Who has had Managed Loans?

[hsbcfiddled]

What I want to know is. How can we challenge these managed loans?

 

I can see from my statements that for at least six months prior to going on the Managed loan (should be called UNmanaged Loan) I had only once or twice strayed into O/D (even then it would have been covered by the unfair charges that had been placed on my account) so for whose benefit is the Managed Loan?

Certainly not mine?

If I could afford the two loans, as I was, why did I need the higher interest managed loan?

 

In the 26 months prior to the Managed loan I had been charged £700.

In the 14 months after starting the Managed Loan I was Charged £4000.

 

I think ive answered my last question.

[jodesbailey]

I'm a bit confused about all this managed loan stuff.

 

I was paying £250 a month on a loan but me and my then partner split up and he moved out, I rang HSBC to see if they could reduce payments til I got a full time job but they stuck me on a managed loan instead, reducing my payments to £245 a month.

 

I said at the time that it was pointless as I was saving £5, I may as well have just paid it all.

 

I don't think that I defaulted on it as I got full time almost straight away and then I paid the full amount of about 6 months later.

 

Can I claim all the interest back as I believe that I was forced into a situation by them??

 

How would I request all info on this account now??

 

I have nothing to lose by asking for it back I suppose.

[gemspan]

Hi there

 

Im kind of in the same position. I was ill and asked HSBC if they could help me until I got better. They combined my business overdraft and my business loan and took the payments up from £250 per month to £320. Even now, I cant afford this. They didnt even look at my income and expenditure. I think this is a money making ploy to get higher interest rates from those of us who are vulnerable and I wonder what the rules are concerning this.

 

Annie

[jodesbailey]

Is there anything you can do about this??

 

I might just email in to see if I can get any interest back, just because I was vunerable at the time.

 

Who knows.

[hsbcfiddled]

Hi Jodesbailey,

Have a look at this.

hsbc fiddled, i too have been conned into accepting a managed loan (after my inital request for financial help was met with 'im sorry, theres nothing we can do'). As soon as they realised i was desperate they signed me up for a £10k managed loan and ive been regretting it ever since.

 

Anyway, the point of my story is, if they cannot supply you with a copy of the original agreement then they cannot enforce the debt in court. Im currently pursuing this route, and have received letters placing 2 accounts on hold while they search for the agreements. Just a suggestion, as i have no idea what my ML was comprised of, i was only 18 at the time.

 

Check it out: Loan Company Cannot Supply The Original Agreement

 

 

 

You can read more on my thread:

hsbcfiddled V HSBC help please

 

Good Luck

hsbcfiddled

Les

[lateralus]

you need to look at a couple of peeps who have done this - the idea in a nutshell is to look at the date you took out the ml and compare it to your list of charges you've prepared for your current account claim. if, for example you took out a loan for 4k and your charges on your breakdown total 2k at that time - the idea is - for whatever reason you took the loan - 50% of it was due to the charges that were on your accout - so therefor 50% of the interest on that loan UP UNTIL THE DAY THEY PAY THE CHARGES BACK is reclaimable as you wouldn't have taken that amount - the 2k - if they hadn't put the unlawful charges on your account - now, you have to personalise this - it might be totally different figures and it might be 100% of the interest - just depends on your situation.

but as these ml loans are written up like a repayment mortgage - in that the early repayments consist of almost all interest - narrowing down to less and less interest as the months pass. you are likely to see it come out as a very healthy sum.

my understanding is - you then proceed to ask for it back - just like you do with the current account.

 

please, please give this a go ------

i would absolutely love to see hsbc brought to their knees for doing this to peeps. it has bothered me so much - i stopped reading this thread.

 

but tigs33 with her husband-v-hsbc paved the way

and lots of others are making a start.

this could be huge....

it just takes the will to do something about it.

if you don't ask you'll never know

but as the people who have the managed loans are the ones in the most difficult financial positions - i would say you have nothing to loose.

and no, i can not see them recalling the loan just because you are challenging them.

 

if you want to see others - go on the blue strip across the top of the forum that starts with user cp on the left - go across to the site search and put in managed loans - look down the right side to hsbc threads and just start reading. knowledge is power. read up, get psyched and give it a go.

sunday morning sermon over - now you won't have to go to church!!!

[jodesbailey]

I'm not at all sure then on how to go about this.

 

It was originally for about 15k they stuck me on, it only ran for about 7 months or something before my mum realised what interest they were charging and settled it for me.

 

I've emailed them for details about it so that i can then tally it all up and see where i went wrong.

