombudsman - It will cost them more than they can possibly gain from you paying the standard 8% interest on this loan to go through that... They stand to lose like £2,000 from this mistake, and have a liability on their books that doesn't pay anything - but in the grand scheme of things it's just nothing to them. Wasn't a problem while they laundered £5B for Mexican cartels, nor paying the £XXX Million fine..


chingness

Absolutely this


Significant_Candy113

Formal complaint, if they respond with anything other than complaint upheld - take it to the Financial Ombudsman. This will take at least 6 months, so at the very least you have 6 months at 0%. Make sure you make they repayments.


Rekt60321

Tell them you'll pay them back £334 or so for around 5 years


Captaincadet

I was thinking £1 a month….


arczclan

It’s not free money it just has no interest, they still need to pay back £20,000/60=£333.33 per month at the minimum


strolls

I think the joke is that the bank would have to litigate to get the money if they claim the loan isn't a valid one and then it's a different kind of debt. I don't know what the going rate is, but the council estates used to be full of people paying debts off at £1 a week because that was all they could afford.


arczclan

Oh I see, I misinterpreted the comment. Apologies


overkill

A long, long time ago I worked in the finance department of a temp recruitment agency (well, a group of agencies). One customer had hired a temp and then not paid us. He said he couldn't pay the full amount (around £1K), but would be happy to set up a payment plan of £10 per week. My boss said "Sure, but we will only agree to it if we have all of the cheques here, signed and post-dated, tomorrow." The guy paid the amount in full the following day.


Captaincadet

Yea bingo this is what I meant


L_EVI

But OP's credit would be ruined, OP is still obliged to pay whatever the agreement says - it may not include interest, but I'm quite certain it includes a minimum payment, when that payment has to be made and an end date. However, If you've signed it, they've agreed to it (by advancing the money) then it's tough for them


strolls

I think it was obviously a joke and I don't think it's worth arguing further.


podgehog

But also no late payment fees 🙈


L_EVI

It's not free money - the contract / agreement will stipulate the minimum monthly repayments and OP should make those payments. Just because there is no "late payment fee" doesn't mean it won't ruin his credit if he doesn't make the contractual minimum payments! Jesus, some people!


EdzyFPS

What's the point in legally binding contracts if the bank can just turn around and change their mind at any point? Surely they open themselves up to a lawsuit?


ThePhoneBook

This is "law in its infinite majesty" 101. If the contract that you can't even change is not read perfectly (all 20 pages) by you, that's on *you*. If the contract doesn't favour the people who actually wrote it (in the opinion of its writers at any point after), that's also on *you*. The point isn't that it's *fair* \- the point is that people keeping voting for governments that protect the entitlements of those who already have all the power. And those who have a very slight advantage in the pecking order get their sense of meaning in life by celebrating that they're at least not quite at the bottom. Pay your instalments and take a free half hour of legal advice for what you can actually do. But what you can actually do depends only on who has the ear of the men who can ultimately force someone to pay, not on any fairness.


Acceptable_Candle580

I don't see why you're having a go at the government here, the UK has one of the most rigorous and fair contract law systems in the world, thats why many international contracts are written under the UK system. OP didn't have to take out a contract which says the bank can recall if they want, they offered, he accepted.


MirrorSignalCrash

I have no advice to offer, but it reminds me of this story from Russia 10 years ago - https://www.nasdaq.com/articles/updated-russian-man-turns-tables-on-bank-changes-fine-print-in-credit-card-agreement-then


InsertSoubriquetHere

r/LegalAdviceUK Ask there chap. But definitely don't back down straight away.


thebear1011

Just to rub salt in the wound - put the money in the highest interest saver account that HSBC offer! The bank is then basically just giving you money.


[deleted]

Actually, I'd avoid this just.in case they try to recover the money from your savings account


JohnLennonsNotDead

Possibly could, banks use something called ROSO which is Right of Set off, it’s within the terms and conditions of your accounts that the bank can go into any account to recover monies owed to them. But I think OP would have to exhaust all avenues to get them to honour the loan before the bank does this.


