Who has had Managed Loans?

[phat256]

i went Bankrupt cause of their managed loan .... they are such a ripp off i tihnk he govt should step in as t it is daylight robbery !

[johnnymitch]

I think brynhyfryd is extremely lucky if that's the deal they've got at 0% .

 

Most of them are horror stories like yours phat256 . If I was bryn I'd be watching carefully for the sting in the tail ......... they may come in with a crippling interest rate later (because they can!) to make up for the earlier carrot............

 

There again bryn , I may be just an old cynic, but this thread supports the attitude -

However , if you have this deal and it works for you - good on you!

[phat256]

i agrtee with you johnnymitch i found out at my own cost about the interest biting you back when you least expect it !

 

i was badly advised regarding the managed loan it was the case tokk it or if not will close yoru account and take you to court ! and as a dimwit i singed the deed thinking it was well over and i could live an happy life ever after .........

 

he issue with this managed laon it is that i could never repaid it back, i was only paying interest and that was it !

[brynhyfryd]

I found the best way to deal with HSBC is to refuse all offers of repayment

untill they give in. I was offered extortionate rate deals , but told them to stick it as id rather go bankrupt than pay as i was trying to get out of dept not have more. only then did they become reasonable.

 

my depts totalled over 50k so i would not have had much to lose.

 

I entered into a DMP with Gregory Pennington before i had the managed loan. Maybe they had some infulence.

[johnnymitch]

I found the best way to deal with HSBC is to refuse all offers of repayment

untill they give in. I was offered extortionate rate deals , but told them to stick it as id rather go bankrupt than pay as i was trying to get out of dept not have more. only then did they become reasonable.

 

Now, that is an interesting philosophy ........... you get what I owe you and no more - or you get nothing at all............. . Seems to have worked for you bryn......

[Castlebest]

I think you would have to be very careful what collateral you have given the bank, if they have first dibs on your property I would think they would take that rather than waiting for their money.

 

If they will get nothing from a bankruptcy then I'm sure they will listen

 

pete

[brynhyfryd]

Thanks all for ur comments on this. I hope to hear more good stories rather than bad.

If anybody has any questions, please ask.

 

I must say that from my dealings with many banks

 

HSBC have been much better than most but they all sting you one way or another. Dont let any bank push you around when things get tough as they would rather come to an agreement even if not on their terms.

[phat256]

bank are all the same they are in it for our money only they don't care about responsible lending etc....

 

to comment on castlebest HSBC refuse to deal with me even though they knew i was on the verge of insolvency and i waas month away before my BR and they wanted more .. somore in fact they offered me a credit card 3 month before i was declared BR. which i have never use ( didn't want to have a telling off from the OR).

 

however, now they will get nothing from me.

 

i had a similar p[roblem weithnatwest also i had loan couldn;t repay them then they offered me one i refused but after 5 calls a day for a month offering me another consolidaiton loan then i signed away .. this is what i am agaisnt agressive sales tactic .

[Temerin]

Hi i'm new here but my partner had a personal loan of £2,500 with HSBC, in 2005 he lost his income and had problems with keeping up direct debit payments for other items, HSBC contacted himhe asked for a short term overdraft to cover their loan repayment and said that they would reduce his repayments from £76 down to £38 a month . For over 18 months he did not get a statement from his loan account when he did he was shocked to discover that £31 out of the £38 is in fact interest charges, and that he had a managed loan and not a personal loan They had also changed his bank account into a basic bank account. for the last 2 years he has been on good wages and has never missed a payment. He would also like to know if he can claim back these interest payments as he was never told that his loan account was being changed from a Personal loan over to a managed loan as if he had been given al the details ie: interest charges being almost two thirds of the monthly payment he would not have agreed. HSBC gave the impression that they were helping him out in the short term. since going over to the managed loan in 3 years he has paid off approx. £210

I am wondering if there is a case for reclaim under the terms of mis-sold as he never signed an agreement for the managed loan and was never informed of the terms and conditions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[hsbcfiddled]

