Who has had Managed Loans?

[petedoyle]

hi - i have posted this thread before, but due to soem personal reasons i have not been able to persue any of claims. im back on line now, and could do with some help (again)

 

i have a managed loan which in part incorporates a persoanl loan and some unlawful charges!

 

the story is as follows:

 

i was forced into taking out a managed loan for about £6k approx..... which i managed to sort of repay during this difficult time for about 10 months or so (and still sometimes paying late and missing payements) i was then hit by another low and forced to take out a slightly higher amount for £7130 which i have been steadily paying back £116 pm since november 2005 (and i have been on time and not missed a single payment) but im getting heavily screwed on ridiculous amoutns of interest 20% i think, and i still owe £6500 despite having paid back over £1600 already!

 

now im not unreasonable and i know that some of the managed loan was to pay off an exisitng personal laon that i had.... so, baring in mind 'some' of that managed loan incorpaorates these charges how do i proceed to make my 2nd claim against them?

 

and can i add contractual intetrest too? (btw - what is contractul interest?) how do i know if this applies to me and i can claim for that too?

 

i am really confused on this one and just want to make sure this is one i can win...

 

 

the loan was for £7130 and it was taken out in nov 2005 and currently owes £6500 odd. im been screwed heavy on interest! id be generous and say maybe only about 1.5k -2.5k max was for the charges that are part responsible for that amount...whats your thoughts and advice on how i should proceed - if at all.

 

many thanks

 

Pete

[lateralus]

i'm not much wiser than you at this - but my understanding - if you've done a claim already - you should have a schedule of charges through that period when you got the loan - so - broadly speaking - if you took out the loan in nov.05 and you have your breakdown handy - you look at the running total of charges - see what the total was on nov.05 - say for example it was 2k - well then you divide 2000 by 7130 and you would have 28% of the loan was because of the charges - so the theory is from nov.05 to the point where the charges are repaid, dec.06 for that 13 months - 28% of the interest that you have paid is reclaimable for the same reasons as your first claim. explaining it that without the charges - you would not have had to take out the ml for that extra 28%.

contractual interest is a higher rate - and the thinking is the bank charged you xx% (we were using 15.9% i think - but don't know if it is still that) - then you would claim that amount back.

hopefully you might get the interest % and also the amount of interest of each payment from your statements.

as for the time after your charges were paid back - i'm not sure what would happen and i really don't know any more than this - so - hopefully someone with a bit more knowledge will come along and correct what i've done wrong and fill in the blanks - but it's a starting point to understanding it.

 

 

i did ask bong a long while since about this and she explained it as above and here's what she said about the period after the charges had been refunded.

 

So you will need to find out what percentage of the managed loan related to unlawful charges and interest and apply that percentage to the ML interest.

 

I would also then apply contractual interest to the monies being reclaimed, or statutory interest when it goes to court.

 

At the moment I'm still thinking about what would happen with future interest on the ML. These are my thoughts - if they have refunded the offending penalty charges, and you could technically use this money to pay off that part of the ML, then you are in a poisition to mitigate your loss as it were and reduce the interest that is accruing. I think therefore that if you don't use the money in this way, maybe you would not be entitled to future interest rebates. Perhaps, looking at it this way, the claim for interest on the ML would only relate to interest charges in the period from when the ML was taken out to the date your current account charges were refunded? However your claim for interest on top would carry on until the claim was settled.

 

 

so, as i say - hopefullly someone else can fill in the blanks - that is the extent to what i know about this.

[phatram]

Our loans have not been and the one we have now is not a managed loan,does this make any difference?

[Bhodi]

Hi All,

Am I glad to find you!! Without wanting to repeat another sorry tale - my partner got conned into taking out a managed loan with....yup HSBC.

Basically she had a personal loan of £11k and was meeting payments on it.

