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If you have had a managed loan arranged by the bank then come and say in here. I think that it is about time to find out how many people they put on these things. What is even more serious maybe is when you are put on a manage loan which is suppose to help you they seem to add loads of interest every month on these accounts. If you are one of these people i think it might be worth everyone getting together who have been charged Unlawful Charges which has resulted in the end having to go onto a Managed Loan. Then maybe an argument to go to the banks with is that if, it was not for the Unlawful charges you would not have ended up on a Managed Loan and then in turn would not have occured the interest they have added on the Managed Loan. So surely on this basis they would of acted Unlawfully by doing this and be in breach of the contract and that the Managed Loan is not a true reflection of the money owed.
If you find this info useful please click on the scales in the bottom left corner of the thread
Vodafone To Remove Default Notices thread
Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help
Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB
Concluded Lloyds TSB for Girlfriend. 27/05/2006
Paid In Full Capital One £160 Settled
Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend
Paid In Full Cetelem £130 Settled
Paid In Full The AA £400 Settled
Paid In Full First National £160 Settled
PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180
I have always felt that anyone who had their charges converted to a loan are
entitled to reclaim not only the unlawful charges [and the 8% interest thereon if it
gets that far] but also the interest on the charges included in the managed loan.
I don't know how she did it, but JaneyBvlloyds bank not only got back her £7000
plus bank charges but also the whole managed loan of £10,000! [see her thread in
the Lloyds section]. Maybe she will come on here and tell us how it worked. Pamela
Anderson look alike?
For those still wrestling with the banks, adding extra interest should not be a
problem [well, duh], but for those who have already signed final settlements things
may be more problematic.
Without doubt, the banks will cry foul but as we now know what a mendacious
bunch they are [and they lie] perhaps some direction from the mods would help??
My own feeling is that a claim for interest on a loan account, albeit as a result of
charges already settled, is a totally separate claim from the first. And the banks
cannot fall back and refute the claim because there has already been a full and
final settlement. I am sure others will disagree. I suppose it boils down to the
precise wording of the first settlement, or how the Courts interpret any wording
of a Full and final....
I have a managed loan with HSBC. Was set up in 2001. It was originally a Graduate loan for £5000, which was renewed three times to pay off O/D and CC debts. The term I have is for ten years, so I'll be waving the olympic torch goodbye before I pay it off! I work out I've alredy paid HSBC about 20K for that original loan and I'll be paying them £220 a month for the next six years...
The three previous loans, plus O/D and CC charges combined, plus redemption penalties and intrest on PPI on the previous loans has made tackling this one too mind boggling for me, so resigned myself to it!
Would be great to get some redress from them though! It's either that or sell my first born to them!!
This is the argument that i was to maybe send my claim down that road. My first Loan was probably 3/4 of charges. This spiralled to ending in a Managed Loan account where again interest was added. I have started to try and work out how much of the loans i have had with them, have unlawful charges + interest lost + how much i actually paid off the loans and so forth. I reckon that the Banks should actually owe me money, not me owing them money and if this is the case i am going to politely tell them where they are can now go with the offers we have been discussing.
I reckon You might have a similar story and should be able to look into the same issue as me, as i reckon a lot of other people would be able to. I do think we probably need to sit down though and work all the figures out on what as borrowed, what was taken in unlawful charges what interest was lost due to not having the money of these Unlawful charges how much you have paid back and also how much the banks charged you their interest on loans which really was your own money in the first place.
If you find this info useful please click on the scales in the bottom left corner of the thread
Vodafone To Remove Default Notices thread
Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help
Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB
Concluded Lloyds TSB for Girlfriend. 27/05/2006
Paid In Full Capital One £160 Settled
Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend
Paid In Full Cetelem £130 Settled
Paid In Full The AA £400 Settled
Paid In Full First National £160 Settled
PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180
Nat west converted my ovedraft into a loan, my overdraft was 6750 and they lent me 7500, total interest on top was 2860.8 to be paid over 6 years. I just put in the spreadsheet those figures and it worked out that interest on charges of 2176 was 888, so I have claimed the charges in my prelim. Would be the same for any other loan.
Ive paid off my Managed Loan but still incurred all sorts of charges on it initially and thats not including the loan protection, interest etc...
What if any of this can we claim back?
Ive got a current claim going on with the bank about charges made to my personal account which i use all the time so dont mind setting another one going if others are trying the same thing.
I've had a managed loan too. Same old story - loads of interest etc. Mine was done mainly due to having numerous charges on my current account, and an overdraft from my student days. I also had a time when I was unable to meet a payment for it and kindly asked for the payment date to move. I got the "Computer say's no" answer. So I asked if I could stop the S/O, and set it up a couple of weeks later when I had the funds? They wouldn't let me. No flexibility at all. So there began the downward spiral again. They wouldn't let me cancel the S/O and set it up again (I needed 2 weeks grace because I didn't have the funds!) so the S/O tried to go through, and guess what? No money, so another £30 charge. It's as if they have a licence to print money!
All in all a bad experience. I know I have been paying too much, but frankly if I can get my original charges back that will make me happy. Like everyone here I've been lining the coffers for far too long.
I had an account with HSBC from the age of 16 I think. Carried on with it, went to Uni it became a student account with HUGE overdraft on (about 2k I think), they gave me a switch card, a mastercard and various other things.
