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Who has had Managed Loans?


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Pete

 

If youve signed full and final settlement you cannot get the money wiped out of your managed loan. However, you can charge them compounded interest on a reciprocal basis. There is a spreadsheet on the forum that will calculate this for you.

 

Also ask for all tapes of the conversations that have taken place between you and HSBC. They have to tape all conversations for security so if they say they dont have them they are lying. These tapes will be your evidence to prove harrassment!

 

Write to the court and explain that you are going away on business on the date you have been given and ask for another date.

 

Dont worry. All these letters sound worse that they are. They are obviously trying to get you to drop your case. Dont do it. They will back down when you have the evidence but you have to ask them for it!!!!

 

Kind regards

Annie

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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

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All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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hi guys, thanks for all your replies. i have lot to think about and sort out here... i here what your all saying, so even if i cant reclaim the chages on the ML - can i claim anything like the interest on it? anything? right im off to get some conversations from the HSBC folkes!

HSBC BANK

** DECEMBER 2006 - RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £5967.00:)

LLOYDS TSB

**JANUARY 2007- RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £1340:)

HSBC BANK - Managed Loan/Interest

still chasing, have submiited claim thru MCOl - date sent to my local court - claim is going ahead Jan 29th 2008 :(

CURRENTLY CHASING

NATIONWIDE (WIFES ACCOUNT)

HSBC (managed loan)

others won:

CAPITAL ONE C/CARD (mine & wifes), :)

BOXCLEVER TV RENTAL, BHS STORECARD, BLACKHORSE FINANCE,HSBC PPI INSURANCE FOR SBL, PPI INSURNACE FO LLOYDS TSB LOAN,

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hi all, your not going to believe this...HSBC have just told me on the phoen that they dont keep taped phonecalls for longer than 6 months (although they did say they would defo check it out and confirm with me tommorow)

 

BUT........

 

to top it off the lady told me i 'couldnt have copies of the conversations on cd/tap - i would have to go into my local branch to listen to them'...is this BS or what? and more importnatly - does this not contravene some rights within the data protection act?

 

she did say that she could provide paper transcripts of the conversations to me - but not actual audio (on a format that i requested - CD)

 

help!

 

Pete

HSBC BANK

** DECEMBER 2006 - RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £5967.00:)

LLOYDS TSB

**JANUARY 2007- RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £1340:)

HSBC BANK - Managed Loan/Interest

still chasing, have submiited claim thru MCOl - date sent to my local court - claim is going ahead Jan 29th 2008 :(

CURRENTLY CHASING

NATIONWIDE (WIFES ACCOUNT)

HSBC (managed loan)

others won:

CAPITAL ONE C/CARD (mine & wifes), :)

BOXCLEVER TV RENTAL, BHS STORECARD, BLACKHORSE FINANCE,HSBC PPI INSURANCE FOR SBL, PPI INSURNACE FO LLOYDS TSB LOAN,

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The data protection act doesn't specify what format the information is handed over in but it does say copies of all information held, why would they want to get an audio typist to type out a recorded conversation when a straight copy would be much quicker, easier and cheaper?

 

I would suggest to whoever your speaking to that a paper transcript isn't a copy of the information they are holding and you want a copy of what they have... an audio copy.

 

pete

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I went in hsbc today to pay my M/L off waited untill they took payment out £145.47 the balance was £10093.70 which i thought that was the amount,oh no had to add interest of£46.11on top i was fuming i said i took this out in 2005 £11,200 and in those two years i have paid £1,060.19 i told her what i thought of the loan and at last bbc has highlighted the managed loan to let people know what hsbc is like ,they have closed account on line so i cant check it anymore but i have all imfo i need to get my charges back should i ask for original agreement now i did ask for letter to say i have paid,she said i would get phone call tonight but did not well at least i gave hear a peace of my mind and i feel better for it. now let the war commence.:mad:

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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?