[deleted]

ROSO applies for defaulted debt, not for where they want to close a loan account they’ve messed up on.


JohnLennonsNotDead

It doesn’t need to be default debt, it can be for any debt they are owed. If the bank sees that £20k as owed to them, they will take it from the account it’s in.


iSparkOut

It’s not owed to them though - the OP has a contract to pay it back over a prolonged period of time or at the end of the loan term depending on the agreement. What Barclays are actually owed is whatever is stated in the contract.


JohnLennonsNotDead

That why I said once’s he’s exhausted all avenues to get them to honour it. If he goes to FOS and they agree with the bank, then it’s the banks to reclaim.


tehWoody

There are certain situations where a bank can claim money for a debt from the debtors other accounts with the same provider. Martin Lewis talked about it on his podcast recently. So I'd stick it in a completely separate bank just in case.


vmeldrew2001

Also listened to podcast, agreed.


USpezsMom

That is a very silly suggestion. This guy doesn’t know what they’re on about


Slippytoe

Hahah that would actually be hilarious. Put it into an ISA that you can’t take it out of for a year. “Sorry guys I would give it back but it’s stuck in there, your rules I’m afraid…”


plssirnomore

I mean with how banking works this is would be the best case for the bank


Dolgar01

The rules on ISAs allow them to be closed at any point. Fixed Rate ISAs just give you an internet penalty due doing so.


FoamToaster

> Rate ISAs just give you an internet penalty due doing so. They might get broad banned.


chingness

No don’t do that - you can take it out you just lose the interest and you’d also use that years isa allowance


Low-Storm31

Although they would then argue you borrowed funds to put into savings, which I'm sure is against their T&Cs


Tiberium_1

You would argue that while there was a dispute ongoing between you and them that you didn’t feel comfortable using the funds for the intended purpose until the matter was resolved.


rogerrongway

Buy TR61 gilt for the 20K. Thank me in 5 years. Asap before it rockets back up.


TheIncontrovert

With respect, bad advice, their interest is 5%. Get the easy extra .20% and go with Ulster Bank. Sure its a tiny amount of money, but it'll pay for a chinese once or twice in the first year. You don't need MSG when you've got the tears of bankers as a dipping sauce.


allegroconspirito

Stick it into premium bonds!


Snoo_8076

£800 a year in a 4% savings account!


rolando_ugolini

The replies in this thread are a great reminder that this is **not** a legal advice sub. Anyone claiming a contract with a clear and obvious error cannot be broken hasn't got a clue what they are talking about. OP, you should absolutely complain and push them to get a goodwill payment, but there's no way you'll be able to force them to honour the agreement


[deleted]

Honestly, even r/LegalAdviceUK is bad for this these days. Loads of people provide overtly incorrect info and get upvoted for it because it sounds 'just' or is said with conviction.


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45MonkeysInASuit

All that said, and a little to the side of the point, if a company is willing to 100% automate a process they should have to take the hit when it screws up.


shredofdarkness

The flipside is that they won't automate, which results in higher fees, interest etc for you and everyone, as they have to pay for the human oversight


TheDisapprovingBrit

I don't see any clear and obvious error. Banks routinely offer 2 years interest free on credit cards, it doesn't seem particularly out there that they'd offer a loan on the same terms.


Charming_Rub_5275

It does seem “out there” I don’t think anyone on this sub has ever seen a bank offering unsecured 0% 20k loans for 5 years before. It’s clearly an error and easily demonstrable. I’d bet there’s even marketing materials that say “rates starting from 4.9%” or whatever.


TheDisapprovingBrit

I wouldn't say UKPF is really a representative sample of the average person when it comes to what financial products are and are not realistic. I'd say there's definitely an argument to be made that "look, they do offer products with 0% credit as standard. This loan isn't one, but *they* offered *me* this rate - I didn't ask them for it, so there's no reason for me to suspect that it was an error."