 

So when i get this info i need to work out what is a result of the charges and then work out what int they charged me on top of my charges??

[lateralus]

yes, your loan for 15k will have been incurring interest at some rate like 18% - you'll find that on your statements when you get the info. so, if all of it was due to charges on your current acct - then you'd ask for 100% of the interest which in the beginning of the loan will account for almost all of the loan payment - so you paid it off 7 mo later - so you'd not incur any more interest after that - so you are asking for probably all the interest paid on 7 mo. sounds like it wouldn't be much - unless you understand that repayment this as described in the above post - say your loan payments were 200 for 7 months - youd probably be due about 1300 - nearly all of the interest at the early stages. i really am at the beginning stages of understanding this - first thing to do is get your paperwork. now look at this: Bong v HSBC *Contractual Interest & 13yr claim**WON!!!** (1 2 3 4 5 ... Last Page from post 100 - about 110 - this is how bong first explained it to me - so you might understand it better in her words.

also, look at this:hsbcfiddled V HSBC help please and if you don't want to read the lot - start at post number 72 as this is another possible way to at least get started with your managed loan problem. this is big.... read it!! i'm not totally convinced it applies but if it does....wow

 

and here is a copy of his letter he sent:

the request for agreement here for you to cut and paste.

Quote:

Re:− Account Number Here

 

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

 

I understand that under the Consumer Credit Act 1974 (Sections 77−79), I am entitled to receive a copy of my credit agreement on request. I enclose a payment of £1.00 which represents the fee payable under the Consumer Credit Act. (Send with postal order for £1 by recorded delivery)

 

I understand a copy of my credit agreement should be supplied within 12 working days.

 

I also understand that under the Consumer Credit Act creditors are unable to enforce an agreement if they fail to comply with a request for a copy of the agreement under these sections of the Act

 

I look forward to hearing from you.

 

 

 

so do some more reading, get fired up and get going!

[DIVERMOOSE]

GUILTY...I HAD A MANAGED LOAN TILL LAST WEEK! They persuaded me to change this to a personal loan....thus paying off my overdraft, closing my credit card account and including the Managed Loan! I think for some reason they stuffed me.....so I would love to claim interest back! I have just started my claim for charges vs HSBC and they total over £4000 with debit interest! I would say a huge part of my problems are caused by charges (over £300 in March alone - 2 accounts), I cant remember buying anything for about 5 years...I just pay about £150 a month to HSBC for fun! My credit card balance was only £300....like lots of people vicious circle! I now have a loan for 4 years at a higher rate than the Managed Loan!! They offered to extend terms of ML to allow me to reduce payments...the interest rate was Base Rate + 7%...which isnt bad! My loan is at about 17.9%!!! I had in theory about 16 months left on ML ye the woman ay bank told me that the finish date of ML was 2016!! When I quizzed her....she looked awkward and said they didnt deal with ML at branch level!

Any advice gratefully received....is it worth trying to get details of ML and then amending my spreadsheet to take the ML interest into account and including it in claim? That might breach the £5000 small claims barrier tho!!!

[bungleboy]

Hiya folks!!

 

Any of you guys know an answer to this?

 

I'm paying £327.00 per month on a loan. Basically I cannot afford this any longer. Am I able to make lower payments if I cant afford this anylonger?

 

Id be gratefull of any help!! thanks

[lids2001]

I have a managed loan (12 months now) for £28,500. I pay £380 per month. I just recived a statement that shows over the last year I managed to pay off £600. They told me it would be paid off in 10yrs, not at £600 a yr it won't.

 

I am about to find out if it is possible to default on the managed loan, and put it in a debt repayment plan with 0% interest.

 

My credit cards have accepted 0% interest, without the need of a third party, but it looks like HSBC won't play ball.

 

I really want to remove all of my debt, and slowly its happening except any supplied by HSBC.

[bryantgumball]

Ok from what I understand this to be:

my original ML from HSBC was for £10k. Of this loan, £785, or more to the point 7.85% of it, was made up of the bank charges.

 

I have been paying roughly £90 a month in interest since Jan 2006. This week I have received my unlawful charges back, 16 months after I took the loan out.

So the calculation I need to do is:

((90 x 16) / 100) * 7.85???

 

I.e the amount of interest I've been paying times the amount of months I've been paying, divide by 100 to give 1% of that, then * 7.85 to give the amount of interest I have been paying for the unlawful charges?

 

That figure comes out at £113.04..