One month her employers paid her late. She phoned HSBC to explain and as per their lack of humanity they said "nothing we can do and you will be charged for late payment." However, the lady suggested a managed loan that could make payments more "flexible". She failed to mention the extortionate interest rate of 16.9% or the fact that it was to be repayed over 114 months!! In my book that is blatant mis-selling and only made a financially tight situation ten times worse.

She requested the original consumer agreement via email on 4th May 2007. To date nothing has been recieved, although someone emailed on 12th June to say it had been posted on 11th June.

She has managed to open another bank account and get wages etc paid in there.

My only suggestion now is to default on it (it can't make her credit history much worse to be honest!!), let it go to court, get the interest frozen and pay it off.

I read somewhere here that HSBC should get the agreement sent out in 12 days otherwise THEY have defaulted - and if it isn't recieved in 30 days they have broken the law? If this is the case then their 30 days are up so maybe we have a chance to stuff their shark like behaviour back at them?

Any help or advice would be great and thanks for a great site, shows what can be achieved against such powerful organisations when people come together and stand up against what I view as criminal, soul destroying beaurocrats.

[petedoyle]

thanks for getting back to me on my post. if anyone else has anythign else to contribute as im gonna spend the w/e sorting this out and putting my 2nd claim against them together...

[phatram]

Our loans have not been and the one we have now is not a managed loan,does this make any difference?

 

 

Anyone?

[wednesday1867]

Here we go,

 

Sent cca for my Managed loan 05 June, i received something today

 

Covering letter reads:

 

"I have enclosed a copy of the original agreement which fulfils our obligations under section 77 of the CCA. I can also confirm that our laid down written procedures require the Bank to provide each customer with a copy of the agreement at the time of the paperwork is completed and this would of been provided to you. As per regulation 3 (2)(b) Consumer Credit(Cancellation Notices and Copies of Document) Regulations 1983 this copy does not require signing.

 

I trust this information is to your satisfaction blah blah blah."

 

So ive read enough to know for me to recieve a truly executed agreement it needs to be signed, so straight away i read the letter and i'm hit with legal jargon and dont know if this is right or wrong? Can it be it doesnt need to be signed under those regulations?

 

Now to my "agreement", everyone else ive seen on here, tend to be one page, again this maybe down to them being credit cards and not loans, but this agreement is on 5 pages of HSBC headed A4 paper.

 

From what i understand it needs to contain APR, it does, big box page one, cancellation notes, it does page 3, amoutn payable, it does, number of repayments, it does. So apart from it looking like it could be a new one and not mine, i just need to know where i stand regarding the signature.

 

If it would help, i could post pictures of it, feel im beginning to whittle

 

Just thought i needed advice before writing back along the lines of i require a copy of the executed agreement, i need to sign it for it to be executed, so

 

Ive posted this in the cca thread as well, to see if i can get any suggestions on next move

[lizvp]

just found this thread and am absolutely gobsmacked by all this!

 

i have a managed loan which has been 're-negotiated' three times now, each time after about 2 yrs had elapsed.

 

i recently made enquiries about paying the whole thing off, just to get it off my back, and was told that i would have to pay off the remainder in its entirety-some 73 more payments!

so essentially, because it has been taken out 3 times, i have paid 6 years worth of interest without making a dent in the original sum!!?

 

i shall certainly be sending a S.A.R - (Subject Access Request) off and having a very close look at this; cant quite believe i have let this drift so far!

 

another helping hand from hsbc via first direct..helping themselves more like!

[valensi_uk]

silly question maybe.....

 

but could someone explain what a SAR is and what it does??

 

thanx

[jowalshy]

SAR. Is a request from you to the bank asking for copy statements and any other bits you want. By law they have to provide this under the Data Protection Act and can only cost £10. They 40 days in which to provide you with the info.

[phatram]

silly question maybe.....

 

but could someone explain what a S.A.R - (Subject Access Request) is and what it does??

