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Who has had Managed Loans?


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you two do make me laugh really brightens up my day,i paid M/L off dec with getting a loan from direct line but i still want to claim all my charges back from this rip off bank i think i have right to my loan agreement if i have paid it off,at least with new loan i am paying it.

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HSBC Fiddled

See the following extract from the guidance notes to the 2006 Act found on opsi.gov.uk. I'm not sure if this means that your currently unenforceable agreement may become potentially enforceable in April albeit upon an order of the court. Any moderators out there to help on this issue??

 

Section 15: Enforceability of regulated agreements

37. The 1974 Act provides that in certain circumstances where the requirements of the Act are not complied with in relation to regulated agreements or to security provided in relation to such agreements, the agreement or security is enforceable against the debtor or hirer only on an order of the court. Sections 127(1) and (2) of the 1974 Act give the court discretion whether to grant an enforcement order in those circumstances subject to subsections (3) and (4). Section 127(3) and (4) provides that a court shall not make an enforcement order (i.e. a consumer credit or hire agreement will be automatically unenforceable) where:

 

  • prescribed requirements in relation to the execution of regulated agreements (set out in section 61(1)(a) of the 1974 Act) were not complied with or a document containing all the prescribed terms of the agreement was not signed by the debtor or hirer;

 

  • the specific requirements imposed by sections 62, 63 and 64 of the 1974 Act in relation to cancellable agreements as regards supplying copies of the agreement before and after its execution and giving notice of the cancellation rights are not complied with. A cancellable agreement is an agreement which, by virtue of section 67 of the 1974 Act, may be cancelled by the debtor or hirer, essentially where oral representations about the agreement have been made to the debtor or hirer face-to-face before the agreement is made other than on the business premises of the creditor or owner or connected persons and where the agreement is not secured on land.

38. Section 15 repeals sections 127(3) to (5) of the 1974 Act (subsection (5) is consequential on subsection (3)), which means that a court will have the power to determine in its discretion whether agreements are enforceable in accordance with section 127(1) and (2) regardless of the breach in question.

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Thanks Principessa,

 

I am not to worried because my most recent ML does not have my signature on it so i dont think there is any legislation that will enforce this one.

 

My ML also was made up almost entirely of charges and subsequent interest on a business account and I have had complete satisfaction by the refund.

 

I should never have had a ML

I would not have needed one.

I only had one to pay off the charges and subsequent interest.

I am so pleased that they b*****d up the agreement.

 

Now I want all the payments back ...almost £10k in payments with compounded interest it will be £23k plus.

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Hi there

 

I also thought that this would only affect loans or credit agreements taken out AFTER the new Act came into force. They can't backdate it - that wouldnt be fair ie you took out a loan with a certain law and now the law has changed so the terms of your loan does too. My ML has 2 APRs on it and hence it is not executed properly because I dont know which one I am paying. Havent heard anything further from them so will be taking this up with the FSA along with the others.

 

Worth getting a mod to make this one clear!!!

 

Kind regards

Gemspan

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I understand what you mean Gemspan but the Act is retrospective for the "unfair relationship" test between creditor and debtor - we really could do with some clarity from a moderator on the effect of this??

 

Also, anyone got any ideas on my other questions below??

 

Can anyone tell me if, when I do a S.A.R - (Subject Access Request) letter, I can also get a copy of the original personal loan agreement from 2003 (ie not the managed loan) and copies of my credit card statements that were rolled up into the ML? I can't view the statements on line anymore.

 

Also, another technical one - apols, I am currently out of the UK and my only address for service at the moment would be in Scotland. What does this mean for the choice of court of HSBC? Would it just go to their nearest court to head office? Does this affect me going back 6 years? Will I be limited to the Scots law 5 year limit?

 

 

P.

