Who has had Managed Loans?

[ANDENA]

ive got a managed loan for about £23 grand, i didnt have a clue what the loan was all i knew was it was my last resort before bankrupsy, ive had a £30 charge already on it for insuficiant funds to pay the s/o. hsbc knows how much finacial trouble im in.... ive got no property, no assets just £23000 hanging over my head. Why shouldnt i go bankrupt?? my other worry was that if i claimed back my ilegal charges, would they close my account and say pay up for the loan?

im in a right state really with my money, im going through divorce, paying maintanence, trying to look after myself to and tryin to pay off my debts and theres not enough to live on.

ohh well theres my sob story i really dont know where to start with working out whats going on with my managed loan..... any advice? maybe bankrupcy is a good option for me?

andena that is rather a lot do what my daughter done she owed hsbc 21,000 pound and she went bankrupt hsbc did,ent get in touch with go to cab and tell them they will put you on the right road.after a year she,s free from debt.click my scales if usefull.

[ANDENA]

If you have had a managed loan arranged by the bank then come and say in here. I think that it is about time to find out how many people they put on these things. What is even more serious maybe is when you are put on a manage loan which is suppose to help you they seem to add loads of interest every month on these accounts. If you are one of these people i think it might be worth everyone getting together who have been charged Unlawful Charges which has resulted in the end having to go onto a Managed Loan. Then maybe an argument to go to the banks with is that if, it was not for the Unlawful charges you would not have ended up on a Managed Loan and then in turn would not have occured the interest they have added on the Managed Loan. So surely on this basis they would of acted Unlawfully by doing this and be in breach of the contract and that the Managed Loan is not a true reflection of the money owed.

 

Anyone else got any thoughts?

I have hsbc managed loan Apr is 12.4% i have been paying £145.47 a month for past 2 years £11.200 the loan and all i have paid is £10,167 i have got that loan till 2017 which works out £23,000 odd now that is disgusting dont you think what a rip off. i have got a loan in place to pay it off so i will be calling the shots.then i am claiming charges they did not offer ppi to me and also cant go overdrawn what so ever, did not realise there is so many of us in the same boat, i retire in 8 years time how am i going to pay that off,this loan i have will be paid in 7 years APR 7.4%

[ANDENA]

I have hsbc managed loan Apr is 12.4% i have been paying £145.47 a month for past 2 years £11.200 the loan and all i have paid is £10,167 i have got that loan till 2017 which works out £23,000 odd now that is disgusting dont you think what a rip off. i have got a loan in place to pay it off so i will be calling the shots.then i am claiming charges they did not offer ppi to me and also cant go overdrawn what so ever, did not realise there is so many of us in the same boat, i retire in 8 years time how am i going to pay that off,this loan i have will be paid in 7 years APR 7.4%

sorry i have not paid off £10,167 that is what i still owe see this loan is screwing me up ,cant we all fight to get this loan abolished.

[hsbcfiddled]

Andena,

 

Have you tried requesting a copy of the loan agreement.

Many banks do not hold true copies of agreements.

For the cost of £1 you may have a solution.

 

hsbcfiddled

[Acerfan]

I had an interesting offer from HSBC the other day. I rang about a problem with a direct debit, but once I'd finished she said something like: 'I see you have a managed loan with us, have you had this for long? A few years (me) Would you be interested in coming in for a chat? We might be able to switch it to a personal loan & save you quite a bit on the interest. I'll think about it (me)

 

I just wonder if they've got the wind up them with all the pressure of bank charges and the question of the bank's responsible lending with these loans and are trying to wipe the slate clean. I haven't done anything with regard to the managed loan yet, I'm only at the reclaiming charges stage & haven't even sent off a CCA request. Would be interesting to send it now to see if they've actually got an agreement.

 

They've also basically admitted that their interest rate is too high on the managed loans. Has anyone else had anything like this happen?

[hsbcfiddled]

I am sure I dont need to tell you- Only take them up on the offer if they dont have the original managed loan agreement.

 

I would ask them is that why you are offering me this loan?

