HSBC Managed Loan Campaign

[bb23]

I am planning to collate as many HSBC Managed Loan [horror] Stories as possible all in one place as i feel these loans (i have one myself) were handed out unfairly and HSBC Prey(ed) on the desperation of debtors without explaining the full terms (and HIGH INTEREST) involved in the Loan.

If you have or have had an HSBC Managed Loan or know someone who has or has had an HSBC Managed Loan please can you submit your FULL story to this thread so that i can gather some ammunition to form a very official complaint. Let me know exactly how it was sold to you, your circumstances, did they explain the interest rates?

I am in the early planning stages so still need to fully understand the best course of action and who to complain to once i've got all the info but 4 years of trying on my own with my Managed Loan has got me nowhere, so i've figured the more stories i can get the better chance i've got of making a difference.

I am also hoping to start the same thread over with Martin and moneysavingexpert.com

This type of story has already been briefly covered in the news but i want to gather more exposure

BBC NEWS | UK | Banks 'prey on customers in debt'


My personal Managed Loan Story (abridged)

in 2004 i was in nearly £10,000 of debt - then i lost my job. I panicked so much i went to see my bank manager and he offered to put my overdraft, loan and credit card all into one 'Managed Loan'. He didnt explain anyting about it being 9% above base rate on APR and variable interest rate. I was so desperate i signed without question. Now, 4 years down the line i've only paid of £2,000 of the loan and £3,000 in interest (it doesnt even make sense!!)

My Main aim in this is to either get HSBC to stop offereing these (dont think i'll manage that) or to get them to amend the terms so that the interest rate can get dropped back to base rate once the debtor is in a better position to pay off the Managed Loan. Im noto quite sure what other outcome i could achieve, although i had wondered if i could get them to pay back ALL the interest straight back into the loan to reduce it down to what it SHOULD be after 4 years of repayments and THEN amend the interest rate as well to HELP me pay it off. After all, all their leaflets and T's and C's state that they are always willing to help people in financial difficulty - in my case and i'm sure many others as well though, this is not the case and the HSBC Managed Loan has just made things worse for so many of us.

Please please help me by contributing your stories.

many thanks

Belinda Neal

[bb23]

Stories from around the CAG site
Who has had Managed Loans?

charges paid and managed loans

[Helios]

When i fell into difficulties with HSBC, they tried to shove a managed loan down my throat told them to go forth and multiply

i would sign any petition to ban these so called managed loans

[simba1]

can someone help

i took out a managed loan in july 03 over 5 years but wasnt really told it was amanged loan just thought it was a normal loan , i pay the 60th repayment this month so assumend it would then be finished but have since been told due to interest charges i still have a balance outstanding , surley this cant be right can it.

[phat256]

hi BB23 i was in the same situation as yours but when i appproach HSBc their solution were signed to our managed loan or we will closed all your bank account and pass your files onto a DCA . baring in mind that most of it were charges ! they never told me about interest rates whatsoever etc,., and what was a managed loan to date i am still not too sure what it is, the only thing i know is that i repaid a lot of silly interest amount !


then i signed onto it after weeks and weeks of pressure and now i am bankrupt !