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hi guys, been away for a few weeks on paternity leave :) (alittle girl) and i have mistakenyl sent a letter to try to negotiate with hsbc before the court date and forgot to send it direct to DG. DG have now written back to me and ask i dotn contact their cleint (fair enoguh - it was my honest mistake) but i have a new date set for 15th april and after goign thru it all in my time off im realyl very worried - as i think i may have screwed up my POC. as im tryign to get back ALL the ML, but really im just trying to get back the interest paid to date back... in reality they will just probably knock that amoutn off the actual amoutn left (which im happy for them to do) but am worreid my particulars are wrong and im exposign myself to some risk, as this looks 100% like we will definatley be in court...any suggestions?

HSBC BANK

** DECEMBER 2006 - RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £5967.00:)

LLOYDS TSB

**JANUARY 2007- RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £1340:)

HSBC BANK - Managed Loan/Interest

still chasing, have submiited claim thru MCOl - date sent to my local court - claim is going ahead Jan 29th 2008 :(

CURRENTLY CHASING

NATIONWIDE (WIFES ACCOUNT)

HSBC (managed loan)

others won:

CAPITAL ONE C/CARD (mine & wifes), :)

BOXCLEVER TV RENTAL, BHS STORECARD, BLACKHORSE FINANCE,HSBC PPI INSURANCE FOR SBL, PPI INSURNACE FO LLOYDS TSB LOAN,

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I have a managed loan!!!! It is without doubt the bain of my entire life!!:mad:

When I was a student 5 years ago i went overdrawn on my overdraft by £1.18p I subsequently recieved a phonecall from hsbc saying you have to put that money in the account to stop any charges coming my way (did i mention this was at christmas?) So i went to the bank and paid in a tenner and evrything was fine.......or so i thought......... on the 23rd of december I recieve a letter from HSBC demanding the immediate repayment of my overdraft all £2500 of it!

 

I was a student and was immediatly scared by the prospect of having to pay that amount of money back ...1, i didnt have it! 2, my family couldnt help me! I immediatly went to the branch I was with and suddenly I was crying to this complete stranger!!sobbing what am I supposed to do?

 

She then goes on to tell me my next loan payment for university will be siezed from me leaving me unable to pay my rent and university fees. Obviously I couldnt cry anymore because I was in complete shock. As ridiculous as it sounds I am uneducated with money and any sort of bank policies.

 

When the bank representitive eventually told me no need to worry you can pay it back slowly and we wont take you university fees I thought I had died!! or she was at least doing me a massive favour because she felt sorry for me!!(the crying had worked!!) She sold me on this great policy that wont effect me in the slightest all ill be doing is paying back my overdraft early bit by bit (£100 per month! for 25 months to be precise, also according to her this was the smallest amount accepted by the bank for my situation) So i gladly accepted not fully understaning what i was getting my self into.

 

So i ran into trouble with this stupid loan 2 years in and was forced to reduce my payments due to charges being applied and what not. And now 5 years on I am still paying it off. So far I have that calculated I have paid HSBC around £6000.

 

Can someone tell me if thye think this is fair? I certainly dont, at one point I was averaging £100 of charges per month for this thing that I should not have!

I also found out from my friend who recently took a job with HSBC that a managed loan is a very english way of saying BANKRUPT!

 

Somebody please give me a solution! this is 5 years of worry pain and stress that i could have done without.

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hi all, has anyoen managed to give my earlier post on 7th march a look - give any advice or feedback - as im countign down the days to april 15th - and really need to get my POC sorted before the court date, and i think DG know that i have messed this up (kindof) and thats why i want to adjust my POC - if i can, and just claim back the itnerest - any help appreciated. Pete

HSBC BANK

** DECEMBER 2006 - RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £5967.00:)

LLOYDS TSB

**JANUARY 2007- RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £1340:)

HSBC BANK - Managed Loan/Interest

still chasing, have submiited claim thru MCOl - date sent to my local court - claim is going ahead Jan 29th 2008 :(

CURRENTLY CHASING

NATIONWIDE (WIFES ACCOUNT)

HSBC (managed loan)

others won:

CAPITAL ONE C/CARD (mine & wifes), :)

BOXCLEVER TV RENTAL, BHS STORECARD, BLACKHORSE FINANCE,HSBC PPI INSURANCE FOR SBL, PPI INSURNACE FO LLOYDS TSB LOAN,

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Hiya Nerd, welcome to the HSBC forum you will probably be wise to start your own thread heres the button

newthread.gif

 

I have a managed loan!!!! It is without doubt the bain of my entire life!!

