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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
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.
HSBC charges WON (april 07): £1,103.00 HSBC PPI WON!!! (July 2008): £1,166.00
HFC PPI WON!!! (August 2008) £2,100
March 09: failed the fight to write off HSBC Managed Loan due to non compliance of SAR! after they finally produced my signed loan!
August 10: Fighting TBI for disputed account due to the fact they can't produce my signed loan copy.
HSBC charges WON (april 07): £1,103.00 HSBC PPI WON!!! (July 2008): £1,166.00
HFC PPI WON!!! (August 2008) £2,100
March 09: failed the fight to write off HSBC Managed Loan due to non compliance of SAR! after they finally produced my signed loan!
August 10: Fighting TBI for disputed account due to the fact they can't produce my signed loan copy.
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.
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 !
Hi
I am new to this forum.. However I have read all these posts recently. 5 years ago i took out a managed loan for 8000. I have been paying 200 a month. It is now standing at 11,000. I spent 3 years trying to speak to someone about this.. Never the less doors slammed in my face etc... appalling... I have gone straight to the Financial Ombudsman now who are now dealing with my case. It appears after one letter 2000 pounds has been credited to my account by them. Still its not good enough. I do not bank with them anymore as they black list you.They also black mark your credit file too... be warned... DO NOT TAKE ONE OF THESE LOANS!!!!! They prey on the desperate... They are loan sharks and once they have got you thats it.. I worked out I would be paying my loan now for a further 11 years... Its hilarious thats a total of 33,000. It is total rubbish the interest goes down . On a two hundred pound loan they pay 160 of that on interest.. That is never told when you take out the loan....... I am still waiting to here from the Ombudsman... ( to be fair they are as shocked about this loan and are really helpful)
Im off to my branch tomorrow to try and get an appointment - i'm armed, ready and dangerous and i WILL get my managed loan closed !! im hoping that by doing this i can also offer advice once ive seen my manager and give people the right ammunition to approach their own bank managers in order to get theirs sorted too.
wish me luck!
HSBC charges WON (april 07): £1,103.00 HSBC PPI WON!!! (July 2008): £1,166.00
HFC PPI WON!!! (August 2008) £2,100
March 09: failed the fight to write off HSBC Managed Loan due to non compliance of SAR! after they finally produced my signed loan!
August 10: Fighting TBI for disputed account due to the fact they can't produce my signed loan copy.
Hi - we are being harrassed by HSBC who phone us continually, even on Christmas Day, re a Managed Loan that we cancelled as soon as we realised what was going on. This was about one week after and by phone. I know I read somewhere, possibly in the CCA that we could notify by phone, we then wrote but they are currently insisting that we were out of time to cancelll the agreement and they have increased our debt by about £10k. We also have a pre-existing claim for penalty charges which they refuse to deal with despite our being in financial hardship. The government funded Welfare Rights people are acting for us in the repo action so how can HSBC still refuse to acknowledge our plight!? They are saying that they will pass it all to a DCA. Isn't it funny how they can increase customers loans to pay off overdrafts etc, including their own charges, but cannot lend to the public! Gordon Brown where are you now!
Hi - we are being harrassed by HSBC who phone us continually, even on Christmas Day, re a Managed Loan that we cancelled as soon as we realised what was going on. This was about one week after and by phone. I know I read somewhere, possibly in the CCA that we could notify by phone, we then wrote but they are currently insisting that we were out of time to cancelll the agreement and they have increased our debt by about £10k. We also have a pre-existing claim for penalty charges which they refuse to deal with despite our being in financial hardship. The government funded Welfare Rights people are acting for us in the repo action so how can HSBC still refuse to acknowledge our plight!? They are saying that they will pass it all to a DCA. Isn't it funny how they can increase customers loans to pay off overdrafts etc, including their own charges, but cannot lend to the public! Gordon Brown where are you now!
Send them a SAR and £10 that might show a phone call was received.
Did you phone from home and have a statement with the call recorded?
Send them a Subject access request and £10 that might show a phone call was received.
