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New Guy....Same old HSBC Managed Loan...

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:confused:Hello all...

 

My names Ray and I have been reading through some of the success stories on the forums here over the last few weeks, mainly anything I can find rgarding the 'Managed Loans from HSBC. I took out a managed loan in June 2005 to cover two HSBC credit card debts and an overdraft with them.

 

The loan was for £10,480.00 and the interest on the originals document states:

 

145 monthly repayments of £134.00 at an APR of 12.1% variable and then states directly underneath, 'Interest rate 7% over base rate which at date of agreement gives a variable per annum rate of 12.10%.

 

It further states:

 

Total charge for credit, comprising £8,894.36.

Interest £8,894.36

Arrangement fee £0.00 ....didn't want to get too greedy I suppose.....

 

Fortunately, my wife and Iare in a much better financial position now and have taken a loan with the Halifax to cover the managed loan.

 

The HSBC loand still stands at ... wait for it....£9,340.00 after four years and payment of over £6000.00

 

I want to settle this and get it off our backs but I would like some expert advice on what to request regarding a settlement figure and also whether we have the right to claim any interest back as well?

 

Thanks in advance to any replys... I will be keeping an eye on the forum (and the other on the final of 'I'm a Celebrity...sad I know...) and hope to get some of your magic financial wisdom soon.

 

Regards

 

Ray

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Hi Ray just wanted to say welcome to CAG:) Don't really know what to advise but more experienced people will do soon. Just wanted to welcome you:)


<<<If I have helped please tickle the scales;-)<<<

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Hello and Welcome, Ray.

 

I'll move this thread to the HSBC Forum, you should get help in there.

 

Regards.

 

Scott.


 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

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Hi Ray, welcome to the forum:)

 

There is a similar case running alongside yours at the moment :

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/171912-hsbc-managed-loan-help.html#post1854604

 

I think pete castlebest is probably the best one to advise you on Managed Loans ..... I should think you'll hear from him shortly , but meanwhile see if the above link gives you any ideas.......

 

Come back and ask if you've any further queries ..... someone will answer and we're a friendly lot on here ... :D


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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I know HSBC managed loans are not cheap and you do not state how much of the loan is made up of credit card debt and how much overdraft. However, interest on the credit card porion would have been approx 22% and on an unauthorised overdraft at least the same as you are paying plus you would probably have returned cheque charges. They therefore have certainly taken a nice sum but have also saved you money. With the loan being linked to base rate it is to be hoped the interest will have now decreased.

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laffin,,, do you live in the real world Rhino?

 

here are my thoughts on Managed Loans

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/171385-managed-loan-hsbc-pease.html#post1850037

 

And actualy Rhino has raised a valid point, if you have any charges included in the accounts that were rolled up into the loan claim them back :)

Edited by Castlebest

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dont understand, all i am saying is the managed loan was cheaper than paying credit card interest rates. There can be no argument with that fact in the real world or any other.

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Thanks for the replys people! and to Jonnymitch and castlebest, I will take a good look at the links you supplied this afternoon.

 

I better start 'swotting up'..................

 

I hope the 'HomerSimpsonitis' doesn't flare up!!!!!!:D

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.................replies....................not replys..........

..........HomerSimpsonitis is kicking in already!!!!:eek:

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