Who has had Managed Loans?

[KJBoutcher]

We have a recent development with my managed loan debacle: HSBC have now demanded full repayment and when I went to use my card in one of their cash points yesterday it got retained... upon asking why I was told because the ML has been 'called in'. I was given no indication in any correspondence from them that my card would be retained just because of the ML. Maybe it has something to do with a 2nd claim I have against them so now they are playing even dirtier. Gotta love 'em.

[gemspan]

HI there

 

I suffered from ill health last year and had an overdraft and business loan on my business account. I went to see them to see what I could do in the meantime until things sorted themselves out and they offered me a managed loan. The loan repayment is £321 per month and the business loan was £250 per month. I am now struggling to keep up to date with payments and have contacted them to see what I can do.

 

The original loan had ppi on it so I could have claimed for sickness but the managed loan hasnt. What is the difference between a normal loan and a managed loan? I wasnt advised there was a difference but realised that the interest was much more.

 

Any advice would be greatly appreciated.

 

Thanks

Gemspan

[jem170884]

I am in the process of claiming back my bank charges with HSBC - the money grabbing bank, roughtly £2100 and I also have a managed loan that I believe I was mis-sold, I have had this loan since sept 03 it started at £3100 and stands at £2200, have paid £2400 over the past 3 years so Im sure you can see my prediciment, (it would have been cleared if not for interest) please can you help? is there anything I can do??? Any advice you can offer me would be fantastic!

 

Its fantastic to know that I might as well have flushed £1500 down the toilet, oh well whats £1500 to a struggling single mum??? A blooming big kick in the teeth!!!!

[jem170884]

Also it may be useful if we could try and get a figure together to see how many of us poor HSBC 'customers' have been lumbered with a managed loan, I think it may have been been talked about elsewhere on this thread somewhere. Perhaps if the FSA, OFT or Ombudsman knew how widespread a problem these things are then action to stop HSBC ruining thousands of other people's credit files and lives might actually be slowed or even be stopped for good. Not sure how we can go about compiling a list, maybe someone out there knows?

 

The more I think about managed loans and having to deal with such a useless bunch of money grabbing, life ruining halfwits (and thats being polite) the more my blood boils.

 

I completely agree and would be willing to help where possible, not sure how to go about it though

[Ian Appleby]

Hi everyone,i have come to join your club.I also have 2 managed loans,one on my personal account and on my business account.They are made up from a personal loan,charges,overdraft converted into one.I have not been able to pay this months because they have stuck £100.00 of charges on my business account,from bouncing payments from the repayment of the loan in the first place.I am expecting a default,i have not had that before and dont know what will happen.I am not going to pay into my business account just so they can take the £100.00 charge and still ask for the loan repayment.I am planing on paying money into another account for now.If they freeze my account or demand the money,which i am sure they will after getting my preliminary letter for charges for both accounts.I will consider using a debt payment scheme.They certainly have given my a hard time of late.I am so broke and just surviving by the skin of my teeth,i dont want to go bankrupt but who knows.It feels like they have taken control of my life and are punishing me for taking the money that they where more than happy to shove in my pocket in the first place.I hope we can claim back these crazy interest rates that we pay on these managed loans.I dont care about being rich,i just want to be able to sleep at night and be comfortably happy.Cheers all

[Acerfan]

Hi

Has anyone been following the thread Loan Company Cannot Supply The Original Agreement

 

I haven't pulled my finger out yet to get a CCA request off to HSBC (to be honest, waiting for them to wind up fraud investigation for cloned card & get my money back before I pee them off). However, the response to a request for a copy of the agreement from one member was that HSBC doesn't keep the documents any longer than necessary & therefore didn't have a copy of that member's agreement although it was still an active account. The other consideration is that another member's debt was wiped out because the lender handn't sent a copy of the cancellation rights. Please have a look at this thread for more info

[Ian Appleby]

Hi

I was just wondering if HSBC would demand the repayment of managed loan,if you make a successful claim for standard charges against them.If they did i was considering to put it with a debt repayment company/plan.As to save giving them any money that you recieved for unfair charges back straight away?.

