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Good luck claiming your bank charges. We strongly suggest that you register under a UserID and not your own name |  |
11th February 2007, 20:48
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#2 (permalink)
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NATTIE
Guest | Re: What's the difference between an HSBC managed loan and a normal loan? A managed loan I think is one specifically on charges and likelihood is that it is about 3% higher than a normal loan. I hope someone with a bit more knowledge of HSBC can either confirm or correct me. | |
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13th April 2007, 22:20
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#8 (permalink)
| | Basic Account Customer | Re: What's the difference between an HSBC managed loan and a normal loan? Hi All,
I posted this on another HSBC thread about managed loans. Anyone had any better luck than me??
was forced to take out my loan to refinance a personal loan from HSBC that was from my husbands Uni overdraft and student loans etc plus a credit card of my own about 3 years ago- I was paying 7.3% on that loan and am now paying (supposedly) 12%. These loans are a nightmare as they will not allow you under any circumstance to pay a lower amount- for example I was off work for 4 weeks with laryngitis and wasn't paid for it- called HSBC to see if I could pay a lower amount for that month as I was the best part of £1200 down on my wages. They refused point blank- took their £216.00 and then returned other direct debits due to insufficient funds!!!!!!!!!!!!!!!!! The bank wins every time. I'm glad that people are fighting back. I can't even work out the percentage of interest that I am paying as I don't hve a clue how they calculate it. All I know is that in 18 months or so I have supposedly only paid off £500 when in reality I have paid approximately £3888???????????????????? ???????? They are no better than loan sharks that come to your door. I wouldn't mind but I'm not exactly high risk- we own our own home, both work full time and bring in good money- yet we are treated like untrustworthy idiots. I am absolutely going to fight them over this as I am sick of going out to work to pay people like them!! RRRAAAHHHHHHH!
Well, couldn't go to the branch this morning as the kids are still off school ( didn't think it would be wise for my 3 and 5 year olds to see mummy going purple in the face and screaming at the nice bank man!) so I called the credit department. I have had a splitting headache ever since. The extremely (!) nice man on the end of the phone told me that I had signed for the loan therefore I signed the terms and conditions. I told him that I had signed up for 12.25% interest and expected to pay 12.25% not the almost 60% that I am currently paying per month. He assured (  ) me that I am not paying 60% and that the more of the loan that I pay off the lower the interest payment will be. However, if I pay the loan off early there will be no rebate of the interest that I have paid  . So HSBC are expecting me to continue paying £216 for the next 8.5 yearson this loan. This means that I will actually be paying them £25920.00 for a £15k loan. Hmmm, let me just ponder on that one for a minute..........
Nope I don't think so........
I asked how HSBC thought they were any better that loan sharks to which I got the same answer " you signed the paperwork"
I may have signed the paperwork, but it was under duress as HSBC told me it was that or bankruptcy. They even gave me the business card of an insolvancy practitioner!!! When I took this loan out to get rid of the joint one I was made to put it in my name only. I was also unemployed.I lost my business in the October ( hsbc knew this as I had a business account with them) took this loan in the Jan and didn't start work until the March. They never allow you to lower the payment if you get into difficulty and then charge you if there is not then enough money to cover your other bills in your account. I have now transfered the money from my remortgage from my HSBC account and I will not be clearing this managed loan as yet, as I have put a complaint in with the ombudsman about the way HSBC put these loans across. They have told me that its a bit like a mortgage- uh, no- it's a personal loan that is linked to your bank account that allows the bank carte blanche over you and also allows them to treat you like a 14 year old only allowing you to have a solo (rraahhhh) card and then to speak to you as if you are an idiot. NO MORE. I will go to court over this if I have to............... |
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14th April 2007, 12:25
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#9 (permalink)
| | Platinum Account Customer | Re: What's the difference between an HSBC managed loan and a normal loan? Hi All
This thread may help you Who has had Managed Loans? |
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25th October 2007, 00:41
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#11 (permalink)
| | Platinum Account Customer | Re: What's the difference between an HSBC managed loan and a normal loan? Hiya Andena, although logically charging someone with a financial problem more to borrow money than someone who is better off may be morally reprehensible its not illegal.  You relay do have to sort out where you are and what you have signed up to as an individual yourself.
There are plenty of people about who have been convinced by the banks that these terrible managed loans were a good idea and it will probably be better if you start your own thread, heres the button.
and heres a more up to date thread for you to look at Who has had Managed Loans?
all the best
pete
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Please dont click on my scales even if I was having a lucid moment and said something helpful as this is likely to give me green spots, do you know how long it takes to scrub moss off a castle ???? thank you. |
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21st November 2007, 18:56
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#13 (permalink)
| | Platinum Account Customer | Re: What's the difference between an HSBC managed loan and a normal loan? you need to look at the terms and conditions of any loan very very closely these people are lending you money because you are a high risk and they can make more back that way, they are not doing you any favors. Off the top of my head check particularly for... - are their any penalty clauses for early redemption? may seem silly now but if you find a cheaper loan or decide to wrap it up in a house mortgage in the future it could cost you.
- what is the basis of the interest you will be paying? is it just fixed by the company at what they feel like or is it fixed at X% over the Bank of England rate for example?
- How much will you pay in total over the whole period of the loan? is it really cheaper or have they just extended the period of the loan so your great grandchildren will still be paying?
Read anything before you sign it and think what effect the terms and conditions will have on you... not just now but in five or 10 years time too.
Be very careful
pete |
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21st November 2007, 19:16
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#14 (permalink)
| | Classic Account Customer | Re: What's the difference between an HSBC managed loan and a normal loan? Quote:
Originally Posted by cfcboy Hi, quick bit of advice if possible?
me and my girlfreind both have managed loans. Im paying £150 per month in which HSBC then add £90 back onto the loan! I started in april 06 owing £9.4k, nealry 20 months later i still owe them a whopping £8.4k !!
Im thinking of getting a secured loan just to get this monkey of my back. I have slightly poor credit rating so the apr is approx 11.3% using a company called nemo. Its basically 12.9% percent but you get get a quater back when youve paid it all off.
Should i go ahead and get a secured loan to get these managed loans clear. Im not sure im doing the correct thing, any advice woudl be greatly appreciated | andena is your hsbc managed loan secured now as they did not secure mine read my threads |
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22nd November 2007, 13:59
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#17 (permalink)
| | Platinum Account Customer | Re: What's the difference between an HSBC managed loan and a normal loan? anyone who lends money to an individual in the UK is bound by the Consumer Credit Act no matter how the loan is structured or what name they give it.
Managed loans (from HSBC anyway) tend to be given to people who get into financial difficulty, they work out how much you can afford to pay per month then slap a ridiculous interest rate on it so you are bound to them until your grandchildren are drawing a pension. yes it means you can afford any debt that has built up but it is no way to get debt free.
Edit; if you need any proof of this just look at the figures quoted by Gemspan below :o
pete
Last edited by Castlebest; 22nd November 2007 at 17:31.
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