Who has had Managed Loans?

[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?

[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.

[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

[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.

[hsbcfiddled]

Pete,

Have you asked for a copy of the agreement?

[hsbcfiddled]

Did you get interest on the returned charges?

[hsbcfiddled]

Andena,

 

Have you tried requesting a copy of the loan agreement.

Many banks do not hold true copies of agreements.

For the cost of £1 you may have a solution.

 

hsbcfiddled

[hsbcfiddled]

I am sure I dont need to tell you- Only take them up on the offer if they dont have the original managed loan agreement.

 

I would ask them is that why you are offering me this loan?

 

hsbcfiddled

[hsbcfiddled]

the first thing you need to do is find out/work out how much of what you owe is charges and interest on those charges... then see how much is left.

 

pete

 

Yeah and apply compounded interest to those charges at the banks own unathorised interest rate. You never know they might end up owing you...with a bit of luck!

[hsbcfiddled]

MANAGED LOAN- Definition of.

We (A bank) have MANAGED to con you (our loyal customer i.e. MUG) into paying exhorbitant interest on a debt that we have manufactured (in most cases) by adding exhorbitant unlawful charges to your account.

Thus we are able to 'make you an offer that you cannot refuse' (quote from 'Cosa Nostra' manual for collecting monies).

The offer being, we then, lend your own money back to you (that we have taken unlawfully from your account) to pay off your overdraft, that we have manufactured with our unlawful charges.

You promise to make monthly payments to us (A bank), that are massively loaded with interest so that we have you contributing to our enormous profits for the rest of your life, and after if we can.

Because you have made your promise the bank reciprocates your promise by promising that every time you go even a few pence over your overdraft or are late making a payment WE PROMISE to hammer you with even more unlawful charges.

The interest that we take from our MANAGED LOAN system is then lent out to other mugs (writer included) to pay off more manufactured debts (overdrafts etc.) and thus the cycle continues.

I think that pretty much gives an accurate description. However please feel free to add anything that I may of missed out.

 

On a serious note - not that this isnt serious - 'A MANAGED LOAN is supposed to be MANAGED on a regular basis, with regular meetings, and once your back onto a level credit basis you should be put on a personal loan'. Quote from my bank manager (who was not responsible for my ML)

I must say that since the inception of my ML in February 2004 I have had regular meetings with my bank- once every 33 months. LOL. At my request I add, to ask why they are still trying to take payments from an unenforceable ML.

hsbcfiddled.

[hsbcfiddled]

By the way looked at my copy of contract and HSBC signed but we did not sign it well that,s what it says on my copy so i might be in luck.

 

Signing your copy isnt important. Can you remember if you signed their copy?

 

Have you CCA'ed them for a copy of the original? This is important and for only £1 if they fail to comply the debt can be UNENFORCEABLE.

If you havent DO IT NOW!

[hsbcfiddled]

what is cca i am confused where do i get that i will have to email them as interest goes on 4th dec i will pay 1.oo to them.

 

 

(Your Address)

 

 

 

 

 

 

Customer service manager

HSBC Bank Plc

Service Quality Team

Arlington Business Centre

Millshaw Park Lane

Leeds

LS11 0PP

 

Managed Loan account no. (xxxxxxxxxxxx)

 

I DO NOT ACKNOWLEDGE ANY DEBT TO YOU.

 

Date 3rd December 2007

 

Dear Sirs,

 

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

 

I understand that under the Consumer Credit Act 1974 (Sections 77−79), I am entitled to receive a true copy of the credit agreement upon request. I enclose a payment of £1.00 which represents the fee payable under the Consumer Credit Act1974 for such a request.

 

I understand a true copy of the credit agreement should be supplied to me within 12 working days plus two days.

 

 

 

Yours

 

 

( )

 

 

 

Ok Andena just copy and paste the blue section adding your details in the brackets and sent it to HSBC.

 

Put in a £1 postal order and send it recorded delivery and keep the receipt for proof and tracking.

 

Do this for Monday morning and date it for Monday's date 3rd December 2007. HSBC will then have to supply by 18th December 2007 if they dont supply within that time frame they are in default and cannot take or request payments until they do supply a true copy of the agreement.

However if they then fail to supply by 18th January 2008 they will not be able to enforce the debt.

If your pay is paid into your bank GET A NEW BANK ACCOUNT NOW.

 

hsbcfiddled

[hsbcfiddled]

Pete,

 

I think you should have another look at Lattie's reply a couple of posts above..

 

The bank are stating they dont have the information....so how can they dispute yours.

 

hsbcfiddled

[hsbcfiddled]

Pete,

I am so pleased you have located your log.....I have been reading through your posts and I feel that you missed an opportunity to hit them with compounded interest at the same rate they applied to you in the ML.

 

However I believe that your ML is not properly executed because it contains unlawful charges. How can it be a legal document if it comprises a massive 50% of unlawful charges.The other half of the ML being your personal loan.