Ended up being so in debt to them that they refused anything other than to set up managed loan account, and me being frightened to death as I owed all this money just agreed as thought that was my only option. That was 2001. Luckily came into some money in 2003 and paid the lot off. Was glad to see the back of them!
Now I know what I do about the charges, and how it was their charges that got me into such a state in the first place I sent my SAR off yesterday and am actually looking forward to getting the info back and totting up the charges. Will be watching this thread closely to see what everyone is doing with regard to claiming on the ML account.
My opinions are just that, I will help if I can but I am NOT a professional. If in doubt seek legal advice.
READ THE FAQ'S BEFORE ASKING A QUESTION! THEY ARE THERE FOR A REASON! AS IS THE USER-GUIDE!
My active claims:
Owed £150 from Barclays.
Husbands claims:
Owed £1049 from Lloyds.
Glorious Victories!:
Barclays Joint Account- Settled £823.
HSBC Joint account-Settled £50.
Studio- Settled £80.
HSBC Student account- Settled £560.
Lloyds Credit Card- Settled £72.
Freemans- Settled £40.
Abbey Joint Account- Settled £330.
Waiting till all claims settled then Donation-A-Rama.
Same story with me got an overdraft charges started to be applied when i had a few problems eventually got a a managed loan for 6000 and got about another 3 years to pay it off
Would be good to know how you go about it. Ive had a managed loan and fortunately the account is now closed. Does make it harder though getting the information. If you are successful Id like to speak to you to see how you did it etc...
Best of luck
Everythings crossed for you to such an extent arthiritis is forecast!!!
i'm on a managed loan (to cover the charges + out of control overdraft) @ 16.9% apr.
took out in april 2004, reduced the payments in august from 140 to 69 - turns out their system couldn't support this change, and even though i've not missed a single payment, HSBC have been telling experian i'm at least 6 payments behind each month - royally shagging my credit rating.
if there's something i can do to get a bit back or even get the remaining balance written off, i'm all ears (if you're a lawyer and you think you can do it, i'm obviously willing to pay).
only solution to their 'systems error' is to offer me ANOTHER loan over a longer term, this time at 12.9%.
Just before I discovered we could claim back unlawful charges the bank made me covert my overdraft of £1158 to a managed loan of £1200 plus interest of £383.89. I am just finishing my schedule of charges and will send my prelim letter this week. The first payment on the managed loan is due 20 July ( in other words I haven't made a payment yet. I'm trying to track back thru statements as most of this loan will be made up of penalty charges (my overdraft limit was £500) so when they pay me back I shall be negotiating to get this loan vastly reduced. I am thinking that I will offer to pay them £500 - the amount of my overdraft facility because, after all, I did use the full overdraft facility. What does anyone think? Any advice on how to go about this?
i went to HSBC a few years ago to get a loan to clear my o/d and buy doublew glazing, all they were prepared to offer was a managed loan and take our cards off us etc, told em where to go straight away, they seemed to just want to get as much out of me as they could in the end got the loan from my mortage same loan period and only about 5% not 14% as hsbc wanted [edit] :o
[MODERATED: Please do not post libelous comments on this site]
Interesting.... Have just finished paying off my managed loan... I wasn't told it was a managed loan at the time, just that they could give me a loan to help me at the time... didn't find out it was a managed loan (or the difference) til 2 years later!! will be thinking about this!
HSBC
09th June 2006 - Data Protection Act Request
21st June 2006 - Acknowledgement from HSBC
30th June 2006 - 33 letters arrive - 6yrs statements
01st July 2006 - Preliminary request for £2868.24.
12th July 2006 - HSBC offered me £1995, I declined.
17th July 2006 - LBA sent, now £2970
01st August 2006 - MCOL for £3778 (inc 8% + fees)
08th August 2006 - HSBC defending ....
31st August 2006 - SETTLED IN FULL - Wooooooohoooooo. Halifax
09th June 2006- Data Protection Act Request
22nd June 2006 - Acknowledgement from Halifax
08th July 2006 6yrs statements arrive.
10th July 2006 - Preliminary request for £1393.08.
21st July 2006 - Halifax offered £115, I declined..
24th July 2006 - LBA sent, now £1421.
08th August 2006 - MCOL for £1822 (inc 8% and fees)
16th August 2006 - SETTLED IN FULL - woooohoooo
I have one, I was told it was a consolidation loan to cover m/card, o/d another loan. They told me I could change the amounts I paid to suit my income etc then when I fell on harder times they wouldnt reduce my repayments so i could still make regular payments so the same thing charged for having no money. Ive nearly paid mine now tho but they wont take extra payments unless its from a HSBC debit card but i dont bank with them anymore so they wont take extra payments from me so i can pay it quicker!!! losers
I have had a managed loan some time ago but it gets worse
see my thread (http://www.consumeractiongroup.co.uk...-one-help.html) together with their mistake with my mortgage protection i have been outstanding more than £10,000. £6200 already paid back and am now claiming unlawful charges of £4,000
Who has had Managed Loans?
every month on these accounts. If you are one of these people i think it might be worth everyone getting together who have been charged Unlawful Charges which has resulted in the end having to go onto a Managed Loan. Then maybe an argument to go to the banks with is that if, it was not for the Unlawful charges you would not have ended up on a Managed Loan and then in turn would not have occured the interest they have added on the Managed Loan. So surely on this basis they would of acted Unlawfully by doing this and be in breach of the contract and that the Managed Loan is not a true reflection of the money owed.
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Re: Who has had Managed Loans?
