Jump to content


Who has had Managed Loans?


ppauls150
 Share

style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4263 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

i in no way wish others to be in distress, but omg am i peased i am not the only one with this hanging over my head!! i was forced at 18 years old to take out a ML to pay off in full my credit card and overdraft. my CC was about £800 i think and overdraft around £1,800. i took the loan thinking they were helping me and it was my only way of getting rid of that debt. i am now 23 and paying £46 a month which i can ill afford, and £22 a month is being taken in interest. i dont know how much of the loan was covering charges and i had no idea there was anything i might be able to do about it.

 

ive since moved all income barr the £46 loan money to another bank and all SO's and DD's have been moved to another account. i am purely using HSBC account to pay the ML so i am willing and able to do anything i am advised to bring them down, i cant begin to explain the anger i feel at them doing this to so many people who thought it was their only way out. HSBC the listening bank, my arse!!

 

any advice for me personally? i have sent prelim letter asking for charges of £1,502 and awaiting a reply.:-x

Link to post
Share on other sites

  • Replies 426
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

i've got the same issue as everyone else but now i've had a letter telling me i'm in arears and dispite previous attempts to contact me i've ignored them!!

 

now i've not missed a payment and they have never tried to contact me!

 

i called them up and no one was able to take my call!

 

they have put a one month in arrears on my credit file from day one althought i've never missed or paid late! (tho some times when a weekend falls it takes an extra day untill the payment clears but thats not my fault!)

 

i hate HSBC!

People who haven't made mistakes, haven't made anything!

 

Link to post
Share on other sites

Guess what? I too am in the same position. My joint account with my partner was way into the red & was almost entirely made up of charges (& the interest on them which made it impossible for us to clear). On going into the bank to see what could be done about the charges - I was aiming for a refund of the previous month's charges of £220 odd so we could get back on our feet - they said the only option short of a CCJ was a managed loan. So they took away the joint overdraft but also insisted on taking the 2 CCs we were managing well & my interest free student overdraft!!! We've now been paying for £130ish a month for 3 years & have managed to clear only £1700 from an £8500 loan. At that rate I'd have been able to clear my INTEREST FREE student overdraft nearly 5 times over. What a [problem]!!! Basically they scared me into accepting with threats of court action etc

 

Now I'm claiming back the bank charges along with the compounded contractual interest, but not sure where I stand with the managed loan. Can I claim anything? I know this is an old thread, but I'm hoping someone has some good news...

 

P.S. just looked at my statement & seen I was charged £30 yesterday for reversal of ML payment. Had transferred enough money into account yesterday to cover payment, but apparently the decision was made in the morning & if you pay in the money on the same day, the T&Cs state you have to inform the bank it's being paid in to cover that payment. HSBC have refunded the charge as a 'goodwill gesture'. Goodwill my A**e, they just can't justify it!!! Now my concern is this may jeopardise any claim I have against them.

 

Any thoughts anyone?

Link to post
Share on other sites

Wonder if we could make the loans void by claiming we were forced to sign under duress?!!

 

Only kidding! But seriously, there was a certain amount of pressure I'm sure everyone felt. I certainly felt my finances would be in ruin & I'd never get out of debt if I didn't sign...Turned out to be t'other way round

Link to post
Share on other sites

Would you feel more comfortable with the threat of court & everlasting debt hanging over you while you sign seeing as that's what we're all used to?

 

If you hadn't guessed I'm trying to drum up more interest in this thread to see if anyone's come up with any brainwaves to get us all out of the schtuck

 

Is there anyone out there???

Link to post
Share on other sites

I have just posted on the Hsbc section of the banks offer of £2000. The loan I refer to is a managed loan. Your right of course.. had the bank not levied so many charges, I probably wouldnt have needed it!

Link to post
Share on other sites

eaxctly the same - i offered to pay them back £50 per month for an unautherised overdraft that they had let go over and added changers to - they hadn't asked for it back and i mad ethe decision to ask to pay it back - then my cards stoped working and i got a letter saying my unautherised overdraft had been turned into a managed loan along with my master card and my student over draft (interest free) both of which were within there limits and always paid on time - to me now having to pay 18%+ interest on the £1000 interest free student over draft and the 15% master card has put me in a worse situation so in my opintion is irresponsible lending - they could see iwas in triouble - they accepted my offer and they made my situation worse - i have had this £1800 loan for 15montsh now and have paid off £400 - but they have been getting £50 per month so thats £750 nearly double what they have knoced off.