 

I would contact the local branch and ask to be put in touch with an area manager. I would then suggest to them that the ML is an unlawful document and that HSBC have as much admitted it by refunding the charges.

 

Then tell them that the personal loan should be re-instated and the monies paid in to the ML be recalulated at the personal loan rate and then interest adjustment applied.

 

This I imagine would clear the PL and if there is monies left over they should paid to you with compounded interest at the same rate as the ML.

[hsbcfiddled]

Can anybody help i go on thisismoney forum every day and posted quite a few threads on there, tried to help where i could can somebody explain what HSBC managed loan consists off (Managed Loan- is a high interest loan for people with a low credit score. It should be reviewed regularily so that when you have achieved regular payments it can be converted to a personal loan on a lower interest rate. However in reality it doesnt pay the bank to take you off the managed loan because they would lose all that lovely interest. The manged Loan was an inspiration of 'Arfur Daley' and is known in the banking fraternity as 'a nice little earner Terry!')

In short, if anyone agrees to a ML after reading about it on here they should be certified. IMHO.as people have been asking ,also what is cca (this worries me ANDENA because i have twice advised you to CCA HSBC regarding your managed loan and even pasted a letter for you on post 271 on the 1st of December 2007 i will reproduce it below for you) as they dont know told them about are site which some have used it would be great if we all helped each other this will make us pull together and be united.

(this is a wonderful site and the help is amazing...you need to digest the info and decide on which course to take..personally i cant stand 'United' ...footy joke LOL....but i am all for pulling together.

 

#271 (permalink) hsbcfiddled vbmenu_register("postmenu_1265921", true);

Classic Account Customer

 

 

 

Join Date: Mar 2007

Location: shropshire

Posts: 223

 

 

Re: Who has had Managed Loans?

Quote:

Originally Posted by ANDENA

what is cca i am confused where do i get that i will have to email them as interest goes on 4th dec i will pay 1.oo to them.

 

 

(Your Address)

 

 

 

 

 

 

Customer service manager

HSBC Bank Plc

Service Quality Team

Arlington Business Centre

Millshaw Park Lane

Leeds

LS11 0PP

 

Managed Loan account no. (xxxxxxxxxxxx)

 

I DO NOT ACKNOWLEDGE ANY DEBT TO YOU.

 

Date 3rd December 2007

 

Dear Sirs,

 

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

 

I understand that under the Consumer Credit Act 1974 (Sections 77−79), I am entitled to receive a true copy of the credit agreement upon request. I enclose a payment of £1.00 which represents the fee payable under the Consumer Credit Act1974 for such a request.

 

I understand a true copy of the credit agreement should be supplied to me within 12 working days plus two days.

 

 

 

Yours

 

 

( )

 

 

 

Ok Andena just copy and paste the blue section adding your details in the brackets and sent it to HSBC.

 

Put in a £1 postal order and send it recorded delivery and keep the receipt for proof and tracking.

 

Do this for Monday morning and date it for Monday's date 3rd December 2007. HSBC will then have to supply by 18th December 2007 if they dont supply within that time frame they are in default and cannot take or request payments until they do supply a true copy of the agreement.

However if they then fail to supply by 18th January 2008 they will not be able to enforce the debt.

If your pay is paid into your bank GET A NEW BANK ACCOUNT NOW.

 

hsbcfiddled

vbrep_register("1265921")

[hsbcfiddled]

HELLLLLLLLLLLLLLLLLLLLP!

 

dotn know if anyone else has been following my recent posts on this thread in reagrds to my ML?

 

basically i have been refunded £3455 worth of charges in Dec 2006. but in NOv 2005 (during some sever financial hardship) was FORCED into takeing a ML for £7130.

 

now that ML incorporated £3455 worth of unfair charges, whihc i signed a FULL&FINAL settlement for.

 

now, i have been tryign to get the ML amount (thats currently outstanding) reduced as it PART incorpaorted the unfair charges, (it also incoproated an earlier ML/PL and overdraft fees.

 

now i have asked them to re negotiate the amount outsntanding on the ML ans in my opinion it incoprated 3455 worht of unfair chrges so this amount should have been taken off the £7130.

 

i spoke to abotu 6 very unhelpful and mis leading people at HSBC today, finally managing to speak with someone in the ML team (yes theyr have a team to con us por sods!)

 

please tell me if im been a dumb idiot, but i asked them to re negfotiate that amoutn they paid me off the amoutn outstanding. they had the cheek to tell me as they already paid me the £3455 that i was 'to use that money refunded (for bank charges) to pay off part of the managed loan with it'

 

eHHHHH??????

 

surely by them admitting and refunding me charges then surely they should reduce the amoutn outstanding to incorporate this?

 

please some one help me with this as now not onyl am i confused but really irate as she pretty much told me theyr wont do anythign about it as they have already refunded me the money and i shouldnt have spent it and used to reduce the ML amount.

