 HSBC Managed Loan
Back in 2001 i took out a personal loan with HSBC, 2 years passed with no missed payments then my company decided to change the payroll date meaning I could not pay the loan on the designated day and subsequently the payment was missed. In an attempt to do the right thing I went into the branch and spoke to lending officer, she told me under no circumstances would they permit a missed payment and the only assistance she could offer would be to rejig the loan into a manged loan, I explained about my payroll and promised to make payment in 2 weeks when my new payday came. NO no no sorry managed loan was the response so stupidly I agreed to 1/Surrendering my switch card, overdraft and was issued with a Solo card. She also told me that I had to cancel my redundancy protection insurance as HSBC did not allow this cover on managed loans. At the time i was quite happy as she did refund all the insurance payment. I soon realised that these managed loans arent a good thing, especially if you need an emergency overdraft for a few weeks or something. I continued paying it for a few months then I was made redundant and with no protection on the loan and a mortgage also to pay I was a bit stuck. I rang HSBC who bent over backwards to rejig it all starting me back from scratch wiping my arrears off. I took the loan out for £9500 in march 2001, my current balance is £7900. I have missed payments but only a few and im annoyed because, 1stly if i had just have missed the payment in the 1st place, i would have got a letter giving me 14days to pay it, i could have done that and continued with the loan as I had before. but the women in the branch virtually forced me to take managed loan. During my period of being out of work I could have used the insurance she made me cancell too. Also. when i was paying on time every month the account wasnt listed with credit refernce agencies, as soon as i got into trouble with it, suprise suprise it now shows. I know its my fault for agreeing to the managed loan but im not happy about the whole thing and wondered if I could do anything about it as 7 years later ive still got nealy the whole thing to pay still. | 
