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HSBC Managed Loan - Now with MCSL


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Hi, my girlfriend took out a loan for £2,000 before we where going out about 2 years a go now. They would not give her the loan unless she took out insurance at a cost of £500!!! and Her orginal payments where £65 a month which she struggled to keep up with as she is on a low income. So she went in for a chat with the bank manager and they agreed she could only afford £50 a month and told someone would phone her about this...They did and offered her a Manager Loan, but she HAD to pay £85 a month they would not take anything less even through they knew she could not afford this. She keept missing payments and stopped paying it for a while as it got forgotten about... But they recent sent through a letter saying she has defaulted on it and must pay it in full. They will NOT accept the £15 a week that we have offerd to pay and will not respond to any letter my gf sends, she has now got a letter from Metropolitan Collection Services Ltd. Demanding full payment, again not leting her pay what she can afford. We are currently paying £15 a week to the account, but from the latest letter it looks like they have changed her account number or put the wrong account number on the letter.


What should i do about this, we can not afford to repay it in full and can only afford weekly payments of around £15 a month...


Sorry for the long post, Any Advice ?



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Hi Paul, I'm sorry that it has taken so long to reply to your post. Hopefully by bumping your thread up to the top, someone can advise you.


It sounds like you were first mis-sold a PPI on the first loan taken out with HSBC and then pushed into a managed loan. There have many people on here that this have happened to them and hopefully one or more can advise you on what to do.

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A prudent question is one-half of wisdom.



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