charges paid and managed loans

[sarey331]

hi all,

i know im not the only one to have a managed loan with hsbc, so im wondering what has happened to any of you who have been successful in getting your money back? have they just used it to pay off your loans?

i only got this loan because they kept charging the bejesus out of me ujntil i could never get back in the black

any words of wisdom warmly welcomed

[angela1606]

i was in same position as you twice i had an overdraft with bank twice they talked me into a managed loan both times about £800i am now starting to wonder as i have only just started on my quest if i should fight back on this as well as it was their charges that forced the loan

[speedy]

I have a managed loan from hsbc. Still owe them 4k and the payments are only £86/month. Wish id never taken their advice but nowt i can do now.

[jo5ephedward5]

I have this to - i exceeded one of my overdrafts by £400 and wrote offering repayment of £50 per month to get it in check , they wrote back and said they would accept this but they were closing my credit card, removing both my overdrafts and would give me £1700 i had 10 days to sign or pay in full - i had no choice - i now pay £50 per month and interest is £28 per month - how is that helping me when i had an interest free overdraft before and now i'm paying these kind of interest rates? they have forced me into more debt in my opinion - but i guess there is nothin i can do about it

 

the also mark my credit file late as every month and i dont knwo why - its always paid on time via standing order

[sarey331]

i had a standard loan of around £1000 with hsbc, then i started on the slippery slope of an overdraft. only a small one because at the time i was on a low income and knew not to take on too much borrowing. however when the charges starting coming thick and fast for the smallest of excess transactions they let me go for months being charged to f*** then offered me the managed loan. when i say offered i mean they phrased it in terms that i could not refuse.

i didnt think at the time about interest rates and length of repayments etc etc but now i look back on it im quite sure they stand to make more money out of my financial misery than they would have done if they had reduced/suspended/refunded the charges they applied to my overdraft.

 

what im wondering now though is when (not if) they refund me my £750 charges, do they have the right to pay it into my managed loan account?

also im a tad confused, are these loans marked as a defualt or a negative record on credit history? they didnt tell me if that is the case.

the more i learn about this bank the less i want to know .

[angela1606]

im a bit lucky in the fact that i have now paid off my managed loan so they can take any of mine for that but i have an overdraft so knowing them they will mysteriously want to take away the facility from me oh well still only a 900 od so i still walk away ok

[jo5ephedward5]

i think if they do you can challenge it as its a different aggrement - after all if you put cash in your account they cant take it to pay off their loan - its the same thing if you ask me

[kurjam]

So Can You Acctually Make A Claim For Unlawful Charges With A Managed Loan, I Had One And Paid £150 Per Month, I Then Closed My Account With Them And Now Pay £12 A Month..

[j.wandless]

Hi

 

I recommend anyone who's had a managed loan look at the following:

 

janeyb v Lloyds - MASSIVE SETTLEMENT !!

 

in the Lloydstsb forum. She had to take out a 10k loan to pay off debts and added it to her original claim of approx 7k - she got it ALL back.