 

hsbcfiddled

[ANDENA]

what are we going to do about these managed loans from hsbc it cant carry on

[gemspan]

Hi Andena

 

Im really sorry to hear about your situation. It is a lot like mine really. I have been forced into a managed loan but at the moment I am disputing its legality because it states 2 APRs. They are trying to fob me off with the fact that the second APR is the "simple" rate of interest, but it isnt. It clearly states annual rate of interest. I have sent back a 2 page letter to them stating in detail all the "guidelines" that HSBC are breaking by giving these loans at a higher interest rate to people who are already in debt - without offering any other solution. I was paying £250 and they lumped together all my debt (which included bank charges) into a £20,000 managed loan at twice the interest rate I was paying on my original loan - less the PPI. They then wanted £320 a month. Where is the logic in this because I couldnt afford the £250?

 

Anyway, the only way that this can be sorted is by making a mass complaint to the FOS and OFT but somebody tried it with MBNA and there were very few takers. If there were people who were willing to do a mass complaint then I would be happy to put it together but it will need a lot of names with the background to them being sold managed loans.

 

Also, there is nowhere on the agreement that tells you exactly what you are paying back. At the bottom of mine it said "Total charge for credit: £25,000+". I thought this was the total loan and that would be what I was paying back. It turns out that this was the interest only. This is deception too and I think it needs to be sorted out - and quickly. HSBC have managed to put people who are suffering financial hardship into even more financial difficulty. Its disgusting!!!

 

Kind regards

Gemspan

[ANDENA]

I am paying my hsbc loan off next week £11,200 but i want some settlement figure as i have only paid £1,068 in2 years i dont know what to say as my husband cant go with me as he was rushed to hospital with collapsed lung ,out now but dont want to get him invouled could do with some advice please.

[ANDENA]

I have had a managed loan some time ago but it gets worse

see my thread (http://www.consumeractiongroup.co.uk/forum/hsbc-bank/13876-can-any-one-help.html) together with their mistake with my mortgage protection i have been outstanding more than £10,000. £6200 already paid back and am now claiming unlawful charges of £4,000

got money in bank to pay managed loan off £10,000 but i will try and get a reasonable settlement from them.loan was for £11,200 in 2005 but only paid £1,067.62 the rest has been interest,how would you go about this,this loan is with me till 2017 which i will be retired in 8 years time and would have to pay £145.47 out of my pension which wont be alot from the state,i will send email to let them know so interest wont go on 4th dec then i will not owe money.please help

[Castlebest]

the first thing you need to do is find out/work out how much of what you owe is charges and interest on those charges... then see how much is left.

 

pete

[hsbcfiddled]

the first thing you need to do is find out/work out how much of what you owe is charges and interest on those charges... then see how much is left.

 

pete

 

Yeah and apply compounded interest to those charges at the banks own unathorised interest rate. You never know they might end up owing you...with a bit of luck!

[ANDENA]

the first thing you need to do is find out/work out how much of what you owe is charges and interest on those charges... then see how much is left.

 

pete

i pay 145.47 a month on 16th then interest is 110.71 took out each month so i paid 34.76 off loan the Apr is 12.4%

[photoman]

I'm subscribing to this thread.

 

Over the course of my banking history with Lloyds I had a total of 4 different loans in order to repay borrowing.

I calculate that on each occasion the loans were pretty much all in line with the amount of charges and interest upon that I had been subjected to up to each point. On each occasion it was pretty much a mater of "take the loan or we take recovery actions".

 

My last loan was for £10k.

I have already won one claim for penalty charges against them amounting to £5k in charges and around £3k stat interest (a 13 year claim). It was a basic charges claim, and although a great win, I have always said that the aspect of extra interest we are put to with these loans has been overlooked in our actions, and something we should act upon too.

So, now I am in process of calculating ALL my charges on all accounts right back to 1985. I plan to calculate every last penny they have taken from me, either directly or also indirectly through these loans.

 

I started a thread a long way back to try to get some interest going with regards this subject, although it generated a bit of interest, it seems to be an area that few know much about, and is also very tricky to calculate.

