Hi....can anyone please point me in the right direction??? I have reqested original credit agreement documents regarding my managed loan. HSBC have informed me that they are unable to provide them as the loan is older than 6 years? Where do i go from here.... Regards for any advice given

Thanks Jezzy and Mrsfoot for a quick response..I have already been checking out the advice guide pages that mrsfoot supplied...but i still appreciate your time mrsfoot.. im sure i read somewhere that i can contest the agreement if it was obvious that i cannot afford the payments....in the meeting i had she kept telling me that £468 was my AFFORDABLE LIMIT..based on the criteria i gave her and the records they had .... £393 seemed a good option ...TILL I GOT HOME ... INCOME £1500 PARTNERS INCOME £250 RENT £600 MAINTENANCE £200 COUNCIL TAX £79 PETROL £50 BT £31 MOBILE £22.50 UTILITIES £50 CAR INS/tax £53 PETROL £50 OTHER CREDIT £100 not taking into consideration food,cloths leisure ...and then lend me a loan at £393 per month ??? HELP PLEASE ?

Can anyone advise me please ....? The story in short... I visited the local branch of my bank because i was concerned that i was getting deeper into the red( been happening over the last 12 months due to a change in circumstances). The whole point was to try and cut down my monthly outgoings. After a couple of hours in there i ended up walkin out after agreeing to another loan for 5 years(to pay off 2 existing loans with them, a credit card with them, and a 5K overdraft with them) ...with a monthly payment of £391 ....which is about the same as i am paying separately..... After getting home and realising that i am no better off and WILL struggle to meet these payments for 5 years i phoned the bank to ask how i could cancel the agreement as this was going to cost me more and make me worse off.THE APR. on the new loan 20% is higher than the 2 exising(never paid late on any loan with them) I was told it was too late and that i could not cancel it.... IS THIS CORRECT ? ...Do i not get a 5 or 7 day cooling period ?or is there anything else i can do ? This is now preying on my mind and any help would be appreciated !! Regards Mac

"Originally Posted by Bookworm Your avatar has been deemed offensive to others. Could you please change it asap? Thanks." Could i please have some views on the above comment. My avatar was a tounge in cheek pic on how the banks seem to have a hold of us all round the neck and how they make us feel. I am sorry to whoever has been offended by it, and will change it to something less offensive ?? . regards Mac

hi matty ... Do read plenty...follow the advice...and YOU WILL get your money back ... BOL Mac

it makes sense ..but i aint the man to work it out ! Maybe a better man than me can .? seriously ... I would love to be able to get HSBC for putting me on a managed loan ....... Any help would be appreciated ...thx Mac

Hi, Just for the record....I didnt send anything recorded,demanded repayment by cheque, and all has been completed within 6weeks(about). Do plenty of reading on here and make sure you get it right 1st time ;-) Mac

I was in a similair situation ... Demanded repayment by cheque in lba,gave them a further 7 days to comply with a 2nd lba, received cheque this morning..... if i can help further ,just ask ...were all here to help each other ;-) B.O.L mac

good on ya for not taking the managed loan ...i did a few years ago and am still paying the price for it ..... Read as much as you can on here ..and proceed to claim your money back ! b.o.l. mac

hi mikek, What sort of amount are you trying to claim this time ? As for your o/d ...as far as i am aware they can demand full repayment anytime and for the full amount..i think its in the terms of them giving you the o/d in the 1st place.I also think they can use any money from other accounts you hold with them ...(someone may correct me on these points) your c/c is a separate thing altogether.(as i am aware) Is the amount your claiming worth them demanding your o/d back immediately ? Mac

My cheque came through this morning mate BOL... Mac

*UPDATE* Hi all, A cheque recieved this morning , A donation WILL be on it's way. LTSB, watch out , your in my sights Thanks to all the Mods n Helpers on here . Mac

Hi just reading some threads .... are they illegal charges ? ..i thought un lawful charges ....? whats the difference ? illegal ...breaking the law ....? unlawful .....bending the law ? any clarification pleeez !!! Mac

Hi all ... This point may have been raised before ...... DEFAULT AND ENFORCEMENT "If you do not comply with any default notice we send you under this agreement,we may use any money you have in other accounts with us to reduce or repay the amount you owe us under this agreement." I have requested re payment by cheque in both my 1st LBA and 2nd(giving them a further 7 daysto comply) still awaiting there response ( time is running out before i proceed for the full amount+costs+interest+ a CHEQUE) will keep you all informed... Mac

