Who has had Managed Loans?

[photoman]

I'm subscribing to this thread.

 

Over the course of my banking history with Lloyds I had a total of 4 different loans in order to repay borrowing.

I calculate that on each occasion the loans were pretty much all in line with the amount of charges and interest upon that I had been subjected to up to each point. On each occasion it was pretty much a mater of "take the loan or we take recovery actions".

 

My last loan was for £10k.

I have already won one claim for penalty charges against them amounting to £5k in charges and around £3k stat interest (a 13 year claim). It was a basic charges claim, and although a great win, I have always said that the aspect of extra interest we are put to with these loans has been overlooked in our actions, and something we should act upon too.

So, now I am in process of calculating ALL my charges on all accounts right back to 1985. I plan to calculate every last penny they have taken from me, either directly or also indirectly through these loans.

 

I started a thread a long way back to try to get some interest going with regards this subject, although it generated a bit of interest, it seems to be an area that few know much about, and is also very tricky to calculate.

However, there may still be some posts of interest in the thread that readers of this thread may find useful (the link is in my sig)

 

I am so pleased to have now just found this thread, and will take a good read through it tommorow.

 

In the meantime, could someone just clarify what exactly is meant by "managed loan" as opposed to any other? Is it as I suspect a loan whereby your account is monitored and restricted?

 

Regards

 

PM

[photoman]

Pete

You should seek some advice from some of the moderators, but here is my own opinion based upon what you have posted.

 

If I'm correct, I believe your current claim is just with regards reclaiming the additional interest that you have also been put to via the loan as a result of the initial charges. Rather than attempting to reclaim the actual charges themselves, which have already been refunded in an out of court settlement.

 

In my opinion, the problem you may encounter, which I believe they are insinuating here, is with regards your cause of action for the current claim.

 

In order to have a case for reclaiming the additional interest upon the loan, you would need to first prove that such extra interest was actually accrued as a direct or indirect result of some earlier charges that were in fact unlawfully levied.

As you have accepted an out of court (and presumably without prejudice) settlement with regards the actual charges themselves, then that refund was made and accepted without the lawfulness of the charges being actually determined in court.

Thus, as that particular case is now closed, and the issues in that case relating to those particular charges cannot be tried or considered again in any further actions, you may not be able to raise and ask the court to examine the issue of the actual lawfulness of those particular charges anymore.

Therefore you may no longer have the opportunity to be able to argue or prove that the extra interest upon the loan was resultant of some previously unlawful act. Thus you cannot prove a cause of action.

 

This of course is just one take on the matter, which I have reached whilst acting as devil's advocate for a moment and trying to determine what reasoning and defense they would possibly present against your current action.

 

Sorry if it's negative, and not what you were hoping to hear, but better to be aware of such arguments and to tread carefully.

 

However, I may be wrong, so as I've said earlier, ask around and get others opinions to determine if it is right, and also if there is a way around this.

 

PM

[photoman]

just spoke to lady at HSBC again, she apologised and wrongly informed me! i can go into local HSBC branch to sign a release form to pick up the CDs....thats IF they can find them. she said the archive dept would have to trawel through them for the periods i had the conversations (to proove i was harrased) now, this lady i spoke with knows that i need this evidence for my court case... and she is doubtful as to wether their archives for taped conversations go back to march /november 2005 (the two periods i need the audio for).... so i said to her, can i have this in writing from you catagorically sayign that you might be unable to provide me such information...."ill have to get back to you and confirm this detial with you"....so she cant even tell me that they cant provide me the evidence i need to back up my claim in court....this is unbelievable...what now?

 

I'm sure they would have been able to find them, and would have a different policy regards data retention if it was information that was in THEIR favour !!

 

In all seriousness though, They have an obligation to provide this information under the Freedom of information act, and can face serious recriminations if in breach of it.

 

Have you looked at the ICO site regards filing a complaint?

 

Complaints about freedom of information - Information Commissioner's Office - ICO

 

 

PM

[photoman]

IMHO

I really think you need to try to be as accurate as possible with calculating the amount of interest upon the loan that is down to paying back the original charges.

If not, I think they will contest it.

Can you not find someone to help you out with the spreadsheets ?

Find a Teenager

 

Also, don't forget, that the account that you made the managed loan repayments from, would also have incurred extra interest due to the larger monthly outgoings than required. ie; the balance would have been more in credit, or less overdrawn had the monthly repayments only been say £80 instead of the £113 each month.

 

PM

[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