HSBC Managed Loan Account

[purplepumpkin]

Hi

 

I would like to thank you for taking the time to read my thread & any further assistance that you may be able to provide, in helping myself & other individuals improve financially.

 

Ok! I'm not going to bemoan my fate & say unfair this loan is & how I was was tricked into this situation, by some nasty HSBC employee in a Indian call centre. Banks are apart of our capitalist society & we are responsible for allowing them to gain so much control over our lives. I would just like to be rid of it legally & give HSBC the kick in the teeth it (perhaps) deserves. Then I can live off grid & pay for consumables with veggies grown in my garden & eggs my hens lay (mmm...perhaps not?)

 

I would like this thread to be clear, concise & helpful to all who read it. So let's keep it simple.

I'm in possession of the original ML agreement & T&C's, these are attached. I seek clarification of how (if) the ML is unenforceable & the procedures I need to take in (perhaps) getting to the loan nulled.

Surprise is the best form of attack. I want to hit HSBC without them knowing, until my first letter arrives.

 

In a nut shell I believe my ML is in breach of the Consumer Credit Act 1974 (amendments made in 2006) & therefore unenforceable by law.

 

The law's that govern this land are intricate & often complicated. But everyone has to follow the strictest guidelines, otherwise what's the point in having these rules & laws. Basically it's all in the details, & HSBC it seems have been a bit sloppy in their administrative duties when drawing up this loan.

 

The Discrepancies

 

a) Miscalculation of monthly repayment & APR - £9550 x 128 (@14.8%) = Monthly repayments of £147.76 (not £143.53. I know it's a mistake in my favour but it's a mistake none the less. There is no room for mistakes in law!!)

 

b) The agreement does not contain a clear breakdown of repayments, including 'Total amount payable under this agreement' (every other loan agreement I've ever had does. I'm pretty sure I has to)

 

c) There seems to be a contradiction in the agreement as to when the payment is made. The 1st of each month won't always be the same day in each month, due to the fact that some months have 5 weeks in them (You have to love the Romans). You have to have one or the other, otherwise that's not playing fair now is it?

 

d) The phrase 'typical' is not used in regards to explain the APR.

 

e) I have 2 versions of my loan agreement, the original that's attached & the other is a print out I got from the bank. The one from the bank doesn't have my signature on it. However, the original I have does (as you can see), but the counter sign signature is not the same. How very strange! If the one on record at the bank isn't signed by me then I'm pretty sure the agreement is incomplete & unenforceable.

 

There might be a few more but I've not totally read (understood) the Con Credit Act 1974 or the amendments made in 2006.

 

So that's it! If you can provide any help in this matter I would be extremely grateful.

 

Kindest Regards

 

Darren

Loan Agreement.pdf

Managed Loan - TC.pdf

[Castlebest]

Hiya purplepumpkin and welcome to the HSBC forum I think I need to tackle your question from another angle .

 

Why do you want your loan to be uninforceable? sure it means the bank shouldnt try to collect it but its still there... and they will try to collect it anyway because its money you have had from them and spent or so they will think .

 

Uninforceable agreements are not a silver bullet answer to get rid of your debt... if the bank take you to court the judge will want to be seen to be fair and reasonable and he will see you have had the money so the reasonable thing would be to pay it back.

 

If you do have an uninforceable agreement the thing to do is negotiate... dictate the repaymets you will be making to the bank including exactly how much you will pay back and stick to it .

 

I think you also need to look at what was included in the loan... was it money you used or was it charges they made to to your account/s for their "services" lol if the debt is mainly for the banks charges then I think you need to start a claim to recover those charges

 

pete

[purplepumpkin]

Hi Pete.

 

Thanks for your informative reply. I think I need to tackle your response from a another angle.

 

Why would you not want to do anything that could improve your finacial situation & help in the future? If you found a lottery ticket that had all the winning numbers on it, would you had it to the police or claim the money?

 

What I intend may be morally questionable & may not adhere to the ethics of fair banking. Hey, I never said that I wasn't persuing this for selfish reasons & my own financial advantage.

 

It's a legal principle. The CCA 1974 states that lenders must adhere to procedures that includes the written format of a loan agreement. If the bank has been naughty & not crossed all it t's & dotted all it's i's properly then the agreement maybe unenforceable. If this provides the opportunity for myself & others in a similar situation to break the shackles of a loan that is often impressed upon us, then I'd be a bit of a fool not to 'want to make the loan unenforceable'?

 

All I & others seek is clarification of how to proceed.

 

Thanks

 

Darren

[Castlebest]

Hiya Darren, I wasnt judging you just making sure you realise the bank arnt going to let you walk away with their money, they will fight to get it back and the wording of the CCA is the only defence you will have.

 

This will put any county court judge in an impossible situation, on one hand the bank can prove you owe them money but on the other hand you can prove the bank dont have the documentation they should have.

 

I think this thread may be useful to you.

 

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/251658-irredeemably-unenforceable-agreement-but.html

 

pete

[a_bx]

Hi Darren

I know this thread is a few months old but has their been any progress on this miscalculation issue?

 

Funnily enough I have now spotted a repayment 'descrepency' with a loan I have too and I think it may be a Unfair Relationship issue as a result.

[rdm2006]

c) There seems to be a contradiction in the agreement as to when the payment is made. The 1st of each month won't always be the same day in each month, due to the fact that some months have 5 weeks in them (You have to love the Romans). You have to have one or the other, otherwise that's not playing fair now is it?

 

 

HUH?

 

The 1st of the month will always be the 1st of the month, it may not always land on the same day of the week, but it will still be the 1st day.....

 

So I wouldn't include that in any documents

 

Edit, Just noticed - you have left your name on the T & C's doc - top left corner under "Managed Loan"

Edited June 26, 2010 by rdm2006