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hi HSBC are trying to get us to take out a managed loan . how is it different to a normal loan ?Does it affect credit rating or being able to get credit is it too high interest 7% above base rate
Anyone any suggestions
hi italy -
i suggest you ask that question on the HSBC thread -
just press this and you will start a thread in the hsbc forum. i won't go into detail on the managed loan here in the welcome section - but will post again (if a dozen or so don't beat me to it).
we have managed loan information that will curl your toes and one particular thread that is almost unending -
my only suggestion at this point is - don't do it!!!!
have posted a thread re managed loans and was advised to post here HSBC are trying to get us to do a manged loan but how does it affect credit rating or chance of getting credit. any advice help
Hi italy - i wouldn't touch it with a bargepole! Just my opinion of course but it was given to us by HSBC as a 'this is all we can do for you and we're doing YOU a big favour'!
We were desperate at the time and just trusted them. The interest rate is unbelievable (much much higher than a 'normal' loan) - so how they thought that would help i don't know!
I am currently querying the loan agreement and have cca'd them so i'm just awaiting their next move.
Don't think it does your credit rating much good either but not 100% sure.
Lisa x
Managed loans are IMO one of the worst financial products that you can take out. Usually with a managed loan you are not allowed a credit card with that company nor an overdraft facility. Nor will you be allowed a switch card. The APR on the managed loan will also be considerably higher than on a normal loan.
Will it effect your credit rating? Definitely, but if you only qualify for a managed loan then you already have a poor credit rating. While you have the managed loan it is highly unlikely that you will be able to get any credit from anyone.
DO NOT TOUCH A MANAGED LOAN WITH YOUR WORST ENEMY'S BARGE POLE !!!! they are nothing less that financial slavery which you will never pay off and end up paying twice or three times what you owe now.
Some light reading of some of the horror stories...
see - i knew you'd get a response, italy. these people on this forum are the people who know HSBC and many, many of them have been touched by the managed loan disease.
it is a ml from hsbc which brought me to this site in the first place.
my son (18 at the time) was working away from home - unable to manage his monthly salary and started down the overdraft syndrome. they kept uping and uping his limit until he owed each months salary before it was paid. then they ever so politely encouraged him to take out a loan (never calling it a managed loan - but it was) "it will pay off your overdraft" "you can have a little extra for yourself", blah, blah, blah. well, unknown to us - he signed his financial life away to hsbc and proceeded to pay through the nose (the interest rate is way higher than a normal loan), took insurance for it without his understanding, upped the interest whenever it took their fancy and hey, presto - a couple of years down the line - he still owed what he owed in the beginning - in fact - more!!!
it is a never ending way of tieing you to them.
anything would be cheaper in the long run!!!!
if you take a look at that thread link that pete has mentioned - you will find story after story after story of people who have been right where you are now and have made a very grave error - that error is called a managed loan. if you still have doubts - put managed loan into the search engine on the blue strip at the top of this page and you'll be busy for a year reading all the sad tales - no one has yet to write about what a good idea a managed loan is and how it has helped them.
it's like they used to say about drugs - when it comes to a managed loan - JUST SAY NO!
Hi italy , Welcome to the forum
That's excellent advice there from pete and latty and lisa.....if I can help by putting my two pennyworth in , this is my humble opinion :
I'd never advise anyone to let them ‘bestow’ one on you.
It happens when you are deeply overdrawn - charges every month, then they present it like the holy grail - they will loan you the money to pay off the overdraft - you'll be back in the black - hurrah! and maybe even a little extra to spend on whatever you want. it's a con! You will be paying for that little loan for a long, long time to come - and I mean years and years and years! the loan rate is way above the norm - like at least 10 points higher. They pay themselves the interest every month, month in and month out and very little off the principle of the loan.
There are probably hundreds on this forum who have struggled with managed loans. Try to keep your head above water and do what you can to clean up your finances , but under no circumstances fall for HSBC's managed loan - it is like indentured slavery! You will live to regret it.
This is also a helpful link: http://www.consumeractiongroup.co.uk...an-please.html
Just come back and ask if you need help, someone will always answer , and we're a friendly lot on here ......
Nemo me impune lacessit
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well, i guess we told italy! probably scarred the poor guy into hibernation!
but italy - if you are still with us - we are all singing from the same hymn sheet - no managed loan!
sorry guys been really busy. Thanks for the good advice. Have decided not to take out the managed loan. Just been reeling at the huge charges they have put on this month
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