Did you phone from home and have a statement with the call recorded?
Also tell HSBC that if their reluctance to deal with your request for the refund of bank charges and their persistance with the managed loan leads to the loss of your home that any refund of bank charges will include compouded interest and consequential loss and damages.
Well. I saw my branch manager this morning. I sat down, with my folder and no sooner had the words Managed Loan come out of my mouth had he interrupted me to say "We dont deal with those in branch any more, you will have to phone this number" (08456 033 122 Financial Guidance Team).
I asked him if he knew what a Subjext Access Request was and he said
"NOPE"
so, i walked home in the freezing and very icey weather, phoned HSBC Financial Guidance Team, spoke to a lovely (not) lady called Simone who took my income and expenditure and came back with
"looks like you CAN make the payments, theres nothing i can do to help"
i phoned again then, armed with my backup of the fact the loan should be unenforceable anyway due to the fact that after i sent my SAR back in June they replied telling that they could not send me the paperwork!
i had to explain to 3 people what an SAR was and what HSBC had done in order to make the loan unenforceable! it was like speaking to a bunch of children - anyway, the last guy Kevin from the customer credit team phoned through to the legal team for me and
they are sending my copies to me that i asked for in my SAR last year
so this leaves me wondering now even though they ARE sending me the copies, its a bit late as the letter was sent in June - - -or, they count this as day 1 in which case its not to late to send them and i have to hope theres some discrepancy on the agreement that will still work in my favour of making this loan unenforceable
altogether and tiring, frustrating day - and i've run out of teabags (and money to buy any more)!
HSBC charges WON (april 07): £1,103.00 HSBC PPI WON!!! (July 2008): £1,166.00
HFC PPI WON!!! (August 2008) £2,100
March 09: failed the fight to write off HSBC Managed Loan due to non compliance of SAR! after they finally produced my signed loan!
August 10: Fighting TBI for disputed account due to the fact they can't produce my signed loan copy.
Well. I saw my branch manager this morning. I sat down, with my folder and no sooner had the words Managed Loan come out of my mouth had he interrupted me to say "We dont deal with those in branch any more, you will have to phone this number" (08456 033 122 Financial Guidance Team).
I asked him if he knew what a Subjext Access Request was and he said
"NOPE"
so, i walked home in the freezing and very icey weather, phoned HSBC Financial Guidance Team, spoke to a lovely (not) lady called Simone who took my income and expenditure and came back with
"looks like you CAN make the payments, theres nothing i can do to help"
i phoned again then, armed with my backup of the fact the loan should be unenforceable anyway due to the fact that after i sent my Subject access request back in June they replied telling that they could not send me the paperwork!
i had to explain to 3 people what an Subject access request was and what HSBC had done in order to make the loan unenforceable! it was like speaking to a bunch of children - anyway, the last guy Kevin from the customer credit team phoned through to the legal team for me and
they are sending my copies to me that i asked for in my Subject Access Request last year
so this leaves me wondering now even though they ARE sending me the copies, its a bit late as the letter was sent in June - - -or, they count this as day 1 in which case its not to late to send them and i have to hope theres some discrepancy on the agreement that will still work in my favour of making this loan unenforceable
altogether and tiring, frustrating day - and i've run out of teabags (and money to buy any more)!
Hi BB23,
This new number and the fact that Managed Loans are no longer dealt with at a local Branch level is extremely interesting
Perhaps we are starting to get too them.
I thought I would try this number to see if they would like to refund me all the monies they took from me on my Managed Loan
I was told that this number was only for applications for people in trouble making payments and to help by way of a Managed Loan
I told her that a Managed Loan was not helping anyone except the Bank and that it was a huge burden for many people in some cases for the rest of their lives.
They went on to confirm that they include child benefit etc into calculations as to whether anyone can afford to pay- I told them that I believed that it was illegal to consider monies intended for the use of providing for children as funds available to a Bank.
HSBC charges WON (april 07): £1,103.00 HSBC PPI WON!!! (July 2008): £1,166.00
HFC PPI WON!!! (August 2008) £2,100
March 09: failed the fight to write off HSBC Managed Loan due to non compliance of SAR! after they finally produced my signed loan!