Whilst it may be good to have that back, I don't think its worth the rigamarole in persuing it, time is money after all and would they accept me lumping an extra £200 on the top for my time? probably not! And going through another 3 months or wrangling + probably p***ing HSBC in the process doesn't appeal to me. I should have done it along with my original claim (I haven't told the court yet that we've settled, I was going to today but I should write to DG and say cheers for the money but I've thought of something else...but unfortunatly that wasn't on my particualrs..oh well )

 

I might look into the asking for a copy of the agreement, would they not accept a cheque instead of a postal order?

 

When I took the ML, I knew my O/D and credit card would be taken away, and they told me the interest rate at the time. What they didn't tell me of course is that it would ruin my credit rating beyond belief! Even though I have NEVER missed a payment on the loan, I can't get a credit card anywhere, the best I could do is vanquis @ 49.9% apr (which infact I took, and again I've never missed a payment). I'm not aware of any defaults on my credit record, and for at least 12+ months now I have made the full payments on all credit agreements I have. Yet I still have massive trouble obtaining credit, I put it down to this damn ML.

If I'd thought about it I would have gone elsewhere and said stuff you HSBC, but I was in such a state and was only 19 so inexperienced

I did get accepted for littlewoods recently, 0% interest for a year woohoo :grin: but they didn't seem to do much checking

ML's are crap..thats all I can say

 

EDIT: Just another thought, the ML was taken out as a consolidation of O/D, credit card, and existing 'normal' loan. That normal loan had PPI, I'm not sure if they included that PPI into the ML or not but is that something worth looking into?

 

EDIT: I have just looked into my acc, at the date I received my ML (05 Jan 2006), there are 4 transactions:

TRANSFER £9540.00 (in) - this is the ML sum

LOAN REPAYMENT A/C £7644.41 (out) - pay back the normal loan

LOAN PROTECTION £1335.08 (in) - I'm assuming this is payment back for PPI for the remainder of the loan

GOLD CARD £2097.08

 

I think they didn't lump the PPI in aswell due to the loan protection (in).

I've just spent the last half hour calculating it and it all appears to be in order

So looks like my only chance is if they haven't got a credit agreement

[speedy9764]

Managed loans, mine gets really confusing as I have had a managed loan, having got into the spiral of debt I ended up selling my house and paying off the loans then a couple of years later buying another house, then due to my wife not being able to work we got into trouble again with money, charges piled up so they consolidated everything into another loan and made that a second charge on my house, Having just read this thread for the first time I shudder to think how much of the £26k consolidation loan is made up of paying off charges. I moved house and wanted to bank with my local branch and instead of transfering the account they opened a new one with my local branch, I have claimed the charges on the new account but HSBC are stalling big time on the other, they have breached DPA, now 80 days since request, I have according to thier records also been told the statements would be prepared and sent on 10th April and I still do not have them so they were requested verbally and in writing again 21st May. Having spent £30 issuing a claim for breach with HBOS I think it time to do it again for HSBC, only thing is I would not know where to start from are there any Financial advisors or accountants who for a percentage or fee would take this on ? Does anyone know maybe its a good idea for a business, I will claim IPR on it though...please if anyone can give any help or advice let me know...thanks speedy the slug

[mariejader]

has anyone managed to get the interest back?

 

I am just about to start on a Nat West loan don't know what my chances are but they settled both my account claims against the charges I requested back both at LBA stage

[jenny159]

Just Found This Thread, I Was Practically Forced Into Taking A Managed Loan 3 Yrs Ago It Started When I Was Offered A Credit Card With A Limit On It For £6000 Even Though I Had Bad Credit I Never Missed A Payment On It Because It Was Automatically Taken From My Account. A Few Months Down The Line I Was Attacked And Raped In My Home From Then On I Went A Bit Haywire And Started Spending Money Just As An Excuse For Getting Out Of The House, I Went To See My Bank Manager Because I Had Gone Well Overdrawn But They Just Kept Upping My Overdraft Then A Few Weeks Later They Told Me I Had To Take Out A Managed Loan To Cover My Od And Credit Card This Was For £13000 But With Interest £22000 They Said I Should Be Able To Afford It At 300 Per Month But I Couldnt Now They Are Threatening To Take Me To Court Dont Know What To Do

[freakyleaky]

They really are the caring bank arn't they. I can not give you any advice on your particular problem but I just wanted to wish you good luck! I know it's not the done thing on here but I would think that you may well need to seek legal advice as your mitigating circumstances will carry alot of weight in any court proceedings regarding this loan.

Sorry I can't be of any more help.

