Who has had Managed Loans?

[ppauls150]

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.

 

Anyone else got any thoughts?

[lookinforinfo]

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....

[Stevegrray1978]

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!!

 

Steve

[ppauls150]

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.

 

DG Solictors. Need Help

[Essayeffsee]

Ive been there and seen it.

 

Would be interested in joining forces with people who pursue charges on their managed loan accounts.

[Stevegrray1978]

Yep, you're right. Just need to get me head around the statements, loan agreements and PPI I paid.

 

Again, I think the banks are relying on confusion and inersia to keep the money rolling in...

 

Even the bloke at the branch told me he shouldn't be approving the original loan back in 1999, but he did anyway. Good on him.

 

Lets keep this thread going. Hopefully others will have some experience/advice to offer.

[gizmo111]

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.

[Essayeffsee]

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.

[kemjvm]

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.

[sharpcircle]

Still got a managed loan here - about 2 years off paying it off too :/

[Mrs Charlton]

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.

[voqu]

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

[Guest Lueeze]

I am claiming for part of my loan.

 

I had an OD of £1023 and they made me take a loan of £1800 to pay it off.

 

I am claiming £1023 part of my loan as this was made up of mainly unlawful charges at the time of signing.

 

I payed it off after a few months myself as I got a better deal elsewhere.

 

Will let you all know how I get on, I am on the lba stage so only another 10 days or so and its claim time for nearly £5k

[Essayeffsee]

Thanks Lu.

 

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!!!

[cjm_2006]

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%.

[Lurcherlady]

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?

[jamesrouse]

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]

[Hedgehog]

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!

[yogison]

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

[rdm2006]

I have had a managed loan some time ago but it gets worse

see my thread (http://www.consumeractiongroup.co.uk/forum/hsbc-bank/13876-can-any-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

[Guest Lueeze]

Well my account is closed and the loan was in 2001 so what have i got to lose?

 

I didnt really pay much in interest so Im just going to ask for the amount that i can prove payed off unlawful charges.

 

If it works instead of getting £3498 i will get nearly £5000 including 8% and courtcosts and loan amount.

[Guest Lueeze]

what is the difference of a loan and a managed one? Im being blonde now I know!

[Hedgehog]

what is the difference of a loan and a managed one? Im being blonde now I know!

 

Basically its like an unnoficial red flag on your account..."This person has had to let us dictate thier loans..don't give them an inch!" It also means you seem to pay a higher amount in interest, they won't help you with anything else until this is cleared! they will charge you rather than give you an overdraft!

[Essayeffsee]

Has anyone actually started proceedings against managed loans?

 

If so would be good to let me know what they are exactly claiming? Is it the interest? The loan protection? The whole loan amount etc...

 

I dont mind joining people at the front end so to speak but want to ensure we are all praying from the same sheet!!

[Guest Lueeze]

I am due to put my Claim in next wednesday (finances permitting)

 

I claimed £3498 for my charges

£1023 (out of £1800) for part of my managed loan which I can prove accumulated because of charges. (I had that amount on my overdraft at the time of being forced into taking the loan)

I am claiming £143.77 for the % of the loan protection that applies to the part of my loan I am claiming. (If you only claim part of the loan you can only claim the same % part of the protection)

 

£4665.37 total.

 

I will add 8% to each charge and add that when I file my claim, and the £120 in costs.

 

So it will be about £5000 in the end.

 

The loan amounts and payments were all on my statements as I took it with HSBC, it shows clearly when, how much and the PPI.

 

Anyone with statemements should be able to do the same.

 

if you feel brave and you can prove you had this loan to pay off charges then you can try to claim contractual rate of interest on the loan amount (ie if they were charging you 16.9% apr for the loan you can ask for it back with this interest added to the amount of the loan)

 

Im not claiming interest as I only had the loan for a few months then paid it off as I found a cheaper deal, as I was a homeowner.