HSBC Managed Loan Campaign

[bb23]

Anyone affected by managed loans with HSBC whether indirectly or directly i need your input

 

please read more here

 

http://www.consumeractiongroup.co.uk/forum/campaign/144366-hsbc-managed-loan-campaign.html

 

Many thanks

[johnnymitch]

Hi bb23,

 

Have you tried this thread for info you need.........

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/15457-who-has-had-managed.html?highlight=Who+has+had+managed+loans

 

Some real horror stories on there........

[bb23]

thats brilliant! i've linked it on the other thread and i'm now in the process of putting all the other links to Managed Loan related problems over there too - i do doubt people are going to want to type it all out again!

 

THANK YOU

[johnnymitch]

You're welcome Belinda, any move to expose Managed Loans:eek: has my full support.............

[bb23]

thanks very much! i was thinking about setting up a dedicated site with links to each person's personal story but i think that will take a long time really. these boards are a great source of information - im surprised that nothing has been brought to light properly about Managed Loans yet really - they're horrible things!

[johnnymitch]

I know -I've said before it's probably preferable to declare bankrupt instead - takes less time to clear your finances..........

It's total usury, preying on those who can least afford it and making a bad situation so much worse.... and this is a leading financial institution!....

 

Oh, don't get me started........LOL!

[bb23]

i had a reply from someone on Martin's site saying that the interest rate was reasonable and the bank was kind enough to give me the loan to help in a dreadful situation and i shouldnt complain about it!

 

didnt really know what to make of that although i don't entirely agree with the person who posted it. Banks should not be entitled to such extortion or exploitation of debtors at their weakest point.

 

there has to be something we can do - some loophole, some part of the t's and c's!

[johnnymitch]

i had a reply from someone on Martin's site saying that the interest rate was reasonable and the bank was kind enough to give me the loan to help in a dreadful situation and i shouldnt complain about it!

 

Obviously some self-righteous 'person' (not allowed to swear on here! LOL!) who never had the need of a managed loan - or maybe just a wind-up merchant.......

[bb23]

that's nice isnt it - "I know, im bored - lets go wind up people who are trying to get out of debt to make myself feel better"

*cough*

 

back to the point - im going to trawl the dark depths of the net for some kind of loophole for the managed loan nonsense

[Castlebest]

The theory behind managed loans is sound, to place a debt that would otherwise be unfordable over a longer period of time, ok at a very high interest rate because its high risk... until the client can afford to pay it off and review this at regular intervals to see if there is a better option available.

 

The problem arises because these things are never reviewed and unless you have a lump sum to pay off the managed loan in full they are virtually impossible to get rid of. This amounts to a life sentence of debt.

 

As for people saying they are a good thing, don't forget anyone is allowed to join these sites including employees of banks so its only to be expected you will get the odd comment saying how good they are .

 

pete

[HSBCrusher]

huh... managed loans from HSBC... pump the poorest for maximum profit.

As CB says.. it looks good on paper, but that's where any goodness stops. Over the years on Cag we have heard countless horror stories of these loans, and how those who really didn't need them have been forced to take them on.

and often the loan was to cover at least partially charges wrongfully taken in the first place!

 

HSBC have a lot to answer for on this, hopefully soon we can get some stuff into court. Get your claims in folks!

[bb23]

we have heard countless horror stories of these loans, and how those who really didn't need them have been forced to take them on. and often the loan was to cover at least partially charges wrongfully taken in the first place!

 

EXACTLY!! there has to be some way that this system can fail so that those affected have a right to claim.

 

until the client can afford to pay it off and review this at regular intervals to see if there is a better option available.

 

Sounds ideal in this situation but they don't offer a review of your circumstances - i've asked them twice a year for the last 4 years and they've done nothing at all to help me.

[bb23]

Here is proof of how helpful HSBC are on this

 

Dear Miss Neal

 

Thank you for your e-message dated 12 May 2008.

 

Our records show that in accordance with your Managed Loan Account agreement, the interest on your loan account is calculated on a daily basis at a rate of 12.5% APR and passed on monthly. As the loan is a reducing facility feature, please note that interest is calculated based on the balance remaining on the account. (that's got to be a lie- whenever i put more money in each month the interest goes up)

 

We will calculate interest on the daily cleared balance on the loan account, on the basis that there are 365 days in each year (including leap years).

 

This means that in a leap year, an extra day's interest is payable. We will charge interest in arrears on the same day each month or the next working day. From the day that interest is debited to the loan account, the loan is increased by that amount until it is paid.

 

In this instance, I regret to inform you that I am unable to reduce the interest rate on your loan account. (that means nothing! and its so generic, they said the same thing last year too)

 

However, should you still feel unsatisfied about this matter, may I suggest that you refer your complaint to our Service Quality Team at the address below.

 

HSBC Bank PLC

Service Quality Team

Arlington Business centre

Millshaw Park lane

Leeds

LS11 OPP

 

Meanwhile, I trust this clarifies matters.

 

Yours sincerely

 

 

Emma Boardman

Senior Manager

HSBC Bank plc

[bb23]

update from me again:

 

I am arranging a face to face with my bank manager to discuss my managed loan on a personal basis. i will keep a record of important points in case any of it can help other people when it comes to sorting their own out

a journalist friend of mine has pointed me in the direction of a contact who may be able to cover a story on this so i'll start looking into that ASAP

[johnnymitch]

Go get 'em Belinda!