[phatram]

A few years ago we were persuaded to take out a loan to pay off O/D, I think it was for 4000.00. We have since had two more loans both of which were to again pay off O/D and previous loan. Present loan is for 10K.

How do we start to claim back interest etc? Have read loads but just don't understand it.

These loans were from the Co-Op and on all occasions someone rang us up to explain how much better off we would be if we had a loan off them !!

I know theres a spreadsheet to work it out but I just don't know where to start. Is there an idiots guide to this anywhere please?

How do I know if its a MANAGED LOAN?

Thanks

[phatram]

bump

[valensi_uk]

hi

 

this is my first post.....what i can gather is that everyone whos had a managed loan with HSBC was falsely lured into it. its wrong and is completely unlawful!!!

 

everyone is in the same boat and complaining about how much interest were paying a month and how long it will take to clear and finally how bad our credit scores are...

 

what is not happening is someone answering the question which is on all of our lips...

 

"what can we claim back?? and how do we do it?"

 

if anyone can answer that id be very very grateful as i have a baby on route and i dont have a 50" plasma yet, ha

 

thanx

[hsbcfiddled]

Just handed in a letter to local branch requesting;

 

Dear X

 

 

Re Agreement no. xxxxxxx

 

With reference to the above agreement, we would be grateful if you would send us a copy of this credit agreement.

 

We understand that under the Consumer Credit Act 1974 (Sections 77−79), that we are entitled to receive a true copy of our credit agreement on request. We enclose a payment of £1.00 which represents the fee payable under the Consumer Credit Act.

 

We understand a copy of our credit agreement should be supplied within 12 working days.

 

We understand that under the Consumer Credit Act creditors are unable to enforce an agreement if they fail to comply with a request for a copy of the agreement under these sections of the Act.

 

We look forward to hearing from you.

 

Yours sincerely,

 

Hoping they cannot provide it.

[valensi_uk]

hi again

 

what do i do then if they dont reply?

 

thanx

[mariejader]

this may sound a stupid question but for what purpose do you need the agreement?

 

I have mine I am just wondering if it's because of the interest rate you have been charged?

 

Also I am still waiting on a few last statements and I have been charge more interest than agreed!!!! (it's was nat west loan)

[wednesday1867]

Marie jadar, you need the agreement to make sure it satisfies all things relating to CCA 1974, if it doesnt, the debt is classes as unenforcable, means you dont have to pay it.

 

Do a search for agreements and see the multitude of posts about the subject or check out general debt forum.

 

Regarding my managed loan, i was paying it on time every time, until i went to payplan, i then defaulted on it. Now as ive posted in this thread http://www.consumeractiongroup.co.uk/forum/general-debt/96006-does-matter.html#post887301

 

The default was for the managed loan account and the debt transferred to Metropolitan, only thing is, HSBC transferred my current acc to Metropolitan, only just noticed so by my reckoning ive been paying towards a non debt account?

 

So when HSBC dont provide my agreement, they then cant seel it on again, so i think i should be able to get my payments against the non debt account repaid, but others not too sure so far :-| see what happens when or if the agreement does turn up

[mariejader]

Marie jadar, you need the agreement to make sure it satisfies all things relating to CCA 1974, if it doesnt, the debt is classes as unenforcable, means you dont have to pay it.

 

Thanks for the advice I do have a copy of the agreement and it does refer to the CCA 1974. This loan has been paid back already, I have received most of the statements relating to the account and I paid more interest that was originally quoted.

[rhsymonds]

I requested a copy of my agreement from HSBC and received an unsigned, undated printout after the deadline had expired. I informed them that this was not the document i asked for and they told me that they were permitted to send this unsigned copy due to some regulation.

 

Anyway, thanks to peterbard i sent back a letter saying they were conflicting with Pre-Action protocol 4.6 and have just received a reply from HSBC.

 

They have sold/swapped the debt with Metropolitan (Odd seeing as lack of agreement does not allow this ?) and attached a copy of my statement showing how my loan is made up.

 

They go on to say that pre-action protocol stipulate they must provide copies of essential documents for me to rely on in court, and that this is the best evidence they hold and they intend to rely on it should it go to court. They also say 'As the bank has already provided the document you requested, which you have already acknowledged, i feel it is not necessary to provide another copy.'

 

I havent acknowledged anything of the sort !!!

 

Anyway, please see my thread http://www.consumeractiongroup.co.uk/forum/hsbc-bank/89914-rhsymonds-hsbc-managed-loan.html for more info, and good luck to all.