However, there may still be some posts of interest in the thread that readers of this thread may find useful (the link is in my sig)

 

I am so pleased to have now just found this thread, and will take a good read through it tommorow.

 

In the meantime, could someone just clarify what exactly is meant by "managed loan" as opposed to any other? Is it as I suspect a loan whereby your account is monitored and restricted?

 

Regards

 

PM

[hsbcfiddled]

MANAGED LOAN- Definition of.

We (A bank) have MANAGED to con you (our loyal customer i.e. MUG) into paying exhorbitant interest on a debt that we have manufactured (in most cases) by adding exhorbitant unlawful charges to your account.

Thus we are able to 'make you an offer that you cannot refuse' (quote from 'Cosa Nostra' manual for collecting monies).

The offer being, we then, lend your own money back to you (that we have taken unlawfully from your account) to pay off your overdraft, that we have manufactured with our unlawful charges.

You promise to make monthly payments to us (A bank), that are massively loaded with interest so that we have you contributing to our enormous profits for the rest of your life, and after if we can.

Because you have made your promise the bank reciprocates your promise by promising that every time you go even a few pence over your overdraft or are late making a payment WE PROMISE to hammer you with even more unlawful charges.

The interest that we take from our MANAGED LOAN system is then lent out to other mugs (writer included) to pay off more manufactured debts (overdrafts etc.) and thus the cycle continues.

I think that pretty much gives an accurate description. However please feel free to add anything that I may of missed out.

 

On a serious note - not that this isnt serious - 'A MANAGED LOAN is supposed to be MANAGED on a regular basis, with regular meetings, and once your back onto a level credit basis you should be put on a personal loan'. Quote from my bank manager (who was not responsible for my ML)

I must say that since the inception of my ML in February 2004 I have had regular meetings with my bank- once every 33 months. LOL. At my request I add, to ask why they are still trying to take payments from an unenforceable ML.

hsbcfiddled.

[ANDENA]

I'm subscribing to this thread.

 

Over the course of my banking history with Lloyds I had a total of 4 different loans in order to repay borrowing.

I calculate that on each occasion the loans were pretty much all in line with the amount of charges and interest upon that I had been subjected to up to each point. On each occasion it was pretty much a mater of "take the loan or we take recovery actions".

 

My last loan was for £10k.

I have already won one claim for penalty charges against them amounting to £5k in charges and around £3k stat interest (a 13 year claim). It was a basic charges claim, and although a great win, I have always said that the aspect of extra interest we are put to with these loans has been overlooked in our actions, and something we should act upon too.

So, now I am in process of calculating ALL my charges on all accounts right back to 1985. I plan to calculate every last penny they have taken from me, either directly or also indirectly through these loans.

 

I started a thread a long way back to try to get some interest going with regards this subject, although it generated a bit of interest, it seems to be an area that few know much about, and is also very tricky to calculate.

However, there may still be some posts of interest in the thread that readers of this thread may find useful (the link is in my sig)

 

I am so pleased to have now just found this thread, and will take a good read through it tommorow.

 

In the meantime, could someone just clarify what exactly is meant by "managed loan" as opposed to any other? Is it as I suspect a loan whereby your account is monitored and restricted?

 

Regards

 

PM

look on hsbc internet banking you will find hide on managed loan statement click on and your find like me i am in credit of £200 odd pound what is that all about baffles me pm look on my threads you will find what people are going through like me a managed loan no cards no overdraft and massive interest,i found out when could not print off stand order of managed loan,so sent email for print out which they sent . This is what it stated. 145.47 till 2016 then 25 payments of 144.96 so this is why i started looking into it started loan of 11,200 in august 2005.

[ANDENA]

look on hsbc internet banking you will find hide on managed loan statement click on and your find like me i am in credit of £200 odd pound what is that all about baffles me pm look on my threads you will find what people are going through like me a managed loan no cards no overdraft and massive interest,i found out when could not print off stand order of managed loan,so sent email for print out which they sent . This is what it stated. 145.47 till 2016 then 25 payments of 144.96 so this is why i started looking into it started loan of 11,200 in august 2005.