Hi i'm new here but my partner had a personal loan of £2,500 with HSBC, in 2005 he lost his income and had problems with keeping up direct debit payments for other items, HSBC contacted himhe asked for a short term overdraft to cover their loan repayment and said that they would reduce his repayments from £76 down to £38 a month . For over 18 months he did not get a statement from his loan account when he did he was shocked to discover that £31 out of the £38 is in fact interest charges, and that he had a managed loan and not a personal loan They had also changed his bank account into a basic bank account. for the last 2 years he has been on good wages and has never missed a payment. He would also like to know if he can claim back these interest payments as he was never told that his loan account was being changed from a Personal loan over to a managed loan as if he had been given al the details ie: interest charges being almost two thirds of the monthly payment he would not have agreed. HSBC gave the impression that they were helping him out in the short term. since going over to the managed loan in 3 years he has paid off approx. £210

I am wondering if there is a case for reclaim under the terms of mis-sold as he never signed an agreement for the managed loan and was never informed of the terms and conditions.

 

 

 

 

 

 

 

 

Hi Temerin,

 

 

Welcome to CAG.

If you have read through this thread you will notice certain similarities with almost every contributor.

 

Mis-sold sounds about right for every Managed loan.

 

Here are some options to consider.

 

 

Option 1.

Ask HSBC to amend to 0% now that your situation is stable.

 

They are supposed to carry out regular reviews of the managed loan, although i have yet to hear of anyone getting a review.

 

Option 2.

Send a letter to Head office and state 'under the terms of CCA1974 you are requesting a copy of the executed agreement and its terms and conditions' (there are time limits for them to provide-I will advise if you decide to go down this route). This costs £1 and if they dont have the original they cannot enforce the debt.

 

Option 3.

 

Write to HO and tell them what you have put on this thread and say that you dispute the legallity of the loan, and that you wont make any further payments whilst the loan is in dispute.

 

 

 

 

 

Option 3 might be your best starting point.

 

however please carry out option 2 - its only £1 and can get you out of the agreement completely.

 

 

Were there any bank charges on your OH account that could have been placed in the Personal or Managed loans?

 

 

 

I have had considerable success with my ML and will be only to pleased to help.

 

 

 

hsbcfiddled -

 

 

 

fiddled- but not by so much now & more to come after the OFT case!

Edited August 30, 2008 by hsbcfiddled
edit

[johnnymitch]

Hi temerin - welcome to the forum

 

This may help with Option 2 as advised by hsbcfiddled :

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20758-creditors-dcas-letter-templates.html#post162353

 

Letter 'N' is the one you want .........

 

Best of luck

johnny

[cozmek]

This is a repost of a message I left yesterday on the 'welcome forum'....

Been redirected here thanks to 'Castlebest' and 'Johnnymitch' so here's my 'Tuppence worth'....

 

New Guy....Same old HSBC Managed Loan...

:confused:Hello all...

 

My names Ray and I have been reading through some of the success stories on the forums here over the last few weeks, mainly anything I can find rgarding the 'Managed Loans from HSBC. I took out a managed loan in June 2005 to cover two HSBC credit card debts and an overdraft with them.

 

The loan was for £10,480.00 and the interest on the originals document states:

 

145 monthly repayments of £134.00 at an APR of 12.1% variable and then states directly underneath, 'Interest rate 7% over base rate which at date of agreement gives a variable per annum rate of 12.10%.

 

It further states:

 

Total charge for credit, comprising £8,894.36.

Interest £8,894.36

Arrangement fee £0.00 ....didn't want to get too greedy I suppose.....

 

Fortunately, my wife and Iare in a much better financial position now and have taken a loan with the Halifax to cover the managed loan.

 

The HSBC loand still stands at ... wait for it....£9,340.00 after four years and payment of over £6000.00

 

I want to settle this and get it off our backs but I would like some expert advice on what to request regarding a settlement figure and also whether we have the right to claim any interest back as well?

 

Thanks in advance to any replys... I will be keeping an eye on the forum (and the other on the final of 'I'm a Celebrity...sad I know...) and hope to get some of your magic financial wisdom soon.

 

Regards

 

Ray

[cozmek]

Any help in how to pursue a claim or settlement figure, would be more than appreciated.

[hsbcfiddled]

This is a repost of a message I left yesterday on the 'welcome forum'....

Been redirected here thanks to 'Castlebest' and 'Johnnymitch' so here's my 'Tuppence worth'....

 

New Guy....Same old HSBC Managed Loan...

:confused:Hello all...