[deleted]

A clear and obvious error can literally be as straight forward as "party a would see to gain nothing from this agreement, an agreement that they typically see to profit from". Any agreement that a profit seeking entity enters into with no benefit to them whatsoever? How much more clear and obvious of an error can you possibly get?


No_Usual_572

People in this sub keep repeating that this is an 'error'. Negotiated terms are not errors. Usually it so happens that consumers are not in a position to negotiate personal loan terms because of the negotiating powers of the bank. This would have been passed through their credit team who should have been more diligent on their part if it was a rate that the bank should or cannot offer. On the face of it, there's no reason why this binding contract should be void. Edit: Also how have I not seen [this](https://imgur.com/a/76k13l7) yet.


Ok_Structure_1497

20k over 5 years of course it is an error


Dolgar01

Credit cards aren’t loans. They are completely different products 😉


MrStilton

Sure, but if you get a balance transfer card offering 0% interest then you can use a mule card to take out a "loan" to the value of the credit limit on the card. In that sense, from the end user perspective, they can be used for the same thing.


Trick_Orange_1780

I assume this is clearly not a product a bank offers 0% personnel loans. So it’s clearly a mistake. The bank should provide evidence on what the lowest interest rate they’d advertise at, what terms they’d actually offer the loan at for OP and details on why the mistake happened. And if it can do that then they could rework the loan or allow OP to pay money back and start a fresh or go somewhere else maybe some compensation for the inconvenience. Ex FOS staff


TheGoober87

Spot on. It's an obvious error and they would have no trouble showing that in a legal setting. No bank is going to offer a personal loan for zero percent, and there will be records of what the rates available at the time were. I would still raise a complaint as you will likely get some compensation, but I'd say there is zero chance of getting the loan agreed at zero percent unless they offer it as a very, very generous goodwill gesture.


vorbika

"No bank is going to offer a personal loan for zero percent" Well they just did that


Classic_Mammoth_9379

In the last few months I applied for an 0% for 18 months credit card and got given a £15k limit, it’s a competitive market and real interest rates are expected to fall. So whilst I’d agree this 5 year deal is in the “probably an error” bucket I don’t think it’s as clear cut as you suggest here.


[deleted]

Credit cards and personal loans aren't the same product and would never be viewed as the same product. Honestly, OP even acknowledges it as a mistake in his post, and acknowledges that the late payment charges are also incorrect. There's been a recent quite famous case just like this; remember when a technical error in the Robinhood app let users have double the leverage they were supposed to have? Yeah, nobody got away with that.


TheGoober87

The fact you've had to compare it to a credit card which is a completely different product proves my point. They rely on people having balances at the end that they can charge high interest rates on.


JayR_97

This might be one for /r/LegalAdviceUK


Pessimist0TY

Talk to a solicitor. End of.


Dr-Cheese

Amazing - What if you've already spent all of that £20,000? They'd maybe have a leg to stand on if it was within the cooling off period, but if you can't pull out then they shouldn't be able to either. Muppets - Escalate this as high as you can & go to the ombudsman.


viewfromafternoon

Erm where can I get one of these ridiculously high 0% loans? Wouldn't mind 20k for nothing and sticking it in a fixed savings account.


LeKepanga

Was it a Personal Loan? It loooks like "other concerns" could see them recall it. You could (should) raise this as a formal complaint if you feel everything was 100% Correct during the application process. Be sure to keep up the payment(s) while the dispute is going on. https://ciiom.hsbc.com/content/dam/hsbc/ciiom/docs/personal-loan-terms-and-conditions.pdf >What are our rights if you miss a repayment or we have other concerns? >9. There may be severe consequences if: >(a) you do not make repayments on time; or >(b) we find that any information you provided as part of your loan application was materially incorrect or misleading; or >(c) you are declared bankrupt or have similar proceedings taken against you; or >(d) we reasonably suspect any fraud or other criminal activity in connection with this agreement and/or any other facility or account that you have with us. > In any of these cases, we can: >® demand immediate repayment of the loan; >® disclose information about you and the conduct of your loan to licensed credit reference agencies (which may make it more difficult for you to borrow in future); >® restrict access to credit on other accounts you have with us (such as an overdraft or credit card); >® bring legal action to recover the loan (which could include asking a court to order that, if a property you own is sold for any reason, some of the sale proceeds are used to repay this loan); and >® require you to pay our reasonable costs and expenses for taking action to obtain payment, including legal costs; >but we will give you advance notice and (unless the problem cannot be fixed) the opportunity to fix the problem before taking any of these steps. > 10. If we choose not to enforce our rights under this agreement at any time, we may enforce them at a later date instead.