By the way looked at my copy of contract and HSBC signed but we did not sign it well that,s what it says on my copy so i might be in luck.

[hsbcfiddled]

By the way looked at my copy of contract and HSBC signed but we did not sign it well that,s what it says on my copy so i might be in luck.

 

Signing your copy isnt important. Can you remember if you signed their copy?

 

Have you CCA'ed them for a copy of the original? This is important and for only £1 if they fail to comply the debt can be UNENFORCEABLE.

If you havent DO IT NOW!

[ANDENA]

what is cca i am confused where do i get that i will have to email them as interest goes on 4th dec i will pay 1.oo to them.

[Castlebest]

Hiya Andena, the CCA is the Consumer Credit Act 1974. It contains all of the regulations that govern credit agreements and we have found that a good proportion of the banks have not adhered to these regulations.

 

The letter you need to send to get a "true copy" (Photostat with your signature on it) of the credit agreement you signed when you took out the loan is letter N in this thread.

 

http://www.consumeractiongroup.co.uk/forum/general-debt/20758-creditors-dcas-letter-templates.html

 

If they cannot provide this within 12 days the whole loan is then in dispute, if they still fail to provide this within a further calendar month they are committing a statutory criminal act.

 

Let us know what results you get and in the mean time you could read this thread to give you some idea of what to do next.

 

http://www.consumeractiongroup.co.uk/forum/general/33174-consumer-credit-act-agreements.html

 

(sorry its a huge thread but loads of info there)

 

pete

[hsbcfiddled]

what is cca i am confused where do i get that i will have to email them as interest goes on 4th dec i will pay 1.oo to them.

 

 

(Your Address)

 

 

 

 

 

 

Customer service manager

HSBC Bank Plc

Service Quality Team

Arlington Business Centre

Millshaw Park Lane

Leeds

LS11 0PP

 

Managed Loan account no. (xxxxxxxxxxxx)

 

I DO NOT ACKNOWLEDGE ANY DEBT TO YOU.

 

Date 3rd December 2007

 

Dear Sirs,

 

With reference to the above agreement, I would be grateful if you would send me a true copy of this credit agreement.

 

I understand that under the Consumer Credit Act 1974 (Sections 77−79), I am entitled to receive a true copy of the credit agreement upon request. I enclose a payment of £1.00 which represents the fee payable under the Consumer Credit Act1974 for such a request.

 

I understand a true copy of the credit agreement should be supplied to me within 12 working days plus two days.

 

 

 

Yours

 

 

( )

 

 

 

Ok Andena just copy and paste the blue section adding your details in the brackets and sent it to HSBC.

 

Put in a £1 postal order and send it recorded delivery and keep the receipt for proof and tracking.

 

Do this for Monday morning and date it for Monday's date 3rd December 2007. HSBC will then have to supply by 18th December 2007 if they dont supply within that time frame they are in default and cannot take or request payments until they do supply a true copy of the agreement.

However if they then fail to supply by 18th January 2008 they will not be able to enforce the debt.

If your pay is paid into your bank GET A NEW BANK ACCOUNT NOW.

 

hsbcfiddled

[Greeneyes1980]

Hi peeps newe here and just wanted to ask you guys a question, about 5 years ago i got into a bit of a financial mess and was told by the manager of my HSBC that a managed loan was the only answer and the only way to go so i agreed to it.

 

the amount was somewhere in the region of £6k which i pay £88 for, the amount never seems to go down by much but thats due to the interest rate.

 

i have looked throug this thread but am still not sure what can do if anything? any help would be appreciated, if it has been posted during this thread and i have missed i am really sorry.

[lateralus]

it's not cut and dried, greeneyes -

some people think the way to go is to ask for a copy of your loan agreement and if they can't produce it - then they are in breach and the loan can't be legal - therefore you can stop paying. others are trying to get back the interest paid on the loan if the charges were solely due to unlawful bank charges which put you into debt with them in the first place. it's a mixed bag and whatever you choose - you need to read this thread from beginning to end (that will take time! lol) and get your head around the whole idea. you need to be up on all of it if you want to take them on. a good place to start is to read this thread to see one success story Husband v HSBC - Paid (1 2 3). then put managed loan into the search on the blue strip at the top of this page to read more about how people have proceeded.

it really means educating yourself on the ins and outs of the managed loan to see if you are up for taking them on.