 

My names Ray and I have been reading through some of the success stories on the forums here over the last few weeks, mainly anything I can find rgarding the 'Managed Loans from HSBC. I took out a managed loan in June 2005 to cover two HSBC credit card debts and an overdraft with them.

 

The loan was for £10,480.00 and the interest on the originals document states:

 

145 monthly repayments of £134.00 at an APR of 12.1% variable and then states directly underneath, 'Interest rate 7% over base rate which at date of agreement gives a variable per annum rate of 12.10%.

 

It further states:

 

Total charge for credit, comprising £8,894.36.

Interest £8,894.36

Arrangement fee £0.00 ....didn't want to get too greedy I suppose.....

 

Fortunately, my wife and Iare in a much better financial position now and have taken a loan with the Halifax to cover the managed loan.

 

The HSBC loand still stands at ... wait for it....£9,340.00 after four years and payment of over £6000.00

 

I want to settle this and get it off our backs but I would like some expert advice on what to request regarding a settlement figure and also whether we have the right to claim any interest back as well?

 

Thanks in advance to any replys... I will be keeping an eye on the forum (and the other on the final of 'I'm a Celebrity...sad I know...) and hope to get some of your magic financial wisdom soon.

 

Regards

 

Ray

 

Welcome to the forum.

 

You might not want to do this, but if you have read through this thread you will see that others like myself have succeeded in getting Managed (thats a laff) loans, defaulted, stopped, and hopefully ( in a few light years time) with a suitable outcome of the OFT case refunded plus interest.

As your loan was way back in 2005 (and a good chance shredded, or lost)

you might be able to pay off your loan with a £1 by requesting a copy of the executed agreement.

[ANDENA]

Hi welcome to this forum,if you want a settlement figure you are out of luck as i have been there mine managed loan was £11,200 in 2005 paying £145.47decided to get rid of it.I also asked for settlement figure there answer was no ,i owed £10,093.71 i paid then they added on top £49.17 on top for interest, i was fuming and what i said could not be repeated,that was paid in 7/12/2007

[photoman]

Had a "managed" loan ??

 

Viewers may find this article about just how some such loans are "managed" very interesting and shocking !!

 

RBS secretly charged 80% interest on loan - Times Online

 

and more here:

 

Couple stung by £100,000 ‘secret’ loan - Times Online

 

and here are the very hard fought stories of the Caggers involved:

 

http://www.consumeractiongroup.co.uk/forum/royal-bank-scotland/56333-big-claim-aginst-rbos.html

 

and

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/11427-walton-rbos.html

 

 

PM

[hsbcfiddled]

Had a "managed" loan ??

 

Viewers may find this article about just how some such loans are "managed" very interesting and shocking !!

 

RBS secretly charged 80% interest on loan - Times Online

 

and more here:

 

Couple stung by £100,000 ‘secret’ loan - Times Online

 

and here are the very hard fought stories of the Caggers involved:

 

http://www.consumeractiongroup.co.uk/forum/royal-bank-scotland/56333-big-claim-aginst-rbos.html

 

and

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/11427-walton-rbos.html

 

 

PM

 

 

Is it just me? I am just not shocked by it! not even the slightest.

 

Not even surprised.

 

The banking industry makes;

Dick Turpin look like... a reasonable man.

Cut throats and thieves like.... Snow white and the seven dwarfs.

 

The only way that the banks would shock me, would be if they owned up and admitted that they had robbed us blind since they opened their doors.

 

hsbdfiddled

[iconoclash]

Hi - Ive only had to time to scim over this thread but do now see that we too were taken for a ride by HSBC. Constant phone calls to our home to tell us that unless we entered into a managed loan all accounts etc would be sent to a DCA. BUT - we already had a claim in for penalty charges to the tune of £2000 - which they refused to settle despite our being in financial hardship. First they said we weren't - then they said we were and the answer was for them to be ever so helpful and give us a managed loan! - We said no and they kept on ringing us until we said yes, they said we had to agree it on the phone first then send them back the papers. After a couple of weeks we wrote and cancelled it but they say that we cannot do that - this is surely covered by the CCA. They are still harassing us and now say they will send the whole thing to a DCA - having tried to increase our borrowing by £10,000! - funny how they couldnt lend us any money but could lend it to themselves!! We now want to take the original claim for Penalties into court and expect something from a DCA any day now. Will keep you posted.