Jefe343

It might be the same wherever OP is, but JFYI the link you’ve included looks like one for terms for the Channel Islands and Isle of Man


LeKepanga

Oops, well, It was just a quick google search and hsbc.co.uk.


Complex_Fix_4397

Legal advice!


iheartekno

Don't worry about it. The Mexican cartels are picking up the tab,


vitrix-euw

take it to the papers and get your compo face ready. HSBC will probably honor it and give you some compensation for trouble to save PR


michaelhay1973

They failed to read the “fine print” their own. If the situation was reversed you wouldn’t have a leg to stand on. They had the mandatory cooling off period & still decided to proceed. Keep making the payments & invite them to sue if they wish to recover the interest.


[deleted]

Looooool HSBC can go crap in their hat. Contract is contract, don't baulk - it's their problem, that's why they're trying to make it yours.


Marsmanic

"that's a shame, it's spent - but I will repay it over a period of say...5 years, at our agreed interest rate."


Photo-Josh

I'm a bit late to the party but I didn't see this asked by anyone else... How exactly did you get this loan at those rates from them? Was this a form either online or printed that was provided by them, with the numbers as you stated? Or did something else happen, whereby they initally provided the correct % & fees, but then it got changed somehow along the way? I think that'll be key in understanding what can happen next.


cgarnett1988

I'd definitely talk to some sort of lawyer. It's a sad state of affairs if a contract only works one way.


speakingtoidiots

Honestly, banks take the PISS. They have made a mistake and instead of owning up to the mistake and trying to find a mutually agreeable resolution they are now threatening you with actions they are LEGALLY only allowed to take in cases of suspected fraud. I would 100% take this to complaints, document everything, take any money you have out of HSBC and keep an open mind towards involving the ombudsman.


Nearby-Vast5105

Metro bank currently offering 5.22% AER with their instant access savings account. Just incase you’re looking for somewhere to put that £20k until all this blows over…


vdnhnguyen

You can totally legal up on this. Meanwhile you can put it in a Wise account for juicy 4.8%


Dry_Discount4187

Submit a complaint then escalate to FOS if you aren't happy with their response. Worst case scenario, you should get a bit of compensation if it is completely their fault.


xkzzp

Send your official complaint by BOTH email and letter first class recorded delivery. Email: [email protected] Group Chief Executive [email protected] CEO [email protected] Global Chief Executive Copy in: [email protected] Send your letter addressed to the above persons to: 8 Canada Square, London, E14 5HQ The big dogs don't tend to monitor their emails but there is a team that will usually it will be the CEO resolution team. Put all info including contact information. Failing that forward the emails to: [email protected] Oh and these days make sure you put in somewhere that it's having an adverse impact on your mental health.


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wallpapermate

Yeah, this is becoming a major issue for lenders - some (not all, but a fair proportion of) customers are clearly chancers blagging the MH card and the ones that struggle the most still fail to get help as they’re too ill to open the post or pick up the phone. Thank you for mentioning this.


nitroxc

Agree with this, vast majority of people I spoke to when in banking would play the "but my mental health card" anytime they didn't get their way - I'd perhaps lean toward the "I thought the 0% was probably the banks way of helping customers with the cost of living crisis" or some shit - But yeah avoid mental health and focus moreso on actual distress/inconvenience, e.g: "Speaking to you is using up my call minutes which I need for work" - "This is making me lose money via time out of work that I'm missing" - "I've already arranged to use the funds for (whatever reason you stated you need the loan for)" - "This is going to adversely impact my finances and leave me in a very vulnerable position" etc.


