Who has had Managed Loans?

[ginger21]

you carry on as normal, they have no records and you have proof of this by that letter, so they cannot dispute your claim...puts you in a much stronger position.......

 

 

exactly. you should be strong or else they'll be taking advantage of you and you'll be on the losing end.

[petedoyle]

HELLLLLLLLLLLLLLLLLLLLP!

 

dotn know if anyone else has been following my recent posts on this thread in reagrds to my ML?

 

basically i have been refunded £3455 worth of charges in Dec 2006. but in NOv 2005 (during some sever financial hardship) was FORCED into takeing a ML for £7130.

 

now that ML incorporated £3455 worth of unfair charges, whihc i signed a FULL&FINAL settlement for.

 

now, i have been tryign to get the ML amount (thats currently outstanding) reduced as it PART incorpaorted the unfair charges, (it also incoproated an earlier ML/PL and overdraft fees.

 

now i have asked them to re negotiate the amount outsntanding on the ML ans in my opinion it incoprated 3455 worht of unfair chrges so this amount should have been taken off the £7130.

 

i spoke to abotu 6 very unhelpful and mis leading people at HSBC today, finally managing to speak with someone in the ML team (yes theyr have a team to con us por sods!)

 

please tell me if im been a dumb idiot, but i asked them to re negfotiate that amoutn they paid me off the amoutn outstanding. they had the cheek to tell me as they already paid me the £3455 that i was 'to use that money refunded (for bank charges) to pay off part of the managed loan with it'

 

eHHHHH??????

 

surely by them admitting and refunding me charges then surely they should reduce the amoutn outstanding to incorporate this?

 

please some one help me with this as now not onyl am i confused but really irate as she pretty much told me theyr wont do anythign about it as they have already refunded me the money and i shouldnt have spent it and used to reduce the ML amount.

 

im baffled

 

thanks

 

Pete

[lateralus]

pete, i'm really out of my depth here - and i know i've pointed to this thread before - but try reading on page 5 - from post 99 onwards for a few postings Bong v HSBC *Contractual Interest & 13yr claim**WON!!!**(1 Viewing) (1 2 3 4 5 ... Last Page)

bong, was helping me understand the idea behind claiming for the ml - and her take on what happens after you have gotten charges refunded are her ideas - but if she is correct - then i think it answers some of your questions - though probably not the way you would want them answered.

i'm so sorry i can't be of more help - maybe someone will come along with a bigger vision of things or a better grasp to help you. keep the faith!!

[hsbcfiddled]

HELLLLLLLLLLLLLLLLLLLLP!

 

dotn know if anyone else has been following my recent posts on this thread in reagrds to my ML?

 

basically i have been refunded £3455 worth of charges in Dec 2006. but in NOv 2005 (during some sever financial hardship) was FORCED into takeing a ML for £7130.

 

now that ML incorporated £3455 worth of unfair charges, whihc i signed a FULL&FINAL settlement for.

 

now, i have been tryign to get the ML amount (thats currently outstanding) reduced as it PART incorpaorted the unfair charges, (it also incoproated an earlier ML/PL and overdraft fees.

 

now i have asked them to re negotiate the amount outsntanding on the ML ans in my opinion it incoprated 3455 worht of unfair chrges so this amount should have been taken off the £7130.

 

i spoke to abotu 6 very unhelpful and mis leading people at HSBC today, finally managing to speak with someone in the ML team (yes theyr have a team to con us por sods!)

 

please tell me if im been a dumb idiot, but i asked them to re negfotiate that amoutn they paid me off the amoutn outstanding. they had the cheek to tell me as they already paid me the £3455 that i was 'to use that money refunded (for bank charges) to pay off part of the managed loan with it'

 

eHHHHH??????

 

surely by them admitting and refunding me charges then surely they should reduce the amoutn outstanding to incorporate this?

 

please some one help me with this as now not onyl am i confused but really irate as she pretty much told me theyr wont do anythign about it as they have already refunded me the money and i shouldnt have spent it and used to reduce the ML amount.

 

im baffled

 

thanks

 

Pete

 

Pete,

 

I have been reading your comments.

I seem to remember that you didnt claim interest on the charges?

However I feel that you have already been refunded the charges and if HSBC were to reduce the ML by £3455 you will have been refunded twice.

 

Although had you claimed interest on the charges at the same rate of the APR on your ML it may well have wiped out your ML completely.

 

I feel that it is unfortunate that you did not claim the interest in the first instance.

 

But i do feel that you should ask them to consider that they (HSBC) have gained a massive interest by the inclusion of unlawful charges into the ML.

This interest should be refunded to you (although they may retain it against your ML).

 

I suppose you could argue that the ML was drawn up with unlawful charges and therefore the bank have co-erced you into an unlawful agreement that you would not have agreed to had you known that the charges were unlawful?

 

These are just my thoughts ...please take further advice....Sorry if its not what you wanted to hear!