[Ian Appleby]

I have just phoned up HSBC to see if we could sort something regards my loan repayment.They have piled up over a hundred pounds because of bouncing my loan payment,even though i told them when i would be putting in the money,they would bounce it the day before leaving not enough money again.Today when i phoned up i was told that my account is closed and i was not informed of this.They will not give me any info on why it has been closed,just told to go into my local branch.I think i will put my managed loan on a debt payment plan.Up yours hsbc

[loz]

Don't they have to give you 30 days' notice before closing an account? :-S

 

Loz

[Ian Appleby]

Hi Loz

i would of hoped for some notice,but no nothing.

[lateralus]

ian, you might like to look at this:

 

http://www.consumeractiongroup.c o....r-account.html

 

We all know who likes to close accounts on the second claim, we should be encouraging anyone who is in this situation to write to the ombudsman. There just might be a bit of egg on hsbc's face, and £125 in the account holder's pocket! :grin:

 

courtesy of crusher.

[Ian Appleby]

Hi Lateralus,

I hope you are well.I have not made my first claim yet,this is on my business account btw.Basicly they have closed my account with no notice,due to me not paying my managed loan,because of all the charges taken me into D over the past week or so.

Thanks Lateralus & Crusher

[johnk81]

yes i indeed had a managed loan with HSBC for the amount of 880 im currently chasing them up on the statements i have to go to the branch. but il get them for that too!

[bryantgumball]

Ok,

After reading through this thread, I am livid! I was 'offered' a managed loan in January 2006 to consolidate all my debts. I had got into a bit of a bad situation, this was mainly due to bad spending habits but the £600-£700 worth of bank charges CERTAINLY didn't help. I had first of all taken out a personal loan for about £5000 (this included PPI) to cover everything, but this soon went down the toilet. So I extended the loan to something around £6500 again including PPI, but once again more money was going out than was coming in. So came the crunch, I was so worried about my situation I took this managed loan HSBC were offering me.

This managed loan paid off my personal loan, + OD +CC, totalling £9540. Interestingly, I THINK this managed loan also included the full amount of PPI on the original loan, I don't have PPI on the ML though. Though I can't be 100% about this and even as I'm typing I'm beginning to doubt that statement. I'm not good when it comes to money but there is no way I spent over £9k! I maxed my credit card twice = £4k, overdraft about 3 times = £2.4k plus a few extra bits = £7k! so where's the £9k come from? I may have to investigate!

Anyway, so I took this loan and was so relieved coz they said I could pay £130 a month. I could afford that and everything was brill! However, I now have a young son and I could sure do with that £130.

Anyway recently I have started my claim against HSBC for the original £700 odd worth of bank charges and came across this thread. Which led me to investigate my loan..

I have had my loan 13 months, paying £130 a month thats £1690 I have given to HSBC. They have charged me average £95 a month interest!! meaning I have paid them a grand total of £1235 in interest, and £455 back of my loan...thats disgusting!

I work that out as being around 12-13% interest

Someone please help, what can I do about this? I was young and nieve when I took out the loan. I have tried applying for a credit card (expenses at work) now my spending is under control, the best I could get is a vanquis card with £250 limit, with 49.9% APR!!! (Don't ask!), so I've got no chance of getting a better loan elsewhere.

Please help..I want to screw HSBC for the trouble they've caused me, how do I do this? and i'm really worried that they will 'call in' my loan and then things will start to go really bad...

[me_n_my_kids]

ive posted on here before about my managed loan with hsbc and have been thinking for a while about what to do. someone on here has lit a lightbulb for me and would love the advice of anyone, but mainly the legal eagles on here or anyone who can point me in the right direction.

 

i sent a cca to them regarding this loan and received a long credit agreement which i thought looked right. but i found this. there is nothing on any page which says total charge for credit. also... read here:

 

Consumer Credit Act 1974

 

is this the way out?

[me_n_my_kids]

BUMP..... very keen to get someone elses veiw

[rhsymonds]

BUMP..... very keen to get someone elses veiw

 

Was the agreement signed by both parties ? (you and them)

 

Ive been on a HSBC managed loan for about 4-5 years (its not like they manage anything for me though) and it will never go away. All started because they gave me a £5k credit card, then when i maxed it out and lost my job i went to them for help & they turned me away.

