Martin Lewis appeared today on BBC Radio 5 Live with presenter Nihal Arthanayake to discuss a whole host of money-related issues. Today, he provide
Martin Lewis appeared today on BBC Radio 5 Live with presenter Nihal Arthanayake to discuss a whole host of money-related issues. Today, he provided an important update for a wide range of banking customers who will need to keep an eye out for correspondence they’re set to receive soon. Martin informed listeners there is an important letter set to appear in the post for many, which contains a £50 cheque.
Customers and former customers of HSBC, first direct, M&S Bank and John Lewis Finance could be due for a payout.
Those who banked with these providers between 2010 and 2019 who were in arrears on debt products, including credit cards, mortgages and loans, are likely to be affected.
This is because the HSBC Group, which oversees the providers, recently admitted their customer service was not adequate.
As a result, the group will be sending out compensation of up to £100 to those who have been impacted.
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As a result, Martin has issued the update about the letters these customers can expect to receive.
He urged Britons to cash the cheque they get in the post as soon as possible, or put it aside for safe keeping.
While letters first started to appear in October 2020, affected customers could receive letters up until March 2021, and so people will need to keep an eye out for a while longer.
People will not need to do anything to receive compensation, as they will be contacted by their bank, or former bank, directly.
For those who are worried about not being contacted because they have moved home, Martin has provided important guidance in his recent newsletter.
He advised Britons to get in touch with their provider should they feel they are entitled to receive a sum.
In addition, if someone is unsure as to whether a letter they receive is genuine, they should contact their lender to confirm it is legitimate.
It is not known how many people in total are in line for a payout from HSBC Group at present.
Express.co.uk previously reached out to HSBC for comment on the matter.
An HSBC spokesperson 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. Those who are due to receive a payment will do so by the end of Quarter One, 2021.”
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip.
Martin Lewis appears on BBC Radio 5 Live every week from 1pm.