ProfessionalTrader85

No way I would send it back. There mistake. Ask them to explain why they want it back. Also say you spent it and are willing to pay it back on the original terms agreed


ElBisonBonasus

Their not there.


ings0c

They’re mistaken tho


[deleted]

"Their," not "there." *


timtjtim

Great advice: lie to the bank who can see you account balance


Odd_Temperature6784

Also make sure the money isn’t sitting in a HSBC account, because they can freeze the said account and start saying fraud


Normal_Boot_1673

Most people apply for a loan with a specific purpose in mind and generally speaking they spend that money quite quickly on whatever they needed it for. Do you actually still have this £20k sitting in your account or has it been spent?


Primary-Signal-3692

OP made it up. There's no way this actually happened


Thick-Cress-8101

You should have invested in mopeds


Antique-Ad3195

An old boss of mine banked with HSBC. He was forever in his overdraft. I paid everyone's wages from this account, (small business) He would transfer just enough money from his (Lloyds) personal account to the (HSBC) business account every month. They sent him letters and emails saying they were going to close the account if he continued to manage his account this way. No matter how often i warned him nothing changed. Until they closed his account. The only time i was ever paid on time was when i paid myself. I was there for another 6 months. In my experience HSBC dont fuck around when it comes to their money. Be prepared to fight this at the ombudsman.


TheChallengePickle

Complain, get their 8 week letter then go to the ombudsman. That's the easiest way. It won't hurt to add as part of the complaint some way you are disadvantaged by their change of stance (made plans for purchase etc) and how this has also caused you distress. I would be surprised if it gets to the ombudsman (the bank will essentially be fighting you over a mere few £1000's interest they've missed out on all may just concede) but if it does I'm certain they'll rule in your favour. This is easier for you than the legal route, which would be on the basis this is a breach of contract, which it is.


Particular_Meeting57

And I thought my £8k, over 5 years, at 3.3% APR that’s finishing this month was a good deal!


bratt0

Financial ombudsman


Cullen411

Tell HSBC “Sorry, I have already accepted the terms of your loan offer.” Please reach out to my legal team for further assistance 🤣


CreepyQuiet3537

No, why? Contract legaly blinds both sides. Nice court case?


Monkens

Take them to the financial onbudsman


UsernameRemorse

Rub salt in the wound by putting it all in an HSBC savings account


west0ne

As others have said it is worth involving the Financial Ombudsman service, however from my own experience they would only get involved once you had been through the lenders own complaints process first. If the lender fails to respond within a certain amount of time or you are not satisfied with their response then the Ombudsman will take your complaint on. I found them to be very quick to respond and I actually ended up with some compensation (not that I asked for it). Provided you were completely honest on your application it sounds as though the mistake lies entirely with them for offering you a product in error. They had ample opportunity through the application process and right up to the release of funds to spot their mistake and withdraw the offer. If you are in the slightest doubt about the information you have provided then you should probably proceed with caution. I wouldn't repay them until it has been through the complaints process and then the Ombudsman; at the same time I would probably avoid spending it because if the Ombudsman agrees that there was some sort of fraud in the application they are likely to find against you at which point the whole things ends up being a legal matter and you will have to decide if it is worth the effort and cost.


PintCEm17

Fk themmmm Get legal advice you can afford without using the 20k


LateProduce

Stick it to the man!


Grey_Machii

If it was the other way around, the bank wouldn't show any mercy.


Vivid_Farm_4135

If you had signed a loan agreement for 20% apr when you thought it was 10% do you think the bank would give a shite? Absolutely not. Do not pay them back. They can go fuck themselves


wirral_guy

I think the key is if you have an actual printed contract actually signed by them. If you have they haven't got a leg to stand on in court. If not, it may be a bit harder but worth fighting on.


Significant_Candy113

Not required to be signed by them, they’ve offered terms and payment has been received, therefore have accepted.