 

The manager actually said 'there is nothing we can do to help'. Needless to say i was livid, they were more than happy to give me the money, but when i asked for help because of all the charges, they stiffed me (very similar to the incompetent manager in the nationwide adverts). Eventually i went into the branch and begged them to do something as i was being charged hundreds of pounds a month, and they mentioned consolidation, not managed loans. I agreed, but ive been paying it off for years and not getting anywhere. I cant believe so many people have been conned into this as well. Surely there must be laws against this ???

[Tigs33]

Was the agreement signed by both parties ? (you and them)

 

Ive been on a HSBC managed loan for about 4-5 years (its not like they manage anything for me though) and it will never go away. All started because they gave me a £5k credit card, then when i maxed it out and lost my job i went to them for help & they turned me away.

 

The manager actually said 'there is nothing we can do to help'. Needless to say i was livid, they were more than happy to give me the money, but when i asked for help because of all the charges, they stiffed me (very similar to the incompetent manager in the nationwide adverts). Eventually i went into the branch and begged them to do something as i was being charged hundreds of pounds a month, and they mentioned consolidation, not managed loans. I agreed, but ive been paying it off for years and not getting anywhere. I cant believe so many people have been conned into this as well. Surely there must be laws against this ???

 

I firmly believe there should be laws to prevent banks forcing people into these loans, as high street banks we trust them (or at least did) it is disgusting how they treat their customers.

 

Have you reclaimed any of the loan interest on your loans if they were due to charges??

[rhsymonds]

Thanks Tigs, I trusted them too, HSBC were great to me until i ran out of money, then the Vultures started pecking the flesh from my bones.

 

I havent done/claimed anything Re my managed loan, as i dont know what the breakdown of the total loan value was. All it says on my copy of the agreement is the amount im signing up for and the repayments i have to make, but to be honest i just signed it, it was my only hope and the bank manager knew it. I just cant believe they can state profits of $22bn last year and still act like they are legitimate businessmen. The only way people make that amount of money is through extortion of people who cant afford it. It really makes me sick.

[Tigs33]

rhysmonds, Do you have your statements for the loan? or access to internet banking?

[rhsymonds]

I have internet banking, but no statements. To be honest ive probably missed about 50% of my managed loan payments because they were more than i could physically pay. I guess you could say i signed the agreement under duress. Thanks for your help Tiggs.

 

Ross

[Tigs33]

You should be able to see the transactions if you internet bank, it should come up with the loan account and you can just view it like your bank account.

[hsbcfiddled]

I have just finished calculating the charges that I have had levied against me prior to and whilst being placed on a Managed Loan (shouldnt it be called an Unmanaged Loan)

and they come to £4,856.50 plus interest @ Apr 14.8% as applied by HSBC on agreement start date which equates to £6948.69 giving a total of £11,805.19

 

Should I be reclaiming @ Apr 14.8% which was February 2004 or todays Apr% what ever that is?

[Privatex77]

I would change banks and stop paying.

 

This is what i did and saved myself 1000's although i defaulted on it. I now have a manageable arrangement with dg solicitors which i have kept to. However you have to add it up - default or pay 1000's.

 

is up to you but i'm better off for it. I'm not giving advise just telling you what i did. I hope this is of some help.

[ribena13]

Hi we have managed loan through HSBC which was sent up when we were in first year of new business and struggling (Landscapers so seasonal lull). The bank were pre warned that we were struggling with money and basically response was tough! After running up charges and sending bailiffs they finally told us there was special dept for debt and advised us to have managed Loan....we of course had no choice and agreed to this loan in May 2006. We did however agree a low interest rate of 5.9%, however on signing paperwork at bank their paperwork said 12% so refused to sign until this was corrected...they did correct this and we have been paying low payments of £140 per month.....our debt was for £13,000 (we had two car loans previous to business start up) and we will have this loan for a long time which breaks my heart.

 

Having a managed loan affects our entire banking with HSBC and we are treated as second rate customers...Our business is now beginning year 3 and we are doing v well (thank god) but even though our bus acc has extremely healthy balance since and our business is growing fast, HSBC will not provide us with anything for our bus acc (such as extension of

overdraft for cashflow / Business loan desperately needed for equipment) even though we have commercial contracts with guaranteed income etc and all because of our Managed Loan.

 

We are not spendaholics, live only to our means and have always been careful until we took gamble and started our own business...they say it takes three years to establish your business and earn a living, it took us one year... shame our managed loan comes with a stigma of being second rate and no amount of success will get rid of this.