This is common welcome to the club :rolleyes:

 

When I was a student 5 years ago i went overdrawn on my overdraft by £1.18p I subsequently recieved a phonecall from hsbc saying you have to put that money in the account to stop any charges coming my way (did i mention this was at christmas?) So i went to the bank and paid in a tenner and evrything was fine.......or so i thought......... on the 23rd of december I recieve a letter from HSBC demanding the immediate repayment of my overdraft all £2500 of it!

The not so tender trap :rolleyes:

 

I was a student and was immediatly scared by the prospect of having to pay that amount of money back ...1, i didnt have it! 2, my family couldnt help me! I immediatly went to the branch I was with and suddenly I was crying to this complete stranger!!sobbing what am I supposed to do?

 

She then goes on to tell me my next loan payment for university will be siezed from me leaving me unable to pay my rent and university fees. Obviously I couldnt cry anymore because I was in complete shock. As ridiculous as it sounds I am uneducated with money and any sort of bank policies.

 

When the bank representitive eventually told me no need to worry you can pay it back slowly and we wont take you university fees I thought I had died!! or she was at least doing me a massive favour because she felt sorry for me!!(the crying had worked!!) She sold me on this great policy that wont effect me in the slightest all ill be doing is paying back my overdraft early bit by bit (£100 per month! for 25 months to be precise, also according to her this was the smallest amount accepted by the bank for my situation) So i gladly accepted not fully understaning what i was getting my self into.

What a kind lady she was :eek: and oh what big ears and teeth she had (sorry for the panto but you did say it was Christmas :grin: )

 

So i ran into trouble with this stupid loan 2 years in and was forced to reduce my payments due to charges being applied and what not. And now 5 years on I am still paying it off. So far I have that calculated I have paid HSBC around £6000.

Are you seeing the pattern yet?

 

Can someone tell me if thye think this is fair? I certainly dont, at one point I was averaging £100 of charges per month for this thing that I should not have!

No its not fair but it is legal.... just

I also found out from my friend who recently took a job with HSBC that a managed loan is a very english way of saying BANKRUPT!

Well an HSBC employee would think this, a managed loan should be managed... to help you out of a problem they never are and all of the banks make horrendous profits out of people who are in financial difficulty.

 

Somebody please give me a solution! this is 5 years of worry pain and stress that i could have done without.

 

The solution;

 

Read the frequently asked questions section and the step by step guide.. get copies of all of your statements for everything including the accounts that were rolled up into the loan and work out exactly how much of that was charges before the loan started, then work out the charges you have had since

 

Ask for it all back :grin:

 

pete

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bump - anyone?

HSBC BANK

** DECEMBER 2006 - RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £5967.00:)

LLOYDS TSB

**JANUARY 2007- RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £1340:)

HSBC BANK - Managed Loan/Interest

still chasing, have submiited claim thru MCOl - date sent to my local court - claim is going ahead Jan 29th 2008 :(

CURRENTLY CHASING

NATIONWIDE (WIFES ACCOUNT)

HSBC (managed loan)

others won:

CAPITAL ONE C/CARD (mine & wifes), :)

BOXCLEVER TV RENTAL, BHS STORECARD, BLACKHORSE FINANCE,HSBC PPI INSURANCE FOR SBL, PPI INSURNACE FO LLOYDS TSB LOAN,

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Sorry pete you got kind of lost in the traffic there for a bit........

 

but really im just trying to get back the interest paid to date back... in reality they will just probably knock that amoutn off the actual amoutn left (which im happy for them to do) but am worreid my particulars are wrong and im exposign myself to some risk, as this looks 100% like we will definatley be in court...any suggestions?

 

Why not just re-jig what you actually want to claim for - then ask the court about submitting amended POC - probably cost you to alter them but depends on how exact you want to be, I suppose. Then let DG have a copy of the amendments.