[hsbcfiddled]

Hi - Ive only had to time to scim over this thread but do now see that we too were taken for a ride by HSBC. Constant phone calls to our home to tell us that unless we entered into a managed loan all accounts etc would be sent to a DCA. BUT - we already had a claim in for penalty charges to the tune of £2000 - which they refused to settle despite our being in financial hardship. First they said we weren't - then they said we were and the answer was for them to be ever so helpful and give us a managed loan! - We said no and they kept on ringing us until we said yes, they said we had to agree it on the phone first then send them back the papers. After a couple of weeks we wrote and cancelled it but they say that we cannot do that - this is surely covered by the CCA. They are still harassing us and now say they will send the whole thing to a DCA - having tried to increase our borrowing by £10,000! - funny how they couldnt lend us any money but could lend it to themselves!! We now want to take the original claim for Penalties into court and expect something from a DCA any day now. Will keep you posted.

 

Hi Campari,

 

Is it only recently then that they have tried to get you on a managed loan.

[iconoclash]

Hi - yes its only a month or two but we've heard nothing from them until the calls started again - this time not to chase the original loan which is suspended waiting for the claim to be paid but for the 'new' loan. I worked it out that settlement of that would be about £10k and the 'new deal' about £20k!!!! higher interest rate, longer term and includes the penalty charges on three accounts PLUS interest at their new rate - so they are increasing their balance sheet. Have no problem proving our financial position as due back in court again soon fighting repossession action and they know that too! don't think a DJ will look kindly on this!

[hsbcfiddled]

Hi - yes its only a month or two but we've heard nothing from them until the calls started again - this time not to chase the original loan which is suspended waiting for the claim to be paid but for the 'new' loan. I worked it out that settlement of that would be about £10k and the 'new deal' about £20k!!!! higher interest rate, longer term and includes the penalty charges on three accounts PLUS interest at their new rate - so they are increasing their balance sheet. Have no problem proving our financial position as due back in court again soon fighting repossession action and they know that too! don't think a DJ will look kindly on this!

 

 

Mortgage with HSBC?

[iconoclash]

Hi no, mortg. is with the lovely Oakwood Homeloans (sold to them by GMAC) fighting insurance fees etc. (Also, dispute the MIG/HLF paid at 90% rather than ABOVE 90%) - about to offer as risk to costs so high.

[johnnymitch]

Hi campari 2

 

It sounds like it may be time to press them for a signed CCA for this loan. If they did it on the phone , using bullying tactics , they can't have a signed agreement , because as you say, you didn't sign it and asked to cancel the telephone agreement....

 

If they can't produce a signed agreement there is no enforceable loan........

Unenforceable agreements

Absence of signed agreement

 

The agreement entered into between you and the bank is one which is regulated under the Consumer Credit Act 1974 (“the Act”). Section 61 requires that a regulated agreement be contained a written document which has been signed by both parties. Failure to do so means that the agreement has not been properly executed.

 

The consequence of improper execution is that the agreement cannot be enforced without an order of the court and in a case where a signed document has never existed, the court is prohibited from making such an order by Section 127(3) of the Act. The agreement is therefore unenforceable.

 

It might also be worthwhile sending a Subject Access Request , which covers asking for transcripts of all telephone conversations , but if you have a copy of the letters where you asked them to cancel and they refused , then that may suffice in court .

 

If you didn't send a signed agreement back but just asked them to cancel it , and they refused ...they're on very shaky ground IMHO ..............

 

 

Come back if you need further support campari 2 - someone will always answer on here ...

Edited December 8, 2008 by johnnymitch
sorting out font marks......

[iconoclash]

Hi - in my abridged version of what happened I see Ive not said, they did pressure us and we did send back the signed papers, after that we wrote to the registered office and cancelled it within 30 days - same office we sent our penalty charges claim too as we've had letters from all over the country for HSBC !

[hsbcfiddled]

Hi - in my abridged version of what happened I see Ive not said, they did pressure us and we did send back the signed papers, after that we wrote to the registered office and cancelled it within 30 days - same office we sent our penalty charges claim too as we've had letters from all over the country for HSBC !

 

 

Did you send your cancellation notice recorded delivery and have they acknowleged that you wanted to cancel?