HSBC BANK

** DECEMBER 2006 - RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £5967.00:)

LLOYDS TSB

**JANUARY 2007- RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £1340:)

HSBC BANK - Managed Loan/Interest

still chasing, have submiited claim thru MCOl - date sent to my local court - claim is going ahead Jan 29th 2008 :(

CURRENTLY CHASING

NATIONWIDE (WIFES ACCOUNT)

HSBC (managed loan)

others won:

CAPITAL ONE C/CARD (mine & wifes), :)

BOXCLEVER TV RENTAL, BHS STORECARD, BLACKHORSE FINANCE,HSBC PPI INSURANCE FOR SBL, PPI INSURNACE FO LLOYDS TSB LOAN,

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wouldn't it have been really, really nice if you had just happened to keep a log of all those phone calls - like the dates, times and approximately what they had said - gee, that would come in ever so handy - it would be super if you could remember where you put that little log! and if they can't provide the dates and times and tapes you asked for - well then it really would be super-duper if you had kept a log - probably most of those dates would be similar to the day of the month that your payments were made (or perhaps when they were due). if they can't provide the information - then i doubt that they could challenge yours. that sure would be a handy little log to have kept!

 

i'm would never advise anyone to make up that information - that wouldn't be kosher (or even legal)...........i'm just thinking what a nice thing it would be to have!

 

 

 

(tongue firmly in cheek!)

 

 

 

 

 

btw, pete... it was bong's advice to you - had you considered getting the interest on the m.l. back on your old hsbc thread that prompted me to ask her what she meant and how to do it on post 100 of her 13yr contractual interest thread........i had forgotten it was your thread got me interested til i went back and read it again. very good luck with this!

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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

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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  • 2 weeks later...

got letter back from them today (branch liason team)

 

Dear Mr Doyle

 

YOUR REQUEST FOR CALLS TO BE SENT TO YOUR BRANCH

 

with regards to the above request, regretably, we have not been able to locate any calls for the period requested, as we generally only hold these calls for 1 year.

 

furthermore, we only retain calls for all regualted products for 6 years, as per the FSA guidelines.

 

yours hsbc

 

so what do we make of this then guys? whom do i complain to now? baring in mind i really needed this eveidence to back up my claim of harassment to takign out this loan...without the eveidence my court date seems pointless.

 

ALSO

 

i recived a letter from DG accepting my date change proposal and they have said:

 

~We attach a copy letter form the claimant in which he requests and ajourment of the above hearing.

 

we confirm our clients agreement to that request and we woudl therefore be greatful if you could vacate the hearing and re-list on the first open date.

we would however be greatful if you could list the matter for 30 minutes as our client will be making an applicatuion to strike out the claim to be heard at the hearing.

 

yours DG

 

(cheeky sods eh)

 

what now??????

 

Pete

we

HSBC BANK

** DECEMBER 2006 - RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £5967.00:)

LLOYDS TSB

**JANUARY 2007- RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £1340:)

HSBC BANK - Managed Loan/Interest

still chasing, have submiited claim thru MCOl - date sent to my local court - claim is going ahead Jan 29th 2008 :(

CURRENTLY CHASING

NATIONWIDE (WIFES ACCOUNT)

HSBC (managed loan)

others won:

CAPITAL ONE C/CARD (mine & wifes), :)

BOXCLEVER TV RENTAL, BHS STORECARD, BLACKHORSE FINANCE,HSBC PPI INSURANCE FOR SBL, PPI INSURNACE FO LLOYDS TSB LOAN,

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anyone? bump!

HSBC BANK

** DECEMBER 2006 - RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £5967.00:)

LLOYDS TSB

**JANUARY 2007- RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £1340:)

HSBC BANK - Managed Loan/Interest

still chasing, have submiited claim thru MCOl - date sent to my local court - claim is going ahead Jan 29th 2008 :(

CURRENTLY CHASING

NATIONWIDE (WIFES ACCOUNT)

HSBC (managed loan)

others won:

CAPITAL ONE C/CARD (mine & wifes), :)

BOXCLEVER TV RENTAL, BHS STORECARD, BLACKHORSE FINANCE,HSBC PPI INSURANCE FOR SBL, PPI INSURNACE FO LLOYDS TSB LOAN,

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thanks for postivie words of encourgaement y'all :)

 

i onyl just re-read latties bit at the bottom of her post about trying to claim the interest on the managed loan - NO i havent doen anythign about this - and i think in all honesty it may be the only thing worth trying to claim back now - but howd i go about doign that then?

 

its just i signed a 'full and final...' to hsbc when i won my inital claim last year. and now becuase the ML incorporates part of the charges won in last years settlement i cannot claim for them again, so my only hope now is when i do get my new court date through is to use the grounds of harrassment and using my log (incidentally lateralus i found my little log that i kept - i know i couldnt believe it either!) or just trying to claim the interest on the ML.