 

thanx

Please read the FAQ's

[freakyleaky]

1. Data Protection Act, Subject Access Request letter - List of charges

[don leocornay]

I'm currently on a managed loan as well and have had some interesting feedback from FOS. Please feel free to have a look at what's happened so far in my case:

 

http://www.consumeractiongroup.co.uk/forum/other-institutions/92344-don-leocornays-gonna-kick.html

[petedoyle]

does anyone know how this new rulign by the FSO and the courts with the Test Case thats happenign now is goign to affect any Managed Loan cases - will this still be treated the same by the courts? and we will have to wait?

[molly1959]

I had a managed loan think i paid it off in 2004 i have not got my agreement do i just send a sar letter to them to get a copy, i also had a loan with endeavour that i paid a lot of interest on i might try and find out if i can claim back on this has any one had any dealings with endeavour i think they are part of hsbc.

[Audreygreeneyes]

my understanding is that it only affects personal accounts.............. not managed loans. and yes oyu just send a s.a.r. request..........

[patrickq1]

ive got a loan last week from hfc to pay off their other loans because we could nt shift the last two loans off fom them intrest kept overtaking the paments would that count but the intrest is 22.9% so they say but i am beginning to doubt this will print the figures on here if someone can work it out i trullyi have no idea how to work out intrest

[patrickq1]

loan amount :10,000

term of loan :84mtnths

rate :20.832%

mth pay :227.09

apr :22.9%

does this seem right to anyone ? help would be apreciated thanks all

[iwantmymoneynow]

Hi all,

I've had a managed loan and have all my statements but what exactly can I claim for? Also, can I claim for the PPI?

 

Thanks

[petedoyle]

hi, i also have a managed loan and have posted it in other threads, my question is - as i am trying to reclaim part of this loan (as it incporated at least 50% worth of bank charges etc) can i still put a claim in through the court system - and will this also be 'stayed' but the courts?

 

it just i have put a claim through (for approx £3.5 k) that is the part of the managed laon im tryiong to get reduced, as this particalur case iisnt for reclaiming bank charges as such - why have the courts issued me a stay on this case?

 

im confused!

 

any help always greatly appreciated!

 

thanks

 

Pete

[hsbcfiddled]

Pete,

Have you asked for a copy of the agreement?

[gemspan]

Hi Pete

 

If they have paid out the charges to you then they cant charge them again on the managed loan. Its not the same as claiming for charges but they obviously seem to think that it falls into that category. I would phone up mcol and explain the situation to them and see if you cannot appeal the stay.

 

Kind regards

Gemspan

[petedoyle]

hi guys, thanks for your replies.

 

Yes i did send the £1 PO and ask for a copy of the loan under the CCA1974. and yes they did provide one, signed by me - its a few pages long. i hae a copy here with me, i think they have me bang to rights? im not 100% sure though? what should i be looking for in this paperwork?

 

re:gemspan - they had already refunded me approx £3.5k on charges, whihc is in part incporaorated into the actual managed loan.

 

im only trying to get the overall amoutn of the ML down as i belive i sholud only be paying half of it (it was for £7k) i have made a claim thru MCOL, and have recived letters from HSBC and DG solicitors - with them saying they intend to defend the whole claim, again i recived some paperwork form DG sayign that they(hsbc) 'sold me the loan in good faith and havenmt done anythign wrong...blah....blah'. i have also recived a letter from the court saying they have put a 'stay' on this case.

 

i really want to pursue this claim - anyoen got any advcie or scirpt i can send to DG solicitors/HSBC - i have run out of ideas on how to tackle and what to say exactly.

 

thanks

 

Pete

[hsbcfiddled]

Did you get interest on the returned charges?

[petedoyle]

no i didnt apply the interest to the retunred charges, i know, i actuaslyl forgot to incorporate it all in when i first submited my claim, so hsbc only ever paid me pack what i got charged in charges.

 

i think im going to explain the situation to MCOL and also to DG solicitors.

 

if anyone has any specific way of me explaing this with some 'fancy legal jargon' id be ever so greatful. as i dont want to sound like a fool when i write to them. thnaks Pete