Not upheld: promotional interest rate terms and failure to provide signed credit agreement copy complaint against HSBC UK Bank Plc

Decision detail

Summary

Mr G applied for a credit card advertised with up to 20 months 0% interest on purchases, but HSBC offered him only 15 months based on its assessment of his application. Mr G complained that he did not receive a signed copy of the credit agreement, which he claimed prevented him from cancelling during the 14-day cooling off period. The ombudsman found that Mr G signed the agreement online during the application process and had the opportunity to review it before signing, meaning he could have exercised his cooling off rights. The ombudsman also found that the promotional offer terms gave HSBC discretion to offer a shorter period than advertised. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman found that Mr G signed the credit agreement online during the application process on 3 August 2024, and the agreement was displayed on screen before he signed it. Although Mr G claims he did not receive a signed copy afterwards, this did not prevent him from exercising his cooling off rights because he had the opportunity to review the agreement before and after signing it. The promotional offer terms clearly stated 'up to' 20 months and 17 months, giving HSBC discretion to offer a shorter period based on its assessment. Mr G's own statement that the document disappeared after he signed it suggests he did receive and sign the agreement online.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website