Just edit it as appropriate mate..... Your address REF: date LETTER BEFORE ACTION Dear Mr ACCOUNT NUMBER: xxxxxx xxxxxxxxx Thank you for your letter dated xx/xx/xx I am writing to confirm that I would be happy to accept your offer of £xxxx representing the charges applied in full and final settlement of this matter, and that I would consider the matter addressed to my satisfaction on the following condition. That I receive written confirmation that the sum repaid, will be repaid as requested in my letter dated x/x/xx “ I require repayment in full of this money by cheque. If you do not comply fully within 14 days then I shall begin a claim against you for the full amount plus interest, plus my costs and without further notice.” I will give you a further 7 days to reply to my request and letting me know a date by which I will receive payment. If you do not respond, or you do not respond positively, within this time period, I shall have no alternative than to proceed with my claim against you for the full amount plus interest, plus my costs and without further notice. I believe that these targets are more than sufficient for a large company such as yours with dedicated staff and departments. Yours Faithfully Hope it helps...will let you know how i get on .... Mac

Dont worry ..if you have done it right ..it's on its way ... B.O.L Mac:cool:

were in the same boat mate ......if you wanna see a copy of my letter ..let me know B.O.L Mac

LOl ...nope ...divorce.... but thx for the link ...i may have helped some1 else Mac

Hi all, Another 1 here with a managed loan.......The way i understand the difference between a managed loan and a pers. loan is...I may be corrected.. A personal loan is a fixed % interest rate ..eg 7.5% for the term of the loan eg. 5 years(you know how much you pay and when your loan will end and how much interest you will have to pay) A managed loan works like a credit card... You find yourself in difficulty,they suggest a managed loan @whatever you can afford to pay. YOU have no choice and agree.... Interest is at X % ABOVE the base rate EG 4.5% + X % = Y MY OWN EXAMPLE i pay 7.5% above base(4.5%) = i pay 12% interest on my outstanding balance(charged daily) and pay say £100 p/m IF the base rate changes to 5.5% ..I still pay 7.5% above that = 13% interest on my outstanding balance (charged daily) but i am still paying £100 p/m Therfore i am paying more interest ..and not changing my monthly payment.So IT WILL take longer to pay off. The basic solution to getting rid of a managed loan is....Find out what % above base your paying...try to get a fixed term loan for a less %...or ..increase your monthly payment as and when your circumstances allow you to .... hope it helps Mac

HI all, I have been offered a settlement figure that i am going to accept. I have a managed loan with them and dont want my repayment of charges going into that account. I did specify in my LBA that i wanted repayment by cheque and i am going to reply confirming this otherwise i will continue with court action for the full amount. I just wondered if anyone else had been in a similair situation ?? thanks Mac my thread ... http://www.consumeractiongroup.co.uk/forum/hsbc-bank/11708-mac-hsbc.html

Hi and Thank's, When i started out on here, i have always said to myself ,IF i got an offer of £850 or more i would be happy with that. Purely for the reason that i have other pressing uses for the money and that i would be repaid quicker. I would like to pursue the whole amount,however time and cashflow are also factor's. This was my 1st attempt and i have bigger fish to fry ..lol...and THEY will be for the full amount ...this refund will buy me the time... . A donation will be fothcoming as soon as i recieve payment .... Will keep you all informed.... Mac:D

Hi, Can anyone tell me if it's ok to insist to be paid back by cheque..(as i stated in my LBA).? if i write to them say something like.... "yes i accept your offer ..etc...as long as you can confirm in writing that as i requested, payment will be made to myself by cheque within x days,otherwise i will have no alternative than to pursue my claim through the courts for the full amount....etc ". any Mods out there pleezzzz ? Cheers .. Mac

**UPDATE** RESULT:) Today i recieved an offer of £850 in full and final settlement.(not far off the £968 i originally claimed).I am going to accept the offer, however.... In my LBA i specified i wanted my money paid back to me by cheque. There letter states they will credit my account within 7 days of them recieving my reply. Am i ok to insist that it is paid by cheque? as i have a managed loan with them which i am happy to carry on paying my monthly payment and i dont want my refund put into my loan account.(I have other more pressing uses for the money) any advice please ? regards Mac

Hi, i just changed mine to "i calculate that you have taken£XXXXX NOT including any interest you have charged me for the sum that you have taken." Goodluck:) Mac

**UPDATE** ...... Sent a prelim. on the 22/06/06 politely asking for my money back,got a reply saying "in order for us to consider it we need a break down of charges..date ,description,amount". Yesterday i sent them a list of the charges with the above detail's,as they appear on my online statements..ie date TOTAL CHARGES or CHARGE and amount..... I put this info onto a spreadsheet from the library here.(i deleted the interest part,but will use it if i have to file a money claim).I sent them this along with my LBA,giving them 14 days to respond(i also stated in my LBA that i would like the money i am claiming paid back to me by cheque). Will see how it go's Mac(thank's barracad for changing my thread title)