 

it is heartening to see on yesterday's news that they banks are finally coming under some fire with regards their heavy handed approach to personal loans taken out to pay back people's debts to the banks. it's about bloody time someone did something about them!

possibly try the media thread to see if there is anything new afoot with that angle.

 

best of luck, my heart goes out to anyone ensnared by hsbc with this hideous loan!

[petedoyle]

hi guys, need a bit of advice further to my other postings in this thread...

 

last year i won approc 5.5k for my hsbc charges, i also have a MLfor £7.1k, been payign back steadily for 2 years 2 months now...

 

decide to take them on as part of the ML incorporated these unfair charges...plus the amoutn i have actually paid back top date SHOULD leave a very small amount left on the loan - but i have recived a very worrying letter from DG today.

 

btw - my date has been set in my local court for 29th jan 2008.

 

dear Pete

 

we have spoken with the court and confirm the hearing on 29th jan 2008 is a 'disposal and assesment hearing" and not neccessarily the fianl hearing of your claim. essentially this means that court establish wether the parties may be bale to negotiate a settlement of the claim and/or what directions are needed.

 

having retrived your file of your previous 'bank charges' claim we not that a payment of £5962.86 was aceepted by you in full and final settlement on 1st dec 2006. (pd - this is true i did take payment of this amount and sign full and final settlement)

your current claim primarily relates to an allegation that those bank charges are now 'rolled' up in your managed loan although having accepted a full and final settlement you are estopped from raising that issue in the current proceedings (pd - is this true? can they do this?can they? should i continue my claim or leave it out? i dont know where i stand ont his legally - or know my rights - as they are correct - onyl part of the claim relates to the bank charges, but a significant amount none the less - HELP!)

thereafter you make allegations of harrasment, mis selling and bullying, althoght, as detialed in our clients defence, those allegations are stenously denied.

 

im summary we therefor reiterate that you claim is denied in its entireity and you should therefore simply continuemakign payments to the ML (i am) in accordance with the T&C that were excepted by you. on that basis we invite you to discontinue you claim immedaitely on the understanding that our clienty will not seek the costs of that discontinuance (what does all this mean?)

fialign that we will make an application to the court to be heard on 29th jan 2008 to stike out all or part of your claim. in the event that your claim isn not struck out or it is only struck ouot in part our client will ask the court to order you to fully particularise the allegations that you have made.(again waht does all this mean?)

 

in addition our client will ask the court to award costs against you pursuant to CPR 27.14 on the basis that you claim is unreasonable.

 

we trust that this makes our clients poistion clear and we look forward to receivign notice of discontinuance.

 

now i know most of this sounds like bullying and scare-mongering tactics, the other thing is - that date thats been set - i have to go abroad with work and CANNOT get out of it - can i ask the court for another date teo re-schedule? and secondly, what should i make of this letter? i really am concerned, and dont need the stress, but coudl do without it all...baby no 3 on the way, job lookign shaky etc. etc.

 

thanks

 

Pete

[Castlebest]

Hiya pete, if I understand what you have said correctly you have already recovered the unlawful charges that were rolled up into your managed loan therefore all I can see that you haven't recovered is the interest they have added to that figure while it was part of the managed loan.

 

your current claim primarily relates to an allegation that those bank charges are now 'rolled' up in your managed loan although having accepted a full and final settlement you are estopped from raising that issue in the current proceedings (pd - is this true? can they do this?can they?

you can raise the issue because it relates directly to the interest they have charged you on money they should not have taken in the first place and have now refunded to you but you cant ask for the charges back again.

should i continue my claim or leave it out? i don't know where i stand on this legally - or know my rights - as they are correct - only part of the claim relates to the bank charges, but a significant amount none the less - HELP!)

exactly what have you claimed for?

pete