 

Good luck

hsbcfiddled

[ANDENA]

I know i have payed mine off now just sent letter asking for the original contract so i can claim but it looks very complicated to get your charges back as i have said befor this is a wonderful site as every body seems to put you on the right track.sorry cant help but wish you luck.

[Rhinoagainstcharges]

I tend to agree with earlier comments. Say they gave you a loan of x, you then effectively have that amount. It is used to pay off your charges so you no longer have that money but the Bank do. However they then refund the charges and give you back the money, effectively the loan of x has now gone to you to do what you like with. If you then paid that money back to your loan you would not owe anything and the staus quo would be back. If however they gave you that sum again you would have x in your pocket, no loan and no charges so you are x better off which is not a refund but a gift. Of course the interest is a different matter but you do appear to have accepted the money in full and final settlement and this would appear to rule out any further action.

[petedoyle]

hi all, and thanks for your various replies and setting me straight, i do feel better now and slightly nervous but ready to tackle the issue fo 'trying' to reclaim that interest....

 

i realsie im a little late but im desparate to know how i exactly go about claimign this interest on the ML.

 

£7130 is the total amount of the ML

 

£3455 is the amount of charges i was refunded (that the ML incorporates)

 

i have paid back £113 per month since the ML was forcibly taken out in november 2005 = £3164 paid back so far to date off the ML. (btw - i have never missed nor been late with a payment)

 

it works out that the repayment each month incorpoartes a whopping £65 worth of interest.

 

so with these figures in mind how do i work out how much i can/could claim back worth of intersest on this?

 

how do i get this formula and how do i go about explaing to DG solicitirs this is what im trying to claim back (i want to put it in writing to them in a harshly worded letter that they will understand)

 

i am still awaiting my new date from the courts for thi shearing but with baby no 3 en route id rather get it all settled and sorted once and for all.

 

thaks for any advice or help

 

Pete

[petedoyle]

bump anyone?

[jowalshy]

Hi Pete, I think the best way is probably to use one of the spreadsheets in the template library. Use one of the advance ones (probably the Vampiress's one). Just input the dates and amounts of the charges that you were charged via your bank account. You will also need to know the interest rate you were charged by the ML. Hopefully this should work out the amount of interest you were charged on your charges at the rate of interest charged by the ML.

 

I hope that this makes sense.

[petedoyle]

HI jo thanks for the reply. to be honest no it doesnt make sense - im not very good with XL and figures in general. is there not a simpler way to work it out? liek the amoutn i have paid back so far and the amount refunded. i think my ML amoutn is somethign like 19% im all in a pickle and totally confused by it all!

 

P

[hsbcfiddled]

hi all, and thanks for your various replies and setting me straight, i do feel better now and slightly nervous but ready to tackle the issue fo 'trying' to reclaim that interest....

 

i realsie im a little late but im desparate to know how i exactly go about claimign this interest on the ML.

 

£7130 is the total amount of the ML

 

£3455 is the amount of charges i was refunded (that the ML incorporates)

 

i have paid back £113 per month since the ML was forcibly taken out in november 2005 = £3164 paid back so far to date off the ML. (btw - i have never missed nor been late with a payment)

 

it works out that the repayment each month incorpoartes a whopping £65 worth of interest.

 

so with these figures in mind how do i work out how much i can/could claim back worth of intersest on this?

 

how do i get this formula and how do i go about explaing to DG solicitirs this is what im trying to claim back (i want to put it in writing to them in a harshly worded letter that they will understand)

 

i am still awaiting my new date from the courts for thi shearing but with baby no 3 en route id rather get it all settled and sorted once and for all.

 

thaks for any advice or help

 

Pete

 

Hi Pete,

If it was me i would write them and tell them 'that 50% of the ML consisted of unlawful charges that they had since refunded. No interest was paid to me for your unauthorised removal of monies from my account.

Subsequently the bank are not entitled to 50% of the interest that they keep adding to my account. Therefore the bank needs to re-adjust my payments. Part of the reason for being on a ML is regular meetings/updates of the situation to re-organise the balances of my account. The bank have duty not to leave me on a ML so that they can 'bleed me to death'. Please remedy the situation as i believe that as I contend the current situation you have a duty to look into my complaint.

I may stop payments and let you take me to court where I will argue the legality of this ML'.

 

 

Please let others comment on this before you proceed- these are my thoughts to try to assist you- Wait for others comments though.

[jowalshy]

How long is the ML for?

[jowalshy]

If you haven't already, have a read of this thread, post 30 onwards. Tigs had an easy way of calculating the interest:-

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/16862-husband-hsbc-paid.html#post131690

[petedoyle]

thanks guys will take a read of thread now...i think the loan ends in 2012 (i still owe them £5878)

 

hsbc fiddled - do i write to the bank or DG solicitors - as i have already taken claim to court (awaitign new date) so am unsure whom i shoudl write to with this? both maybe?

[petedoyle]

sorry thats £5878.00 not £587! i still owe them!!