 

im baffled

 

thanks

 

Pete

 

Pete,

 

I have been reading your comments.

I seem to remember that you didnt claim interest on the charges?

However I feel that you have already been refunded the charges and if HSBC were to reduce the ML by £3455 you will have been refunded twice.

 

Although had you claimed interest on the charges at the same rate of the APR on your ML it may well have wiped out your ML completely.

 

I feel that it is unfortunate that you did not claim the interest in the first instance.

 

But i do feel that you should ask them to consider that they (HSBC) have gained a massive interest by the inclusion of unlawful charges into the ML.

This interest should be refunded to you (although they may retain it against your ML).

 

I suppose you could argue that the ML was drawn up with unlawful charges and therefore the bank have co-erced you into an unlawful agreement that you would not have agreed to had you known that the charges were unlawful?

 

These are just my thoughts ...please take further advice....Sorry if its not what you wanted to hear!

 

Good luck

hsbcfiddled

[hsbcfiddled]

hi all, and thanks for your various replies and setting me straight, i do feel better now and slightly nervous but ready to tackle the issue fo 'trying' to reclaim that interest....

 

i realsie im a little late but im desparate to know how i exactly go about claimign this interest on the ML.

 

£7130 is the total amount of the ML

 

£3455 is the amount of charges i was refunded (that the ML incorporates)

 

i have paid back £113 per month since the ML was forcibly taken out in november 2005 = £3164 paid back so far to date off the ML. (btw - i have never missed nor been late with a payment)

 

it works out that the repayment each month incorpoartes a whopping £65 worth of interest.

 

so with these figures in mind how do i work out how much i can/could claim back worth of intersest on this?

 

how do i get this formula and how do i go about explaing to DG solicitirs this is what im trying to claim back (i want to put it in writing to them in a harshly worded letter that they will understand)

 

i am still awaiting my new date from the courts for thi shearing but with baby no 3 en route id rather get it all settled and sorted once and for all.

 

thaks for any advice or help

 

Pete

 

Hi Pete,

If it was me i would write them and tell them 'that 50% of the ML consisted of unlawful charges that they had since refunded. No interest was paid to me for your unauthorised removal of monies from my account.

Subsequently the bank are not entitled to 50% of the interest that they keep adding to my account. Therefore the bank needs to re-adjust my payments. Part of the reason for being on a ML is regular meetings/updates of the situation to re-organise the balances of my account. The bank have duty not to leave me on a ML so that they can 'bleed me to death'. Please remedy the situation as i believe that as I contend the current situation you have a duty to look into my complaint.

I may stop payments and let you take me to court where I will argue the legality of this ML'.

 

 

Please let others comment on this before you proceed- these are my thoughts to try to assist you- Wait for others comments though.

[hsbcfiddled]

Hey, I'm new to all this, but I've got a managed loan, still owe about £8,000 but have now opened another account with the Halifax cos I just couldn't cope with all the bank charges, about £200 a month for years, so have now defaulted on the loan, they've prob closed the account and chasing me for payment of loan etc, but I've moved. Am thinking of re-claiming my bank charges, but what do you think? Is there any point when I still owe them £8,000 and have just walked away from the account? I don;t know how they expect people to be able to pay their loans and live when they charge ridiculous amounts of money?

 

When did the loan start?

Are the charges on a business or personal account?

How much do the charges amount to?

[hsbcfiddled]

I have a meeting this week with HSBC regarding my ML.

HSBC would like me to restart an earlier ML because my current ML is not correctly executed....(they have about as much a chance of that happening as me winning the Grand National aboard our lurcher!- and Elvis finishing second on Shergar)

 

So why am I going along? Well I am going to ask them have they included the complete repayment of my ML with compounded interest in the £8.7bn bad loan debt that they have written off.

[hsbcfiddled]

HSBC Fiddled - have you already had the non-executed ML judged non-enforceable? No not judged but HSBC accept that the most recent ML is not executed properly. I think (again, any moderator who can confirm??) that this new law coming in on 6 April will not allow agreements to be automatically unenforceable...Does this mean we would have to take court action to make unenforceable?

[hsbcfiddled]

I sent of to hsbc for my original M/L in january and have not heard back they had my postal order but have not received my agreement back shall i write to my bank in weymouth, what do you advise please.sorry for butting in.

 

1. Stop making payments.

2. write to Head office.

[hsbcfiddled]

Oh dear, HSBCfiddled, if they haven't they'll have to scrape it out of the £12bn which they still made:rolleyes: - obscene or what?......... :grin:

 

 

Yeah too right...If it wasnt for the charges they would have been in the red and getting charges from THE BANK OF ENGLAND.

[hsbcfiddled]

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.

[hsbcfiddled]

Does anyone have a POC that I can adapt to reclaim refund of payments made on a managed loan please?

[hsbcfiddled]

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.