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

This is the whole point that i started this thread. Due you reckon there might be some way that someone can actually work out that when you took these loans out that was to maybe put a halt to being charged every month, the loan would of consisted of charges that you would of had and not the bank. This loan has had interest put ontop, but again you wouldnt of maybe needed the loan if you hadnt been charged all the charges. Then to top it off further down the line they end up putting you on a Managed Loan which once again consisted of the loan from the first place (Which more than likely was a propotion of charges and interest) to now interests piled ontop from the Managed Loan.

 

If someone decides to figure out how much interest they have paid between the loan and then also the Managed loan where these two loans comprised of Charges to how much they actually owed the bank and where this probably wouldn't have happened in the first place if they hadn't taken these charges.

 

Does that make sense ? lol

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

That address will be fine, they all end up in the same place. I really would consider Recorded delivery though, there are a lot of other posts where HSBC have claimed not to receive things that have been sent 1st class, up to you though. Good luck.. can you smell the money yet??

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

Thinking of sending this letter today, what do you think:

 

Dear xxxxxxx

 

Thank you for your letter dated 21st July 2006 offering payment of £xxx.xx representing the charges applied to my HSBC account. You should by now have received my signed copy of the proposal.

 

You will notice that the proposal (written by yourselves) contains the wording “I will arrange for a refund to be made to you”. I was understandably quite taken aback when during a conversation with you yesterday 1st August 2006 you implied that you will be arranging for the payment to be made to the Debt Collection Agency who now manage my HSBC account. Frankly I find this totally unacceptable, this is my money to distribute as I see fit. I expect to receive a check for the full sum by return post or I will be continuing with my claim.

 

Kind Regards

 

xxxxx xxxxxxx

 

Does the threat of continuing with my claim hold any weight now I have signed and returned their proposal though? I guess it does because if they do not comply with the terms of the proposal ie. by paying me then they don't have a leg to stand on?

 

What do you guys think?

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

Well I went along....and gues what ...all they could suggest was a managed loan! Which I declined. They then proceeded to tell me that all charges are stated in the terms and conditions and are fair. I disagreed and said that I am prepared to go to court over them...to which the bank rep was unable to comment! Ah well....bring it on!

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

The account closure makes no difference whatsoever, they were illegal charges, it matters not if they were incurred 6 years ago or yesterday.

Go for it, get every penny back!

 

Crusher:-D

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

Yes please mate, I just want to send it back asking for a cheque tbh.

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

Nothing for me in the post.

Dont worry ..if you have done it right ..it's on its way ...

B.O.L

Mac:cool:

OK I have mulled it over and decided to take the money, thanks so much for the help guys, as soon as I get the money in my account I will make a donation

 

One last thing, I have a managed loan and am a little concerned that they qwill try and pay the loan off with the money. I have never defaulted on the loan so they shouldn't do but how do I send the letter back ensuring it gets paid into my current account ?

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

B.O.L

Mac

was your managed loan partially due to their unlawful charges if so claim for that also see http://www.consumeractiongroup.co.uk/forum/hsbc-bank/15457-who-has-had-managed.html

LOl ...nope ...divorce....

but thx for the link ...i may have helped some1 else

Mac

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!

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

So do i ignoer the interest bit of the letter - below

 

 

----------------------

 

I calculate that you have taken £XXXXX plus £XXX which you have charged me in overdraft interest for the sum which you have taken. Total £XXXXX.

 

-----------------------

 

or is this something different. sorry to keep asking - I just dont want to make a mistake at this stage

 

zoe

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)