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cozmek

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Everything posted by cozmek

  1. Does anyone know anything about IVA's? I have just been made redundant as the company went into liquidation. The monthly outgoings are double my wife's income and we have loans with 2 banks totalling £29,000 including a couple of credit cards! I keep seeing these ads in the daily newspapers and would like to know if this is a direction worth pursuing? What are the pitfalls, benefits....the criteria for being able to have an IVA? Are there ways of doing it independently? As usual, all help appreciated.
  2. Thanks Castlebest. After 6 years my wife has calculated that we are about £400 shy of paying £10,000, which was the original amount of the managed loan. So on that basis, is there any reason to offer a settlement? According to them we would still owe £8,800 for the next 4 years! What would the situation be now? If I have this correct, they are over the required 12 days + 2 for producing the signed copy of the managed loan, so if they produced it now, where would I stand? One final thing. Could you point me in the direction of a template letter, or is the one I mentioned in my last post ok to adapt? Thanks for all your time and help on this Castlebest, I am sure you are aware how helpfull it is and it is sincerely appreciated. Thanks.
  3. Thanks Castlebest. People at work (including an ex bank employee) are saying the same thing! Are there any relevant template letters available, I could structure my reply from? I found this one and at a first glance it seems to be on the right lines? http://www.consumerforums.com/resources/templates-library/48-bank-templates/129-data-protection-act-non-compliance-template-letters- One final thing that concerns me, the original reply quoted in my previous post uses, The Data Protection Act 98, but most of the posts I have scanned seem to mention 1974.................is ther some horrible 'Catch me out' update to the act that I am missing?
  4. Hi , I have posted a couple of times on the forum but things went quiet and I didn't receive much further response. I was wondering if anyone could point me to some recent info regarding my HSBC managed loan. I have requested and received all my HSBC paperwork dating back to 2005 (the date we took on the managed loan and consolidated our joint HSBC gold visa into the loan). A couple of things showed up straight away. I had been sold PPI on the Visa even though I was a sole trader and have correspondence showing my request for repayment of fees, after being refused cover when my business dried up. This was refused and I was instructed that this information was on the paperwork when I signed for the card. The second one is a lack of information requested. I requested a copy of the signed HSBC managed loan agreement (after a colleague mentioned the loan could be void if they could not produce the document). This document was not in the giant pile of paperwork/daily accounts/risk assessments that were sent. The only thing I assume, is pertaining to the documents not supplied, was the cover letter. "Please note that with regards to the Managed loan Agreement, this is not held in a structured filing system i.e. in files referenced with your name and account details and is therefore outside the scope of the Data protection Act '98. We are satisified that this procedure meets with the information Commission's requirements. Could you please advise on my next step regarding this information? I would greatly appreciate receiving any available advice. Thanks Cozmek
  5. Any help in how to pursue a claim or settlement figure, would be more than appreciated.
  6. This is a repost of a message I left yesterday on the 'welcome forum'.... Been redirected here thanks to 'Castlebest' and 'Johnnymitch' so here's my 'Tuppence worth'.... New Guy....Same old HSBC Managed Loan... :confused:Hello all... My names Ray and I have been reading through some of the success stories on the forums here over the last few weeks, mainly anything I can find rgarding the 'Managed Loans from HSBC. I took out a managed loan in June 2005 to cover two HSBC credit card debts and an overdraft with them. The loan was for £10,480.00 and the interest on the originals document states: 145 monthly repayments of £134.00 at an APR of 12.1% variable and then states directly underneath, 'Interest rate 7% over base rate which at date of agreement gives a variable per annum rate of 12.10%. It further states: Total charge for credit, comprising £8,894.36. Interest £8,894.36 Arrangement fee £0.00 ....didn't want to get too greedy I suppose..... Fortunately, my wife and Iare in a much better financial position now and have taken a loan with the Halifax to cover the managed loan. The HSBC loand still stands at ... wait for it....£9,340.00 after four years and payment of over £6000.00 I want to settle this and get it off our backs but I would like some expert advice on what to request regarding a settlement figure and also whether we have the right to claim any interest back as well? Thanks in advance to any replys... I will be keeping an eye on the forum (and the other on the final of 'I'm a Celebrity...sad I know...) and hope to get some of your magic financial wisdom soon. Regards Ray
  7. .................replies....................not replys.......... ..........HomerSimpsonitis is kicking in already!!!!
  8. Thanks for the replys people! and to Jonnymitch and castlebest, I will take a good look at the links you supplied this afternoon. I better start 'swotting up'.................. I hope the 'HomerSimpsonitis' doesn't flare up!!!!!!
  9. :confused:Hello all... My names Ray and I have been reading through some of the success stories on the forums here over the last few weeks, mainly anything I can find rgarding the 'Managed Loans from HSBC. I took out a managed loan in June 2005 to cover two HSBC credit card debts and an overdraft with them. The loan was for £10,480.00 and the interest on the originals document states: 145 monthly repayments of £134.00 at an APR of 12.1% variable and then states directly underneath, 'Interest rate 7% over base rate which at date of agreement gives a variable per annum rate of 12.10%. It further states: Total charge for credit, comprising £8,894.36. Interest £8,894.36 Arrangement fee £0.00 ....didn't want to get too greedy I suppose..... Fortunately, my wife and Iare in a much better financial position now and have taken a loan with the Halifax to cover the managed loan. The HSBC loand still stands at ... wait for it....£9,340.00 after four years and payment of over £6000.00 I want to settle this and get it off our backs but I would like some expert advice on what to request regarding a settlement figure and also whether we have the right to claim any interest back as well? Thanks in advance to any replys... I will be keeping an eye on the forum (and the other on the final of 'I'm a Celebrity...sad I know...) and hope to get some of your magic financial wisdom soon. Regards Ray
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