  • Haha 1

Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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just read email from hsbc about interest on my managed loan which i paid off 18/12/07so sent email saying as it's all paid off i would like my original agreement and also my mortgage deeds as that is paid in full they cant keep them can they.sorry not been able to answer forums as i have trapped nerve in my arm which is very painful,happy Easter to you all.

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I would follow the e-mail up with a(recorded delivery) letter asking the same things Andena, - just in case your e-mail gets 'lost' or 'mislaid' :rolleyes: .

 

That way they should reply in writing and if the reply is not what you want you can take it on from there.

 

Hope your arm gets better soon -it's an excruciating pain isn't it?

 

Hope you have a happy easter just the same.......:)

Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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Thanks for that i will do that later maybe get hubby to help me kept copy of everything i dont trust them one little inch,i have kept bank account open as i want to check old statements for my Council Tax as they say i owe £168 to them so get proof of that and go and see them next week no good phoning as they dont listen.you have got to see them face to face but when i went into pay my M/L OFF i lost my temper when they added more interest on but i will get that back with luck bit worried about my aunties money in HSBCas she has thousands if they go belly up she will only get very little as she has more than they would cover,

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I can 't see HSBC going belly-up andena - even after all their shenanigans last year they still made 12.2 billion profit! - It's only the illegal charges you have to look out for.........:D .

  • Haha 1

Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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  • 1 month later...

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

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Did they tell you that in writing , on the phone, or face to face cfcboy? :)

 

They really are the pits aren't they........?

Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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Hi Johnnymitch,

 

It was face to face, i wanted to see the whites of thier eyes instead of fobbing me off over the phone. I booked an appointement and went for it.

As stated in the other ML post, it was totally soul destroying, i had no help or advice whatsoever. It was like - you owe the money so pay it, you knew the interest is high so pay it.

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im hoping that doesnt happen with my face-to-face at my local branch. i've been fobbed off many a time through the e-messaging system (bag of ****e) on the website and in numerous phone calls

 

they told me that if i saw my bank manager they could asses me on an individual basis and might be able to help.

HSBC charges WON (april 07): £1,103.00

HSBC PPI WON!!! (July 2008): £1,166.00

HFC PPI WON!!! (August 2008) £2,100:D

March 09: failed the fight to write off HSBC Managed Loan due to non compliance of SAR! after they finally produced my signed loan!

August 10: Fighting TBI for disputed account due to the fact they can't produce my signed loan copy.

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OK cfcboy , I just wanted to get you and bb23 on the same wavelength - I think you've a lot in common when it comes to managed loans ...:) You can probably help each other here........

Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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i really hope so :)

HSBC charges WON (april 07): £1,103.00

HSBC PPI WON!!! (July 2008): £1,166.00

HFC PPI WON!!! (August 2008) £2,100:D

March 09: failed the fight to write off HSBC Managed Loan due to non compliance of SAR! after they finally produced my signed loan!

August 10: Fighting TBI for disputed account due to the fact they can't produce my signed loan copy.

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  • 3 months later...

hi all. im a newbee here.

 

I have noticed a lot of problems with the HSBC managed loans.

 

however I currently have a managed loan for 15930.00 @ 0% APR paying £134.00 monthly and have been doing so for a year now. It states that that they could revert payments to 216.64 (13.5 % APR) as outlined in the credit agreement due to the fact that the paymets of 134 are the capital element only, but its at their descression.

 

oustanding balance is £14,724.00:-D

 

they consolidated

£1000.00 Overdraft

Personal loan of £19666.20 Inc Intrest. (was 15000 loan over 5yrs)

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hi all. im a newbee here.

 

I have noticed a lot of problems with the HSBC managed loans.

 

however I currently have a managed loan for 15930.00 @ 0% APR paying £134.00 monthly and have been doing so for a year now. It states that that they could revert payments to 216.64 (13.5 % APR) as outlined in the credit agreement due to the fact that the paymets of 134 are the capital element only, but its at their descression.

 

oustanding balance is £14,724.00:-D

 

they consolidated

£1000.00 Overdraft

Personal loan of £19666.20 Inc Intrest. (was 15000 loan over 5yrs)

 

 

I suppose that at least they get their money back this way.

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