 

when they sent me the letter accepting my offer they enclosed the managed loan forms saying that either i pay in full or sign on the line - if i paid in full i would get my faciulities revoked regardless...even tho 2 out of the 3 were completely seperate and i hadnt abused them

 

did i mention i hate HSBC!

People who haven't made mistakes, haven't made anything!

 

Link to post
Share on other sites

Just found link to this website on another thread

 

 

LawTeacher.net | INTRODUCTION TO THE LAW OF CONTRACT

 

 

I particularly like the part where it mentions

 

 

The essential elements of a contract are:...

 

6. Consent

The agreement must have been entered into freely. Consent may be vitiated by duress or undue influence.

 

A contract which possesses all these requirements is said to be valid. The absence of an essential element will render the contract either void, voidable or unenforceable (as to which see below).

 

Feel free to jump in anyone with any thoughts. PLEASE!!!

Link to post
Share on other sites

Managed loan here too..........

 

Was 'given' £2420, to cover overdraft, credit card, paying both off, bringing me back to 'straight'?!

 

This was way back in November 2003. Started loan repayments of £58 per month from January 2004.

 

Upped the repayments to £70 in January of this year. Here's the science bit........

 

Have paid in total £2089 Without interest, I should only owe £331

However, I still have £1149 to go. So, looking at it, I've 'really' only paid £1270 as £818 is pure interest. Reckon I will have paid over £1500 in interest by the time I'm done. More than half what I 'borrowed'.

 

Only another two years or so left. Not bad eh? :rolleyes:

 

In comparison, I borrowed £1450 from the Halifax in Feb of this year. 12 monthly repayments at £133 per month. Total to repay £1596 Less than £150 interest. I shoulda borrowed £3000 from the Halifax over 2 years eh?

DO NOT MEDDLE IN THE AFFAIRS OF DRAGONS, FOR YOU ARE CRUNCHY AND TASTE GOOD WITH KETCHUP....:rolleyes:

Link to post
Share on other sites

Yes I have one too.

 

Same old story had a loan at 7.9% plus an overdraft caused by HSBC clearing a cheque I paid in allowing me to pay mortgage by switch and then bounced the cheque I paid in. Apparently they can do this !!

 

Offered the managed loan to 'HELP me OUT !!' . Didn't really look into it as offered over phone as only option. Did some calcs on rate a few months ago and the rate is in excess of 20% !!

 

These loans definitely put a red flag on your account . (told this by branch staff).

 

How do we get out of these. Currently reclaiming bank charges and would love some pay back on this loan as I would have cleared my original loan by now and this one has reduced very little in 4 years !!

Claims :

 

HSBC Bank Charge reclaimed successfully thanks to this site :)

Link to post
Share on other sites

Hi all,

 

another "managed loan" here....

 

As some of you have already said, if it wasn't for the chargies levied by the banks, we probably wouldn't have needed the managed loan.

 

I was only 22 when I was "strongly advised" to take out the loan. I took it on the banks advice that it wouldn't effect my credit rating (how naive!) and I now know that my original loan is on my experian record as defaulted, and my managed loan was handed over to MCS for recovery!

 

Hopefully some day someone will find a way to stop the banks helping people along the way to financial meltdown!

HSBC - S.A.R - (Subject Access Request) 30/10/06

 

07/11/06 - Letter refunding cheque and informing statements will be along shortly.

08/11/06 - Statements from Jan-2001 to Jan-2004 rec'd. Requested more but am waiting.

09/11/06 - Sending of prelim request for refund! £913.50

27/11/06 - Letter from Royal Mail, original prelim lost in post!!

06/12/06 - Another prelim sent :(

19/12/06 - Reply from Mr Langdale saying complaint received and that I'll have a proper response by 5th January 07....

 

Capital One - S.A.R - (Subject Access Request) 31/10/06

 

Sent off prelim for £392.00 - All adds up I suppose! 06-12-06

Partial Offer received 19/12/06 - £152, offer accepted as part settlement only......

 

GE Capital Bank - S.A.R - (Subject Access Request) 31/10/06

 

Store card account. Charges approx £200, prelim being sent off in the new year!

