GTVV6 -v- HSBC (how do i begin?)

[GTVV6]

Hello all, hope everyone is well

 

Its been an eventful few weeks which hasn’t given me the browser time I normally have! In a nut shell, I’ve got a new job (YAY!) with a small pay increase and have been working my butt off trying to impress, consequently I’ve not had the energy to come online much.

 

Anyway, something a bit more interesting than my general fatigue is that after speaking to HSBC on 3 occasions I’ve managed to get hold of a copy of my Managed loan agreement. What I’d like to achieve is the same as most people on here, I want to calculate and demand back any charges I can from the following:

 

HSBC – Managed Loan (ML) Started in early 2006, a few years left to run)

HFC/Benificial Finance – Personal loan x 2 - one has finished, the other has 1.7 years left

 

A very brief history as to how I got myself into this position. The family had got into a bit of trouble when my father got ill and I had to take some action to keep us all afloat. I took a loan from HSBC and HFC which I was happily and easily paying off, it wasn’t a big problem. My father got better and 4 years later life was back to normal. Then in 2006 I got made redundant and it took me 5 months to find work again. I had temped for nearly all 3.5 months but at a fraction of the income. A few missed payments later I was being faced with a managed loan from HSBC which, in order to reduce my monthly payment I took. That’s where it all started.

 

Now, from the moment I started work again to this day I’ve never had a problem paying the monthly balance for these. I one point had 3 loans I was paying back and I haven’t missed a payment since I started working again in mid 2006.

 

As I said I’ve now got a copy of my contract from HSBC regarding the ML, I would assume I would also need the same from my HFC accounts too? I’ve probably missed it but is there a step by step process involved?

 

Im not worried about getting another bank account (even after nearly 20 years of loyalty) but I don’t know what one to go for. Doing a search just confuses me even more, I just don’t know why.

 

Did anybody else feel a bit overwhelmed by the task ahead of them? I’ve been reading various posts and I should have a clear idea of what I need to do but it’s just not clicking. What methods have people used to keep track of what they have done and how do you know what to do next?

I’m so confused I can’t think, I never used to be so stupid, but having to worry about this most days has turned my brain to mush.

 

Help? :cry:

[johnnymitch]

Hello all, hope everyone is well

Hi GTVV6 ...welcome (back?) to the forum ....... .....

Its been an eventful few weeks which hasn’t given me the browser time I normally have! In a nut shell, I’ve got a new job (YAY!) with a small pay increase and have been working my butt off trying to impress, consequently I’ve not had the energy to come online much.

Congratulations on getting a new job .... but I'd make sure the pay is out of HSBC's clutches .... only pay them what you need to while you take stock of the situation ..

 

Anyway, something a bit more interesting than my general fatigue is that after speaking to HSBC on 3 occasions I’ve managed to get hold of a copy of my Managed loan agreement. What I’d like to achieve is the same as most people on here, I want to calculate and demand back any charges I can from the following:

 

If you can post your Managed Loan agreement up (using photobucket or similar .. someone will have a look and give you an opinion on how to proceed . ...

 

HSBC – Managed Loan (ML) Started in early 2006, a few years left to run)

HFC/Benificial Finance – Personal loan x 2 - one has finished, the other has 1.7 years left

 

A very brief history as to how I got myself into this position. The family had got into a bit of trouble when my father got ill and I had to take some action to keep us all afloat. I took a loan from HSBC and HFC which I was happily and easily paying off, it wasn’t a big problem. My father got better and 4 years later life was back to normal. Then in 2006 I got made redundant and it took me 5 months to find work again. I had temped for nearly all 3.5 months but at a fraction of the income. A few missed payments later I was being faced with a managed loan from HSBC which, in order to reduce my monthly payment I took. That’s where it all started.

 

That's how they get you ..... they really are the pits .....

 

Now, from the moment I started work again to this day I’ve never had a problem paying the monthly balance for these. I one point had 3 loans I was paying back and I haven’t missed a payment since I started working again in mid 2006.

 

As I said I’ve now got a copy of my contract from HSBC regarding the ML, I would assume I would also need the same from my HFC accounts too? I’ve probably missed it but is there a step by step process involved?

 

Send a CCA to HFC asking for copies of your Loan agreeents with them too ........in fact if you do a SAR (costing a Tenner ....) they've got to give you everything they've got on you .....all accounts , correspondence, agreements ......