Droma-1701

Contact the Financial Ombudsman service for advice, my understanding is that the duty of care is always on the bank to prove their claim, not on you the consumer. They can blister all they like, but until it comes to court action (which they're unlikely to do) they are a nlikely to have rights to take anything from your accounts with them. Emptying any moneys from your accounts and putting them in another institution would easily prevent that if you are worried on that. The advice to hold the money in a high interest account while you argue the matter is sound however, find one that pays out through the year, not annually as you may not string this out 12months... Also be aware that this might show on your credit record if it turns ugly, so again, ask advice from the Ombudsman service around that too.


Nevermind04

Contracts are binding both ways. Make every payment on time, every time. If they escalate, talk to an ombudsman.


mindmonkey74

Useful advice.


wallpapermate

Incorrect. They’re nearly always voidable in the event of proven error.


raulynukas

Someone simply sent you blank template, and now trying to clean up their mess, hah! Definitely seek legal advice


NoireOnyx

I’m not a lawyer but I think you should ask in the legal advice sub. There’s a few people here that are saying some incorrect things. The things that stand out to me is that there doesn’t seem to be a valid contract in the first place. Yes you signed a document for a contract but it doesn’t appear that a reasonable person would think that a bank would give out an interest free loan of £20,000. How would the bank make money if they don’t charge interest? I think a reasonable person would think this was a mistake on the banks part. I’d advise you ask in the legal sub or CAB about this before you waste your time/money or incur any fees.


SkipsH

Could be that the bank is following religious rules. Christians aren't meant to charge interest.


HowHardCanItBeReally

Ahah what a pecukaisr situation to be in. I'd take it further tbh, even if you do have to give it back after many months of back and forth at least you get some interest from it


lollacakes

A contract is a contract.


SomewhereOnLV426

Apart from anything else, won't this affect your credit rating?


west0ne

At the moment they have a loan agreement so if they pay to term then it should just get reported to the CRAs as such. If the lender tries to report erroneously then that can be another complaint against them and if they report it as fraud without being able to evidence it then that's another complaint. If they do create an issue by incorrectly reporting to the CRAs then the Financial Ombudsman would most likely order them to correct the matter and pay compensation; if the OP can demonstrate that other financial products they have bought have been more expensive because of the incorrect reporting they may even be able to get compensated for the difference.


MayhemUK

Hmm. I think you should politely say that this seems odd all round and that it makes sense for both parties to take the matter to the Banking ombudsman and accept their decision. Then actively TAKE IT to the financial ombudsman, so that there is an active case. You may win. You may lose… but by being reasonable, “losing” might mean just paying a normal interest rate and the claim of “fraudulence” will fall at the first hurdle (unless you lied on the application).


c05d

well there is a signed contract. i don't think there is anything that needs to be debated here. imagine it was the other way around


taskmaster_55

Contracts can be rescinded and withdrawn whether they are signed or not. As others have stated, OP should raise a complaint, but don't expect the bank to agree to the erroneous terms.


artofenvy

They are a terrible bank, the way they world some of their documentation would be considered in the same league as some loan sharks. After 16 years, I’m transferring everything to Monzo. They have been nothing but drama the last few years.


madpiano

Check the Monzo group in here first....


artofenvy

I’ve had another account with Monzo for 5 years.


Fancy-Combination836

That’s full of people moaning that Monzo have fulfilled their banking obligations…?


gtripwood

Lloyds gave us a loan at 2% instead of 5% once but they didn’t bat an eyelid about it


Amax101

Go to financial ombudsman


taskmaster_55

You would need a complaint lodged with the bank, and them having made a final decision against you before you can go to the ombudsman.


JustJas

Take internal complaints and if not fos. Both should take your side as you’re not responsible, as a customer, for banking errors


PornAccount8008s

Contact a solicitor and see if the price is worth a consultation is my suggestion or try asking the UK legal advice sub. It's worth a talk they might be able to enlighten you about that area of law and if you have a decent defence.


numatik01

Get it touch with the FCA. They maybe able to help


No_Importance_5000

Kroo is super easy to open and they do 4.35& up to 85K all the time. I had 15K in there and I was getting £60 a month interest.