Link to post
Share on other sites

i've been trying to follow all of this and it is really ugly. hsbc lures people (especially young and inexperienced) into using an overdraft encouraging them to treat it as free money, only it isn't. Because when you go over it, they slap a charge on. When it happens enough times and they increase the overdraft to a truly unhealthy level, they lovingly lure you into a loan to which they apply appalling interest rates and tie you to them for time and all eternity or until you win the lottery or drop dead (maybe they even ask for more back when you die!). They should be horsewhipped (as my granny used to say)! Yet they are still doing it and this is so sad - story after story of people being sucked in. It's so revealing to read this thread. Is there a happy ever after? Ok, we've gotten back the charges on the current account but is anybody saying that there is anything that can be done about the managed loans? Or is it simply a case of paying it off as long as it takes and pray it never happens again?

Link to post
Share on other sites

i cant beleive there are so many stories on here like mine. i was told it was my only option and i 'had' to do this, i was 18 years old at the time and the bank manager scared the life out of me, told me lies like it wouldnt affect my credit and would only stop me getting switch etc for 12 months. im now 23, have paid hardly anything as its mostly interest and cant get any other help from them on my account as its red flagged for good now in my opinion. just wish there was something we could do!

Link to post
Share on other sites

I wonder if enough people were to get together and actually approach the right organisations, could this sort of thing be stopped? The bank might see us as a pain in the neck as individuals, but what if something was done with the backing of several hundred or so people? These sort of managed loans make peoples lives a living hell, it doesn't just affect the time you take the loan, but is on record for a long time after that, sometimes going in to 10+ years. Just a thought.....

HSBC - S.A.R - (Subject Access Request) 30/10/06

 

07/11/06 - Letter refunding cheque and informing statements will be along shortly.

08/11/06 - Statements from Jan-2001 to Jan-2004 rec'd. Requested more but am waiting.

09/11/06 - Sending of prelim request for refund! £913.50

27/11/06 - Letter from Royal Mail, original prelim lost in post!!

06/12/06 - Another prelim sent :(

19/12/06 - Reply from Mr Langdale saying complaint received and that I'll have a proper response by 5th January 07....

 

Capital One - S.A.R - (Subject Access Request) 31/10/06

 

Sent off prelim for £392.00 - All adds up I suppose! 06-12-06

Partial Offer received 19/12/06 - £152, offer accepted as part settlement only......

 

GE Capital Bank - S.A.R - (Subject Access Request) 31/10/06

 

Store card account. Charges approx £200, prelim being sent off in the new year!

Link to post
Share on other sites

thats along the lines of what i was thinking. it looks like the majority of people were not far from forced to take this loan and at a time when they were vulnerable, for whatever reason. does anyone with more knowledge then me (ok, anyone at all. lol) have any idea where we would stand legally? could be get these loans voided on grounds of being forced?

Link to post
Share on other sites

Maybe we could ask for a poll to be setup for people with managed loans? This would give a clearer idea at a glance?? Maybe questions along the lines of "did the charges applied by the bank contribute to a managed loan being needed?" "were you forcefully advised to take out the loan?" "were the implications of a managed loan clearly explained to you before signing?" etc etc...

HSBC - S.A.R - (Subject Access Request) 30/10/06

 

07/11/06 - Letter refunding cheque and informing statements will be along shortly.

08/11/06 - Statements from Jan-2001 to Jan-2004 rec'd. Requested more but am waiting.

09/11/06 - Sending of prelim request for refund! £913.50

27/11/06 - Letter from Royal Mail, original prelim lost in post!!

06/12/06 - Another prelim sent :(

19/12/06 - Reply from Mr Langdale saying complaint received and that I'll have a proper response by 5th January 07....

 

Capital One - S.A.R - (Subject Access Request) 31/10/06

 

Sent off prelim for £392.00 - All adds up I suppose! 06-12-06

Partial Offer received 19/12/06 - £152, offer accepted as part settlement only......

 

GE Capital Bank - S.A.R - (Subject Access Request) 31/10/06

 

Store card account. Charges approx £200, prelim being sent off in the new year!

Link to post
Share on other sites

I'll pm a mod to see how we set one up. Anyone with questions they might want to see in the poll please feel free to add to this, after all we are in the same boat so to speak......

HSBC - S.A.R - (Subject Access Request) 30/10/06

 

07/11/06 - Letter refunding cheque and informing statements will be along shortly.

08/11/06 - Statements from Jan-2001 to Jan-2004 rec'd. Requested more but am waiting.