August 10: Fighting TBI for disputed account due to the fact they can't produce my signed loan copy.
I took out a managed loan 2 years ago when i was in dire difficulty and it was the only option avaliable to me to stop my accounts being passed to debt collectors. I could not get any credit scored lending elsewhere. They assessed my affordibilty and set me up on a minimum monthly repayment that i could afford.
Two years down the line my situation has now improved so i am making larger paymts every month to get it paid off asap. The interest is charged monthly on the balance outstanding so the more i pay, the lesser the interest applied. There is no penalty for over payments so i suggest you all try to pay this loan asap. The interest rate is high, and when i questioned this was informed it was due to high risk lending. However i am grateful as the low repayments helped me get my finances back on track.
I took out a managed loan 2 years ago when i was in dire difficulty and it was the only option avaliable to me to stop my accounts being passed to debt collectors. I could not get any credit scored lending elsewhere. They assessed my affordibilty and set me up on a minimum monthly repayment that i could afford.
Two years down the line my situation has now improved so i am making larger paymts every month to get it paid off asap. The interest is charged monthly on the balance outstanding so the more i pay, the lesser the interest applied. There is no penalty for over payments so i suggest you all try to pay this loan asap. The interest rate is high, and when i questioned this was informed it was due to high risk lending. However i am grateful as the low repayments helped me get my finances back on track.
Well there has to be ONE doesnt there?
How nice of those lovely people at the bank to help you out.
Why, they even charged you a higher rate of interest to just to help you!
If they really wanted to help you they could have helped you a damn sight more by giving you a low rate of interest so that you paid it off sooner.
But then they wouldnt have been able to screw you for interest.
Why should high risk = high interest.
The risk factor is the same regardless of what interest rate they charge you. Its just an excuse to rip you off.....only you cant see it.
One of the options available to the bank -after the review that you probably havnt had- is to reduce to a zero interest or after you have proved yourself with them credit wise, is to put it onto a personal loan.
I wonder why those nice people down the bank havnt done that then?
Zorfy,
If you really believe that these Managed Loans helpful I suggest you pop along to you Bank and offer your services to them because you are the first person that I have seen promote a Managed Loan.
Your post should be removed because it is offensive to me and to the thousands of people ripped off by the banks with their stinking managed loans.
Gone are the days when Bank Managers were respected people within in a community - I have more respect for a thieves and muggers- at least you know when you have been physically mugged.
Normally when a new member joins they get a welcome message,
in your case I am making an exception.
Hi - WOW - I couldnt believe it either. After the bank managed to find a way of lending out another ten grand just to pay themselves and make us even more in debt!! - lovely people arent they - here I am chasing my tail and fending off the bailfiffs et al and I see someone actually thinks that the banks are only trying tobe helpful - hmmm - thats jsut what Emma at HSBC toldme. dont know what else I can say without being toooooo rude.....
Hi - WOW - I couldnt believe it either. After the bank managed to find a way of lending out another ten grand just to pay themselves and make us even more in debt!! - lovely people arent they - here I am chasing my tail and fending off the bailfiffs et al and I see someone actually thinks that the banks are only trying tobe helpful - hmmm - thats jsut what Emma at HSBC toldme. dont know what else I can say without being toooooo rude.....
Why hold back Campari2?
My situation was bad enough. I paid them nearly ten grand in just over three years and only reduced my balance by £2.5k and yet I still owed £14K.
I am so pleased that they fouled up my agreement, and after the OFT case I will be claiming it all back....With interest. lots of it!
But my situation knowhere near compares to some of the poor sods on here. If Zorfy had taken some time to research the plight of some of the people on here then maybe Zorfy would have kept their thoughts to themselves. No-one on here wants to know how wonderful the banks are.........this is the wrong place for such comments.
HSBC Managed Loan Campaign
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.
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Re: HSBC Managed Loan Campaign
Originally Posted by campari2
Re: HSBC Managed Loan Campaign