 

And keep us updated with any progress or queries........

[bb23]

The last time i spoke to them (not counting the silly unhelpful emails from yesterday) they said they could possibly re-asses the loan on personal circumstances so hopefully i'll get some kind of progress

[johnnymitch]

Problem is, speaking to them (unless you record their conversation) does not provide proof thart htey offered this, whilst the e-mails have it in black & white......'No Can Do!'

[hsbcfiddled]

Problem is, speaking to them (unless you record their conversation) does not provide proof thart htey offered this, whilst the e-mails have it in black & white......'No Can Do!'

 

I was told by a Local HSBC Branch Manager that 'A manged loan should be reviewed regularily, at the very least annually, to assess the situation so that with improved regular payments & credit history ratings should then improve to enable the Managed loan to be converted back to a Personal Loan'

 

I am yet to hear of this actually happening, although I do believe what my Bank tells me!

 

I also believe that;

1. Elvis shares an apartment with Lord Lucan and that they take turns at riding out Shergar every other morning.

2. The Tooth fairy & Santa are engaged to be married.

3. Managed Loans are the best thing since sliced bread.

 

In order of being most believeable .

 

hsbcfiddled

Edited May 14, 2008 by hsbcfiddled
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[johnnymitch]

Hi Belinda

Here's a new one from the 'Who's had Managed Loans' site (from cfcboy):

 

Re: Who has had Managed Loans?

I owe £9k, I pay £150 then they put £90 of interest on so all im paying is £60 per month. When i asked if i could get a nmoral loan to pay the ML off they told me to "do one"!

God i hate HSBC

 

I'm trying to find out if they told him in writing or on the phone or face to face........... keep an eye on that thread......you may pick up more ammo.......

Edited May 15, 2008 by johnnymitch

[cfcboy]

That £9k was me! I had a meeting with the branch manager and she made me feel small and incompetent! (only my girlfreind is allowed to do that!)

 

She said she would go and ask the area manger so off she trundeld into some back room to make the call. Came back looking all smug with herself... outcome was as follows:

 

NO you cant have a personal loan

NO we wont lower the interest

NO we wont help you out

NO we wont offer you any advice

 

No alternatives, no help, nothing... i lost any faith i had in banks that day.

[bb23]

That £9k was me! I had a meeting with the branch manager and she made me feel small and incompetent! (only my girlfreind is allowed to do that!)

 

She said she would go and ask the area manger so off she trundeld into some back room to make the call. Came back looking all smug with herself... outcome was as follows:

 

NO you cant have a personal loan

NO we wont lower the interest

NO we wont help you out

NO we wont offer you any advice

 

No alternatives, no help, nothing... i lost any faith i had in banks that day.

 

thats exactly what happened to me - i think i may even print some of these pages when i get my meeting arranged ! i know my bank managed cant do anything himself about that but its just so wrong that they wont help us now that we're in a position to pay our loans off in a better way and stuff.

[hsbcfiddled]

That £9k was me! I had a meeting with the branch manager and she made me feel small and incompetent! (only my girlfreind is allowed to do that!)

 

She said she would go and ask the area manger so off she trundeld into some back room to make the call. Came back looking all smug with herself... outcome was as follows:

 

NO you cant have a personal loan

NO we wont lower the interest

NO we wont help you out

NO we wont offer you any advice

 

No alternatives, no help, nothing... i lost any faith i had in banks that day.

 

 

Have you cca'd them for a copy of the agreement?

[cfcboy]

thats exactly what happened to me - i think i may even print some of these pages when i get my meeting arranged ! i know my bank managed cant do anything himself about that but its just so wrong that they wont help us now that we're in a position to pay our loans off in a better way and stuff.

 

I almost got a loan against the house, i was that desperate to pay the managed loan off. In the end we just decided to get through it.

[cfcboy]

Have you cca'd them for a copy of the agreement?

 

Sorry a cca?

[hsbcfiddled]

Sorry a cca?

 

 

CCA- For a £1 fee (sent recorded- preferably with a postal order and disguish your normal signature on all correspondence) you request a 'true copy of the executed loan agreement' under the terms of the Consumer Credit Act1974.

If they are unable to supply a copy within 12 working days plus 2 days they commit an offence- if after a further 30 days days they still have not complied then from that point the debt is in dispute and unenforceable UNTIL the copy has been produced (if they can find it)

This would mean they cannot:

Request payment (although they do)

Add interest (although they do)

sell the debt (although they threaten to send it out for recovery)

Register defaults (although the threaten to and probably do)

And you do not have to volunteer payments.

 

I have successfully stopped my ML because it was not properley executed and I am now engaging a Solicitor to retrieve payments made plus Compounded interest.

 

In many cases that do not retain the original- they make only be able to produce a copy of a scan of the original- BUT unless they retain the original they will be unable to enforce the debt.

 

For a £1 'what have you got to loose'

 

hsbcfiddled a CFC fan

Edited May 16, 2008 by hsbcfiddled
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