HSBC Managed Loan.

[tom a]

I have a managed loan with HSBC and can't afford to keep up the repayments.

I have sorted a DMP with the CCCS and they have written to the bank with an offer of £24 per month. The full payment is £55.

The bank as refused this offer and still tries to take the payment from my overdrawn account, and bounces it and charges me £25 for the privilege.

I have been into the bank and wrote them a letter asking them to cancel the Direct Debit but they refuse to do this.

I received a letter today saying I am now 3 months in arrears and a Default notice could be issued or further action taken.

I rang them again but just wasted my time.

Any advice what to do next please?

[sequenci]

Hello. Sorry to hear about this.

 

1) Get CCCS to speak to HSBC about this ASAP, call them on 0800 138 1111

 

2) Ask HSBC to close the overdrawn account straight away, is that account part of the DMP too?

 

3) Write a letter of complaint to HSBC citing that they are in breach of the banking code. You may wish to investigate whether or not HSBC are one of the funders of CCCS, I bet they are. They are certainly breaching The OFT debt collection guidance

 

4) if HSBC do not give you a decent answer to your complaint you can take it further via the FOS

[AndyOrch]

Hi Tom

When you get to three missed payments their next step will be to issue a default notice and failure to come to some arrangement with them even thought you have already tried,they will prob issue court summons.Time is of the essence now you must CCA your account and claim back any penalty charges in order to put the account into disspute,If poss open up an alternative account elsewhere and freeze the HS account.

Ps everything in writing now no phone calls;)

 

 

 

 

 

regards

[itsamomentintime]

tom a

you cant get blood out of a stone. if you cannot afford the repayments, well, thats that.

 

follow the advice in post 2. fos need to hear about HSBCs attitude

[AndyOrch]

tom a

you cant get blood out of a stone. if you cannot afford the repayments, well, thats that.

 

follow the advice in post 2. fos need to hear about HSBCs attitude

 

 

And while you wait for the FOS to do somthing about it you can sit and add up your ( ongoing penalty charges ) and wait to for your default notice only my opinion

 

 

 

regards

[sequenci]

HSBC should act in a reasonable manner which is why it is right to mention that you will look to take it further by investigating the various complaint routes. To be honest the people that should be sorting this mess out is CCCS as they have been empowered by the OP to administrate his DMP. Remember that there is a dispute here so under s2.8k of the OFT debt collection guidance they should halt all action while this is being looked into. By all means use a CCA if it is a debt which is being disputed but what will that do? I will imagine the creditor is likely to have the paperwork being the original lender, although it could be worth a shot if there is a dispute going on.

[tom a]

Thanks for the quick replies.

Tried to close the account but they refused. Said they need an account to take payment out of. It is part of the DMP.

Sent a DPA request in yesterday.

Regard letter of complaint regarding banking code, is there a template letter anywhere or could you give me some idea what to write.

Thanks again.

[sequenci]

Have you a new bank account? do set one up, they can use that as an account to take the payment from?

[AndyOrch]

HSBC should act in a reasonable manner which is why it is right to mention that you will look to take it further by investigating the various complaint routes. To be honest the people that should be sorting this mess out is CCCS as they have been empowered by the OP to administrate his DMP. Remember that there is a dispute here so under s2.8k of the OFT debt collection guidance they should halt all action while this is being looked into. By all means use a CCA if it is a debt which is being disputed but what will that do? I will imagine the creditor is likely to have the paperwork being the original lender, although it could be worth a shot if there is a dispute going on.

 

Hi Sequenci

with respect to your comments in reallity we know how these organisations work if they wont accept 50% do you honestly think they will act reasonably.My advice is to act quickly and stop the wheels in motion. they probally will have the paperwork for the loan agreement but we know how this can be pulled apart and my advice will stop them in their tracks of issuing the for said default notice / court proceedings

 

Regards

[tom a]

Have you a new bank account? do set one up, they can use that as an account to take the payment from?

 

Opened an account with Nationwide. I can't set up loan DD because I can't afford the full payment.

[AndyOrch]

Hi Tom

Do you not intend claiming back their penalty charges ? My point of sending them a CCA request and then S.A.R (subject access request ) will enable you to start proceedings against them. Pay the £24.00 from your new account and sit back and wait for their next move. If you follow the advice I have given you they will be in no position to make a next move!

 

 

 

 

Regards

[tom a]

Hi Tom

Do you not intend claiming back their penalty charges ? My point of sending them a CCA request and then S.A.R (subject access request ) will enable you to start proceedings against them. Pay the £24.00 from your new account and sit back and wait for their next move. If you follow the advice I have given you they will be in no position to make a next move!

 

 

 

 

Regards

 

Sorry for being thick but whats my next step.

[AndyOrch]

Hi Tom

plan of attack is:-

 

1. send S.A.R to HSBC See Template Library Request Full S.A.R

including £10.00 P.O and dont sign with your usual signiture.

 

2.Continue to pay £24.00 mthly from new account Pref S/O standing order

 

3.Collate how much they owe You.