1 . here is a link for the CCA - costs £1 and they've 12+2 days to produce your agreements (letter N is the one you want )

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20758-creditors-dcas-letter-templates.html#post162353

or

 

2. This is a link for a SAR ..... they've got 40 days to produce everything ...

http://www.consumerforums.com/resources/templates-library/48-bank-templates/110--data-protection-act-1998-subject-access-request-

 

 

Im not worried about getting another bank account (even after nearly 20 years of loyalty) but I don’t know what one to go for. Doing a search just confuses me even more, I just don’t know why.

 

I would say just open an account to handle your everyday Income & Expenditure, with a bank which has no connection with HSBC (there's no such thing as Banks loyalty these days . they're not fussy if you've been with them for 40 years or 40 minutes ) . That way they can't start playing silly beggars when you ask for agreements etc... they've been known to startt asking for full settlements and using money from other accounts with them to settle loans etc ..... which they're entitled to do under 'Rights of set-off ' ...but they can't if your money's not with them

 

http://www.consumeractiongroup.co.uk/forum/general/13832-do-you-need-parachute.html

Did anybody else feel a bit overwhelmed by the task ahead of them? I’ve been reading various posts and I should have a clear idea of what I need to do but it’s just not clicking. What methods have people used to keep track of what they have done and how do you know what to do next?

I’m so confused I can’t think, I never used to be so stupid, but having to worry about this most days has turned my brain to mush.

 

Help? :cry:

 

btw ... just another point .... a Managed Loan is supposed to be a short-term loan to help you through a difficult patch .... they're supposed to review it periodically (I think it's 6 monthly ) to see if they can give you a better deal which is beneficial to you . It's not often that they do this,,,, but it should be in the Terms & Conditions of the Loan somewhere ...

 

Take it a step at a time , GTVV6 ...... and you'll get there ..... and of course come back and ask if you're in any doubt . someone will answer and we're user-friedly ....LOL !

Edited December 15, 2009 by johnnymitch
tidying up .....

[GTVV6]

johnnymitch, you are a legend sir!

 

thanks very much for your help with this.

 

this is the entire pack (10 pages) i got when i asked for my agreement.

 

let me know what you think. would it be advisable to send a SAR to HSBC now that i have the agreement? or would having this be enough?

 

Plans for the weekend it to send off a SAR letter to HFC, i'll have a search for the correct address on here.

 

also i'll open another back account over the weekend before i do anything else. as you say just to be on the safe side.

 

i hear what you are saying about this being a short term loan, and as you've pointed out i should have got some sort of review, but i never have. if that was the case i wouldnt still be on an ML.

 

again, thanks for your help and i'll keep everyone updated.

 

Umar (GTVV6)

Edited December 15, 2009 by GTVV6

[johnnymitch]

Oops ! Umar , please take your attachment out straight away (use edit/delete)....there are personal details on there which should not be on site ........

I'll get back to you on the rest , but please mask the personal stuff before reposting the documents .....

[johnnymitch]

Sorry about that Umar, I should have said that when i asked you to post the docs ..

 

Now , as to your other queries ....

 

I wouldn't bother with a SAR to HSBC now if you've got all the documentation you want .... unless you're considering a reclaim for bank charges they've hit you with over the years .......

 

But it won't do any harm to send one to HFC ... that way you'll get all that they've got on you ..... and you can work out how to proceed .... in my opinion it's much more value for money than a CCA ....

[GTVV6]

Sorry about that Umar, I should have said that when i asked you to post the docs ..

 

Now , as to your other queries ....

 

I wouldn't bother with a SAR to HSBC now if you've got all the documentation you want .... unless you're considering a reclaim for bank charges they've hit you with over the years .......

 

But it won't do any harm to send one to HFC ... that way you'll get all that they've got on you ..... and you can work out how to proceed .... in my opinion it's much more value for money than a CCA ....

 

thanks again johnnymitch, ive taken off the PDF but wanst sure what details i need to show and what not too. i thought i had got rid of all the detail but obviously not

 

i'll be putting the letters together in the next couple of days and will share them once done.

 

Everyone is invited to give me their opinion! whether its good and bad i dont mind, just keep 'em comin'

 

regards

 

Umar

[johnnymitch]

Well done umar .... keep us posted .. there's plenty of help on here if you need it ....