managed loan with hsbc

[me_n_my_kids]

hi all

ive today sent me cca letter and £1 PO to hsbc regarding a managed loan account, and ive sent it recorded, so no getting out of it.

ive just been successful with my bank charges claim against them, and wondered if anyone has yet sent them a CCA? loan was taken out 5 years ago, can anyone guess the likely hood they will have what im asking for?

FINGERS CROSSED they dont!!

[i_spam]

You might be lucky as they may not have it !!!!

[me_n_my_kids]

hiya

Im not sure if this post is best suited here or in the banks forum, maybe a mod could move it for me if its best in banks area?

i have a managed loan with hsbc, i have already claimed back my charges from them. i have had the loan for 5 years. a lot of the loan was made up frm charges. my problem is, that although the charges were paid back, ive been paying interest on these charges for the duration of the loan. so i dont know exactly what the balance should be, and have told hsbc that until the balance is clear, how can we come to a payment arrangement. now, however, they have demanded full payment of the loan and the overdrawn balance on the account (half of that is another 3 charges taken after the refund). what should i do about the demand? should i again inform them the account balance is in dispute?

my last letter said 'tell me what your actual losses were and i can work out what the loan SHOULD have been and therefore the interest, and then what the balance now should be. they sent a letter saying it was being looked into, then a demand letter. will they still be considering my last letter? and do you think i should be brave and say i am willing to take this to court? (i am, if i have a shot).

any advice would be so much appreciated, ty

[me_n_my_kids]

ive had a managed loan for 5 years with hsbc. half of the total loan was made up from charges. i have reclaimed these charges, but my next gripe with this loan is the fact that they have been adding interest onto the account total from day 1, meaning ive been paying them interest on these charges, if that makes sense? this is probably something i would be pursuing if i wasnt raging angry about the whole managed loan thing in the first place! anyway, had the final demand from hsbc, and not long after a letter telling me that in order to consider my request i need a breakdown of amounts claimed and a total figure. i am planning on using the total figure of the loan, based on not knowing what amount the loan should actually have been, since they wont disclose their actual costs. now, im wondering if i threaten court, would they wipe the loan to avoid being forced to reveal the true cost of being overdrawn, bouncing a cheque etc?? found out today account is now with DCA, so planning on sending them a copy of letter i send to hsbc.

any advice on wording, any legalitites and 'posh phrases' i could include?

thanks guys, and also, has anyone seen or heard from turnaround???

[Turnaround]

Hi,

Hang fire with hsbc for now, and concentrate on the DCA. Has the DCA in question written to you and stated they now own the debt?

If so, then CCA them and see what turns up. I think you know what course to take from there, and going forwards you might find they cant enforce it………

In respect of hsbc, when you claimed back the charges did you include the interest, and at what rate within your claim. If you do need to establish the true amount out standing, simply ask for a "statement of Account" or S.A.R - (Subject Access Request) them.

As Always……

[wednesday1867]

I too have a managed loan, when i went to Payplan, my payments to HSBC now go through Metropolitan Collection Services.

I sent my CCA to HSBC, dont know if that is correct, but when they defaulted on my agreement i then sent Metropolitan a letter keeping them in the loop.

Thread and letters are here http://www.consumeractiongroup.co.uk...-loan-cca.html

[me_n_my_kids]

Hey, thanks TA, CCA being prepared tonight. what comes next if they do comply with cca?

Wednesday - yes Metropolitan are dealing with my managed loan too. are you still paing them now that hsbc defaulted?

[wednesday1867]

Originally Posted by me_n_my_kids

Wednesday - yes Metropolitan are dealing with my managed loan too. are you still paing them now that hsbc defaulted?

Nope ive contacted Payplan and told them to stop payments, the payments to HSBC are now split between other creditors .

In my last letter to HSBC, i told them i was stopping payments, regarding Metropolitan, i havent contacted them at all, so thought it was time just to send them a letter, keeping them in the loop as it were, both letters are in my thread.

Im not sure if my last payment was stopped in time, to stop them getting paid this month, nether the less they know next months wont

About the agreement, im sure i did it all over the phone and didnt sign anything, could be wrong tho, ive got a shocking memory

[Turnaround]

Hi Me+

From your posts, I take it Metropolitan DCA are trying to recover the debt. CCA the DCA, wait the prescribed time limits, if they don’t supply the agreement then they can’t pursue it any further without the courts permission.

IF they do produce anything carefully examine it, and if unsure post the alleged agreement via photobucket, minus personal details and we will advise.

If you are paying hsbc at the moment, I would suggest you stop as it would appear they have sold the debt onto Metropolitan.

Just be patient, and wait the time limits and keep us updated.

Wednesday……CCA Metropolitan, as this will form the basis of your rights under the Consumer Credit Act. If you do you gain full control over the situation and they dance to your tune.

As Always

Turnaround

[wednesday1867]

Originally Posted by Turnaround

Wednesday……CCA Metropolitan, as this will form the basis of your rights under the Consumer Credit Act. If you do you gain full control over the situation and they dance to your tune

Ive already told them ive stopped payments tho, so that would contradict what ive already told them?

According to my credit file, HSBC still own the debt and Metropolitan are just collecting it, so i saw it more a case of bypassing the monkey and going straight to the organ grinder, but if you think i should CCA Metropolitan i will. Question being, i then will be dealing with 2 companies over 1 debt, so when i pursue the interest and default removal, i still go at HSBC?

Thanks

Sorry for this me n my kids

[wednesday1867]

Funnily enough i received this from Metropolitan today:

"Thank you for your letter dated XX July 2007

We can confirm that we have ordered a copy of the agreement for your account. Once we have received this we will forward it to you."

See if that changes anything

Thread passed back to me n my kids, only chiped in to try and help and seems i took over for a while, apologies

[me_n_my_kids]

Wednesday - please dont be sorry, its interesting and encouraging to read of other peoples stories on here, and you do seem to be going through something very similar to myself. im so sick of hsbc and their messed up ways. i had a reply on my cca from hsbc, but im sending one to the DCA in the morning anyway and if nothing else it will get me more time.

[wednesday1867]

Originally Posted by me_n_my_kids

Wednesday - please dont be sorry, its interesting and encouraging to read of other peoples stories on here

Ok no worries, pass on info when and where i can

Originally Posted by me_n_my_kids

i had a reply on my cca from hsbc, but im sending one to the DCA in the morning anyway and if nothing else it will get me more time.

Did you receive an agreement?

Does it have everything it needs to be enforced?

[me_n_my_kids]

unfortunatly i think it does. its 4 pages long. it doesnt say TOTAL COST OF CREDIT - which according to this - http://www.coveritup.co.uk/usefuldoc..._agreement.pdf

its meant to. but im not 100% sure, i think im going to need a legal eagle's advice after the CCA has been sorted for the DCA. another thing. no deed of assignment either. nothing apart from Pay Us Now letter.

[wednesday1867]

Daft question, but did you sign it? Mine looked real except for my signature.

Is there anyway you can scan it and post the pictures on here and maybe someone can give you a definate answer.

[me_n_my_kids]

yes its got my old sig - my old name.

ill try photobucket or something i think heres hoping!!

[wednesday1867]

Originally Posted by me_n_my_kids

ill try photobucket or something i think heres hoping!!

If i can manage photobucket anyone can

Remember to block out personal details

[Turnaround]

Wednesday….. Thanks for the follow up.

As you have now stated that Metropolitan are just "collecting" and has not purchased the debt, then there is no real requirement to send the CCA.

I would also confirm that "Josie8" is currently offering excellent guidance on your other thread.

Good Luck and Regards