 

4If they issue a default note they are in default because it would contain penalty charges in your overdraft account

 

The game here is to isolate HSBC let them continue charging you penalty charges u will get Them back/ you will force them to accept your £24.00

and you will be calling the shots.

Of course they wont let you freeze their account they wont be able to get their penalty charge if you pay from another account:rolleyes:

 

 

Regards

[sequenci]

surely the payment should be made via CCCS

[AndyOrch]

Hi sequenci

If you check Toms first post he states that HSBC are charging penalty charges to his account for bounced D/D payment to Loan Account

 

 

 

 

Regards

[tom a]

Thanks for the advice so far. Just to clarify things a little.

The £24 payment is coming from the CCCS.

The £55 DD is being taken from my overdrawn HSBC account.

There's no money in the account so they bounce it and charge me for doing it!

[AndyOrch]

hi

are they accepting CCCS payment as well? if so surely you are being over charged ie £24.00 £55.00 and penalty charge with what you have just clarified then Sequence,s point above about the CCCS is valid and u should request somthing in writing of their refusal.This will make up your case if it where to come to that If they are refusing CCCs payment and will not stop the loan D/D then let them pile up the charges and hopfully if and when you recieve a default note it will contain plenty of Penelty charges and so will render it invalid a complete defence:)

 

 

 

 

 

Regards

[tom a]

They are just taking the £24 from the CCCS.

We're overdrawn at the bank so they can't get the money from there but they still try.

Regards.

[tom a]

Also they are getting £19 a month to pay towards our overdraft but charging us £25 for returned DD.

How can they be acting in our best interest?

[AndyOrch]

Hi Tom

Firstly a Bank only acts in its own interest.What has CCCs said about this situation? have you got anything in writing from HSBC with regards to your servicing the overdraft with £19.00?and what is the agreement?

IMHO I would take control of this away from the CCCS and stop payment until they accept the disspute. I would even be prepared to sit back and wait for the default notice let them instigate proceedings at their cost and then take them to the cleaners.

You have been more than reasonable and providing you have a papertrail of all requests and actions you are fully justified in defending any action levied against you.

[tom a]

Hi Andy.

I have emailed CCCS and I will also ring them tomorrow.

I have nothing in writing regarding the overdraft. HSBC are calling it "an informal overdraft" what ever that means.

The account is a business account but for some reason they are not charging me the standard fees of £8 per day yet.

I will see what the CCCS have to say and post there reply on here, and take it from there.

Regarding the default. I already have defaults so am not bothered if HSBC issue another one.

I will keep you informed to my progress.

Regards Tom.

[tom a]

Duplicate.

[AndyOrch]

"Regarding the default. I already have defaults so am not bothered if HSBC issue another one."

 

 

Tom

I dont think you have quite grasped my advise.You state you have recieved a letter stating you have missed three payments ( which you havent because they have accepted 3 x £24.00 from the CCCS )

A default notice will arrive anytime you can rely on that, when you recieve said notice it will have two errors

 

1. the ammount claimed will be incorrect

2. It will contain penalty charges ( unlawfull charges )

 

This is the bases of your case and so the default notice will be invalid, unenforcable your prayers answered, I cant make it any clearer.

 

keep me informed

 

 

Regards

[tom a]

Been into HSBC today. No joy from them. A very arrogant woman tried to make me feel like something on the bottom of her shoe but she didn't suceed.

Rang the Banking Ombudsman and they said HSBC are quite within there rights to default the account and keep charging an extortianate ammount of interest.

They said the best thing for me would be for HSBC to sell the loan on to a debt collection agency.

I will wait and see what happens next.

[AndyOrch]

Hi Tom

just caught your post.So lets see if I have got this right

The Banking Ombudsman said it would be in your best interest if they passed it on to a DCA mmmmm! probabale at least it would not be in the realms of managed.

And knowing how this outfit works probally would not tranfer it correctly anyway. And he also said they are within their rights to Default you and continue to to charge extortianate interest mmmmmmm! on top of their Unlawfull Penalty charges

Meanwhile back at the CCCS they are paying HSBC £24.00 to HSBC to cover payment of £55.00 which they have refused but are accepting it anyway whilst charging the original Account £55.00 ( which as zero funds available ) and then charging you another £25.00 because of lack of Funds mmmmmm? Sounds like good buisness to me oh to be a banker LOL

Tom you said that you had sent off your S.A.R (subject Access Request)is this correct? I dont know why you went to the bank what did you think this would achieve? and as for the Ombudman well !!!!!!!

I would not "wait and see what happens next" because I can tell you the answer to that = Zilch You need to railroad the CCCS and take control of these morons stop the £24.00 stop the £16.00 and as previously said "Isolate them" You will soon get their attention and they will realise that may be there is a problem with your account.Draft a letter from here on CAG to HSBC and state that all payments will be stopped and Notice that the account is in Disspute,and to freeze any interest/Charges/D/D.I You are being given the run around here and at a price which you will be able to claim back dont worry but you need to take control now and start calling the Shots. Act Now

 

 

Regards