[jowalshy]

Don't forget you can only go for the interest on the repayments already made to date and not on the whole term of the loan. You really need to have the original agreement in order to see how long the loan is for and what rate of interest you are being charged.

[photoman]

IMHO

I really think you need to try to be as accurate as possible with calculating the amount of interest upon the loan that is down to paying back the original charges.

If not, I think they will contest it.

Can you not find someone to help you out with the spreadsheets ?

Find a Teenager

 

Also, don't forget, that the account that you made the managed loan repayments from, would also have incurred extra interest due to the larger monthly outgoings than required. ie; the balance would have been more in credit, or less overdrawn had the monthly repayments only been say £80 instead of the £113 each month.

 

PM

[petedoyle]

calling all teenagers! calling all teenagers! wanna help an old mathmatically challangend buffoon?

 

£3164 paid back so far to date, so need to work out interest paid on that to date yes? (will check as paperwork at home - sure its 19% variable or something?) i know that it equates to exactly £64 pm in interest of the £113 i pay back each month.

[jowalshy]

Sorry to bother you again Pete, but are you sure that the loan ends in 2012 as a loan taken out in 2005 and finishing in 2012 would mean that it was over 7 years. I have put the details in a loan calculator and according to that on a loan of £7130 with an interest rate of 19%, in order to get repayments of £113 per month the loan would be over 25 years. The calculator I used was this one:-

 

Loan calculator : FSA money made clear

[jowalshy]

I think it would be best for you to have a peek at the loan agreement tonight and come back with all the actual details. that way we can help you further.

 

(P.S I'm not a teenager by far, but if you need some spreadsheet assistance, I may be able to help you)

[petedoyle]

hi guys, ok am working from home today...

 

have that awful piece of paper in front of me, commonly know as a Managed Loan Agreement (im spittign these words out !!)

 

it was taken out on 2/11/2005 for £7130 - period of loan 96 months, which means it ends in 2013

 

the rate is 12.10% variable (whatever that means)

 

(that means the baby were due any day now will be 5 years old by the time her old man has finished paying off this loan )

 

i have paid back £1648.65 worth of INTERTEST so far on the total amount i have repaid on the ML.

 

btw - i DO have a 'true signed copy' as requested on the CCA application i made to them, i also have the copy i signed too (they ARE identical) however - am not entirely sure how 'correct' these are... i am willign to scan these in and upload on thread for people to discuss/check?

 

i noticed some additional info in Black & White under the 'other financial info' section...

 

interest rate: 7.00% over our base rate, which at the date fo this agreement gives you a variable per annum rate of 12.10%.

 

hope i given you enough info?

 

thanks

 

Pete

[gemspan]

I had to laugh the other night. I was watching a tv programme called repossession, repossession, repossession which looked at our credit driven world in the UK. HSBC had a spokesperson on there who said they werent responsible for getting people into debt and had very strict guidelines that had to be followed - or words to that effect!!! Anyway, I then got to thinking about their Managed Loans. These are effectivey taking people who are having financial difficulties and giving them a huge loan at a higher rate of interest that the first loan which leaves them in debt for years and years!

 

Pete, you have to make sure that all the figures are the same. They made a complete mess of my agreement in that htey gave me 2 APR rates. When I questioned it, they havent come back to me. I also wrote to them and told them they were acting outwith the banking code and against OFT guidelines by taking my debt and rolling it together with a higher interest rate, effectively giving me more money to pay back.

 

Do all the figures relates? Is there a figure that shows you exactly what you are paying back completely or have they tried to dupe you by giving you a figue at the bottom which is purely interest? It would be interesting to know. You may have a fight there on those grounds.

 

Kind regards

Annie

[victimofcorpincompetent]

I have had a managed loan. I was a student (HSBC refused to grant a student account) with an overdraft of £500. In the summer, I got a decent job which would have cleared everyting but a week or two before I was due to be paid, I got the dreaded phone call. I pleaded with them to give me that time to pay or increase my overdraft temporarily and I would pay it but they would not, insisting that the managed loan was the best option for me and in any case, once I start earning money, I could restore my account to a current one etc.

Thinking back, I was robbed as I didn't know my options. I thought I was smart by paying as little as I could, if only they informed me otherwise. I only had to pay back aboyt £400 through this managed loan and it took about three or four years.

 

The majority of these banks are crooks - simple and I would like to join in on an action.

[ANDENA]

join the club we are all in the same boat but on this site you can get a lot help and advice here we are all up in arms over this Rip off.

[skye300801]

Hello like many of you i feel i ws forced into a managed loan,

i had took out a personal loan with HSBC with payment protection, on losing my job i applied for the payment protection but was told as i only worked part time it did not cover me ( wasn't told this when i took out the loan) I have been paying back the managed loan for 2 years now at £200 a month. but this has been such a struggle as i am on benfits of £320 a month which is made up of income support and carers allowance i'am at my wits end of what to do as they will not help me, undecide whether to go for a debt collection agency i feel as things can't get any worse any advice would be very grateful. p.s was reading on here that they can't touch your benefits but can't find the link now.