09/11/06 - Sending of prelim request for refund! £913.50

27/11/06 - Letter from Royal Mail, original prelim lost in post!!

06/12/06 - Another prelim sent :(

19/12/06 - Reply from Mr Langdale saying complaint received and that I'll have a proper response by 5th January 07....

 

Capital One - S.A.R - (Subject Access Request) 31/10/06

 

Sent off prelim for £392.00 - All adds up I suppose! 06-12-06

Partial Offer received 19/12/06 - £152, offer accepted as part settlement only......

 

GE Capital Bank - S.A.R - (Subject Access Request) 31/10/06

 

Store card account. Charges approx £200, prelim being sent off in the new year!

Link to post
Share on other sites

Why not get someone like Martin Lewis to look at it - get it exposed in the papers, TV etc.

 

Thats well worth a shot, anyone like to join me in preparing an email to Martin??

HSBC - S.A.R - (Subject Access Request) 30/10/06

 

07/11/06 - Letter refunding cheque and informing statements will be along shortly.

08/11/06 - Statements from Jan-2001 to Jan-2004 rec'd. Requested more but am waiting.

09/11/06 - Sending of prelim request for refund! £913.50

27/11/06 - Letter from Royal Mail, original prelim lost in post!!

06/12/06 - Another prelim sent :(

19/12/06 - Reply from Mr Langdale saying complaint received and that I'll have a proper response by 5th January 07....

 

Capital One - S.A.R - (Subject Access Request) 31/10/06

 

Sent off prelim for £392.00 - All adds up I suppose! 06-12-06

Partial Offer received 19/12/06 - £152, offer accepted as part settlement only......

 

GE Capital Bank - S.A.R - (Subject Access Request) 31/10/06

 

Store card account. Charges approx £200, prelim being sent off in the new year!

Link to post
Share on other sites

i cant beleive there are so many stories on here like mine. i was told it was my only option and i 'had' to do this, i was 18 years old at the time and the bank manager scared the life out of me, told me lies like it wouldnt affect my credit and would only stop me getting switch etc for 12 months. im now 23, have paid hardly anything as its mostly interest and cant get any other help from them on my account as its red flagged for good now in my opinion. just wish there was something we could do!

 

There is something that you can do.. I take it none of you read my thread regarding HSBC. I set this thread up so people would come in here gathered in one place, to show you are not the only one out there with this problem and like you say it needs to be tackled together maybe. The bee all and end all is how hard are you prepared to fight?? I am not saying it is a done deal i had soo many problems along the way with DG Solicitors, which was another reason for setting up this thread because they believe that they can do what they like, and you have to tackle them head on and stick to your guns.

 

Some of you say that you have defaults on your accounts now, well this is the time you stand up and fight. Be prepared to go all the way and if you have Loads of charges on your account, Mine was £2700 which was basically half of my Managed Loan why not look at disputing that you only ended up on the managed loan due to the ammount of charges if the charges is over half of what the managed loan is. You need to inform them that also if you had not been on a managed loan then you would have paid the remaining debt outstanding minus payments already made and due to the lesser interest that you would have had not being on a managed loan would of been settled some time ago. Again this is my opinion but read my thread and see what you think. The decision at the end of the day is down to you and how hard you want to take this. I in the end didnt get any money back from HSBC but what i did get was the managed loan cleared and the Default removed completely and not just satisfied.

 

Hope this is usefull to you all.

Paul

If you find this info useful please click on the scales in the bottom left corner of the thread :wink:

 

Vodafone To Remove Default Notices thread

Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help

Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB

Concluded Lloyds TSB for Girlfriend. 27/05/2006

Paid In Full Capital One £160 Settled

Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend

Paid In Full Cetelem £130 Settled

Paid In Full The AA £400 Settled

Paid In Full First National £160 Settled

PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180

Link to post
Share on other sites

Paul - this is my thoughts entirly - i have about £400 charges - and the reason they *made* me take the managed loan was due to being £400 over my limit - they combined my up-to-date overdraft that was interest free and my credit card which i had never missed a payment on and was within its limit - i just dont see the logic - now i'm paying back 3k on what would have cost me £1500!

 

i will be fighting this but due to current comitmenst it will be in teh new year i think!

People who haven't made mistakes, haven't made anything!

 

Link to post
Share on other sites

 Share

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...