 

in all honesty, my head is a mess with this all and i DO really need some help as i feel i may have taken on a bit too much as i was a bit over confident having won my 4 bank charges cases, i thought tackling the ML claim woudl be a bit harder, but one i would win none the less.

 

i dont feel as confident now, now knowing that i cant claim against somethign i have already (sort of) won already.... as approx 1/2 of the managed loan was incporporating unfair charges - the other half of the loan incorporated an overdraft and consolidation of a normal Personal Loan.

 

HELP !

HSBC BANK

** DECEMBER 2006 - RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £5967.00:)

LLOYDS TSB

**JANUARY 2007- RECEIVED CHEQUE FOR FULL AMOUNT!!!! ** £1340:)

HSBC BANK - Managed Loan/Interest

still chasing, have submiited claim thru MCOl - date sent to my local court - claim is going ahead Jan 29th 2008 :(

CURRENTLY CHASING

NATIONWIDE (WIFES ACCOUNT)

HSBC (managed loan)

others won:

CAPITAL ONE C/CARD (mine & wifes), :)

BOXCLEVER TV RENTAL, BHS STORECARD, BLACKHORSE FINANCE,HSBC PPI INSURANCE FOR SBL, PPI INSURNACE FO LLOYDS TSB LOAN,

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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.

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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 as people have been asking ,also what is cca ect 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.

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As I understand it. in theory a managed loan should be a short term method of helping you bring your finances back under control.

 

The bank lend you the money to get you back on your feet and review your position at regular intervals (weekly/monthly) to make sure the plans you made together are working. for the additional review service you pay an uplifted interest percentage to cover the banks additional management costs.

 

In practice the bank don't review these loans and they just run for years with you paying way over the odds in interest charges and the bank making a healthy profit out of their most venerable clients.

 

he CCA is the Consumer Credit Act which contains the basic rules and regulations for anyone lending money to a consumer, this act contains quite specific details of what documentation the lender is required to complete with the borrower and keep and what can and cannot be done.

The act covers most forms of money lending including loans and credit cards and also details the penalties which will be incurred by the lender if the regulations are not adhered to.

 

The most important clauses of this Act are sections 77, 78 and 79 (although there are other useful clauses) which detail the records of the credit agreement that have to be kept and the penalties for not completing and keeping these documents.

 

There is a thread dedicated to The Consumer Credit Act and Agreements made under this, its huge but it does have loads of useful information

 

http://www.consumeractiongroup.co.uk/forum/general/33174-consumer-credit-act-agreements.html

 

pete

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this will sound a stupid question but have jsut been asked it by my friend who has one of those things, well had till last year........ she was never sent 1 single bank statement with this ml........... now knowing nothing about them, should you not receive a monthly statement?

rockin all over the world

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I went to cab two months ago and i showed my agreement to them as needed advice as i was going to pay M/L off with a cheaper loan i got i wanted to know if doing right thing he could not comment but he did say M/L INTEREST 12.4% AND MY LOAN 7.5% i know which one i would go for.so i told him going to claim back interest ect and gave me bank ombusdsman address and oft and said good luck when paid M/L OFF the girl said i owed more interest on top i paid £10,000 plus £93.71 plus £46.11 to clear it.i had this loan 2005 and it was £11200 i was so angry it made me very ill now i can face it as this site has helped so much.so i am all in favour to stop these loans being used we are changing banks monday.as we have been with HSBC since 1988 and can say customer service we had has gone down the pan.

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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

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icon1.gif Re: Who has had Managed Loans?

Quote:

Originally Posted by ANDENA viewpost.gif

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

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  • 2 weeks later...

Hiya all. Just read all your threads and i have a case going on at the mo with regards to reclaiming the bank charges.

 

HSBC are pushing us to get a Managed Loan Agreement,with overdrafts (inc charges) and visas. After reading this i aint going nowhere near them!!!

 

Good luck!

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absolutely the right thing to do meddy - do not under any circumstances let them weasel you into these horrible things - it is all one way - to their benefit - not yours - no matter how they present it.....

do whatever it takes to keep them at bay and do not succumb to the managed loan sticky web from hsbc.

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Dont go for it you will never be able to get out of debt,also cant have overdraft and the interest is so high and you will be paying for years, try some where else for a loan,that's what i did at the end.as being on this site it made me look into the managed loan more deeply and realised what we had let our selves in for had that loan since 2005 and only paid of 1,000 odd, no dont touch it listen to all of us ,Good Luck your sort it out go to cab they are good.

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