Multiple HSBC loans

[inundated]

I have been reading various threads regarding unenforceable loans but have not been able to find anyone in a similar position to myself.

 

A few years ago I took out three separate loans with HSBC to cover existing borrowings I had with them. One was a personal loan, another was a managed loan in my own name and the third was a managed loan in the name of a business account that had ceased trading a couple of years previously but the bank allowed me to keep the account open to give me a higher borrowing capacity.

 

My understanding is that they structured the lending in this way to curcumvent their lending limits and possibly their duty of care rules.

 

I have subsequently lost my business through the fraudulent activity of my business partner, and I went to HSBC to try to renegotiate the interest and repayment levels. They told me the only way to do that was to default on the loans and wait for the accounts to be handed over to DCAs.

 

Now one of the loans has been sold off to Link financial and another is being chased by a firm of solicitors on HSBC's behalf. I am demanding the original signed agreements following advice on this website, but I wonder if I have a stronger case arguing that they should not have lent me the money in the first place.

 

Can anyone advise me on this please?

[Castlebest]

 

My understanding is that they structured the lending in this way to curcumvent their lending limits and possibly their duty of care rules.

 

Now one of the loans has been sold off to Link financial and another is being chased by a firm of solicitors on HSBC's behalf. I am demanding the original signed agreements following advice on this website, but I wonder if I have a stronger case arguing that they should not have lent me the money in the first place.

 

The banks lending limits are their own choice... its their money they are lending you so I think you will have difficulty finding fault with what they have done or even proof they have done wrong.

 

Duty of care is another matter, but you would still need to see the credit agreements to see exactly what you... and they signed up to.

 

Whatever you do to protect yourself the starting point will be the credit agreements you and the bank signed. I assume you have sent them a Consumer Credit Act section 78 letter to get this information, my own advise would be to also send a Data Protection Act SAR and get hold of everything they have in their possetion, it should give you a much better base to build your claim or start your negotiations.

 

pete

[inundated]

Thanks Pete,

 

I have sent section 78 letters to Link and to the Solicitors. I have not heard anything from them regarding the third loan in over a year, so I had previoulsy thought it better not to stir this one up in case it had been lost between departments.

 

Would you recommend sending a section 78 letter for this loan regardless?