Help

[maggiemagnet]

Hi all, well l'm new to this so here goes!!!

 

I have been with the hsbc for over 20 years and dispite a few ups and downs they have been ok!!!! Well l thought they had been until l realised having several loans with them over the years that l didn't need the insurance ect. In recent years things have been getting worse and l was just consoladating my loans every few months. I asked then to help me in Dec (which they refused to do) I then changed banks and am now with the Natwest. I have now joined the csss and have a DMP with them. HSBC have now offered to put my 2 x overdraft and CC and loan in to one loan (shame they didn't do this in the first place)

Anyway l am waffling

What l want to know is if l claim for charges and they say yes, will they take the money and pay off what l owe them or will it be mine?

I still have my bank accounts open with them? I have been advised not to have a managed loan and to keep it all open and separate. By Dec l would of paid money owed to family and be able to pay HSBC more than l can offer them now!!

All help would be good. I have a few other questions but don't want to overload you!!!!:grin:

Edited July 18, 2009 by maggiemagnet
!!!!!!!

[pompeyfaith]

IMO If you are in arrears any charges and/or PPI would be used to clear those arrears if there is any left after those arrears have been paid then that should be returned to you.

 

Have you checked out and read the stickys in the PPI forum as you may have paid PPI insurance on these loans and it could of been mis-sold.

 

PF

[maroondevo52]

Hello and Welcome,

 

Regarding the charges, they should pay them to you, but it's more than likely they will try to 'offset' them, to reduce your debt.

 

A lot of people have insisted the charges are paid to them and you can continue with court action if they refuse.

 

Regards.

 

Scott.

[maggiemagnet]

Thank you for your prompt reply. If l can pester you more!!!

Is it wise to except a managed loan for HSBC and close all other accounts down? they are refusing to stop interest anyway.

I'm afraid l have lived most of my life on have it now and pay for it later!!! As hard as it has been and continues to be re managing on what l have coming in rather than on CC and OD l am strangly empowered that l am now living with in my monthly pay rather on borrowed money.

I feel there is more that l can do to further reduce my outgoings and would like some help with this as well.

 

Any suggestions?

 

Also does anyone know about hire purchase loans on cars?

[maroondevo52]

Hi,

 

Have you considered sending CCA requests to HSBC regarding your loans,

 

Have a look at this thread, deals with the managed loan issue............

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/208714-hsbc-managed-loan-help.html

 

Regarding the Hire Purchase question, if you start a new thread in the forum 'linked'......................

 

Vehicle retailers and manufacturers - The Consumer Forums

 

Regards.

 

Scott.

[johnnymitch]

Hi maggiemagnet

 

Please , never ,ever consider being talked into a Managed Loan .

 

There are stories on these links that would give you the shivers :

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/139521-managed-loan.html

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/162162-advice-managed-loan-please.html

 

.......... and in the words of Pete Castlebest ,a respected advisor on here :

 

"I'd never advise anyone to let them ‘bestow’ one on you. It happens when you are deeply overdrawn - charges every month, then they present it like the holy grail - they will loan you the money to pay off the overdraft - you'll be back in the black - hurrah! and maybe even a little extra to spend on whatever you want. it's a con! you will be paying for that little loan for a long, long time to come - and I mean years and years and years! the loan rate is way above the norm - like at least 10 points higher. They pay themselves the interest every month, month in and month out and very little off the principle of the loan.

 

There are probably hundreds on this forum who are struggling with managed loans. Try to keep your head above water and do what you can to clean up your finances , but under no circumstances fall for hsbc's managed loan - it is like indentured slavery! You will live to regret it."

Edited July 18, 2009 by johnnymitch

[johnnymitch]

As Maroondevo says , try sending off a CCA to find if they have a copy of your original agreement ........

 

You could also try asking on the PPI forum for advice on claiming back any Payment Protection Insurance you may have been mis-sold.... lots of people have had refunds on this ......

 

Payment Protection Insurance (PPI) - The Consumer Forums

 

There are very good advisors on that forum , maggiemagnet - well worth asking them for assistance .......

And of course come back here if you need more info - I don't think you'll 'overload' us too much ........