Sara V HSBC help needed

[saraloui69]

hi guys

I just wondered if anybody has a managed loan with HSBC? I have been paying them £110 a month for the last 18 months and my balance has only come down by £181 i was mortified and got a statement from them.

Only to see that when i pay them the £110 interest is added back on between £80 0 £90 a month so at this rate i will be 77 before its paid off and will have paid them back in the tune of £64,000 for £7,000

I would be most grateful if anyone could help me

Thanks sara

HSBC bank charges - £4200 - claimed 20/7/06 - no reply

Capital One - £484 0- claimed 27/7/06 - no reply

Abbey - £953 - claimed 4/8/06 - no reply

[rdm2006]

Hi sara

 

This is how the loan and mortgages work. in the first few years you are paying mostly interest but each year the amount of the loan gets smaller and smaller and so does your interest, as the interest gets smaller the amount of your payments which go to paying off the loan gets higher. However, if this loan (or part of it) is due to unlawfull charges applied by the bank you may be able to claim back the interest on that amount.

 

hope this helps

[saraloui69]

thanks for your help, much appreciated