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HSBC Brakes verbal loan agreement

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Please excuse me my language, spelling and grama mistakes buy english isn't my first language.

I have been with HSBC for nearly 10 years, never had any problems with my credit cards or late repayments. What's more about 6 years ego I took a loan from them for £10 000 to buy new car which I paid off within 16 months despite the fact the loan agreement was for 36 months. Till now I thought I am respectable customer to them.


....I couldn't be more wrong. Last friday I noticed their advertisement for PERSONAL LOANS. I was kind of thinking to buy new car and I was curios If I am legible for loan of £10 000. HSBC gives 3 options for applying. Online, visiting the branch or telephone one.

As I work a lot and don't really have a time for visiting banks I decide to apply via telephone. To start with I made it clear that I may need the loan for the second hand car of £10000 but on this stage it is only general enquire and If my application gonna be successful I will made my mind if I really need it. I have been told over the phone that's absolutely fine and if my application is successful I have 14 days to sign agreement forms in my local branch.


The whole creditability check plus a lots and lots of questions took over 40 minutes. I took it with patience and I passed with full honestly my answers for questions regarding my income and outcome. I was announced with very exciting voice that my application was fully accepted. I was pleased but still not sure if I need this loan. I said thank you very much now I just need to think about my situation and if I think that given loan which I will have to pay off for the period of 36 months is good for me I will come back to them. I only ask one more question as to be honest I was a little bit suspicios with how easy that gone, what else I need to do to get the money from the bank if I decide so. The answer was " All you need to do is to go to your local branch to sign the agreement, I should be taking with me any ID with photograph like EU driving licens and proof of address like utility bill. I only asked one more question if there might be any problems at the bank's branch I will be going to or maybe I will need to take any proof of employment with me. The answer was " No it's not necessary".


I took one day to think about the best option of financing my new/second hand car and I decide to go with HSBC. I call them again to tell I want to go for the loan and to confirm what I need to bring to the bank's branch with me. The answer was "The loan has been approved you just need to pop in to the bank to put your signature.


Right I don't know if you can call me naive but on this stage I assumed that corporation like this would take a Mickey of me and they basically worth to trust. I know all conversation are recorded - and I decide to start looking around to find good car for me. I didn't run straight to the bank to sign papers as I knew I have 14 days and on this stage I wasn't even sure if I gonna find a car I like so I didn't want to sign for something which I may not need at all. I got 14 days to put my signature on and as I was told on few occasions of telephone conversation I would need to wait only up to max 2 hours for money to appear on my account.


I have started looking for the car on Autotrader.co.uk. I have arranged few viewings, traveled over 700 miles in total to view cars.. Took 2 days off from work and finally I paid £700 deposit to secure the car I liked plus £130 first payment for car insurance not mention over £100 cost of petrol for my traveling.


Next day I called HSBC to check if I could arrange a appointment rather than coming randomly from the street as I might be tight on time and I would like to complete all paper work and transfer the money as quickly as only possible. I managed to confirm 3rd time that I need to bring only ID plus proof of address- no further check of creditability Despite not receiving an answer from them with regards of booking the appointment - previously promised I went next day to the branch as requested. I was going to take a train after that to travel 200 miles to pay off balance for my car and to collect it.


As everyone probably can guess person who was dealing with me at the branch aparently announced me that I spend more than I earn and from this reason I not gonna get the money !!!


Now to cut it short my point is that even if that is a true that I don't have enough money for repayment. Which isn't true. They shouldn't aprove my loan application when I phoned them to apply! I asked them 3 times in total over the phone if there is anything I should be aware or should I be worry about - the answer was always the same "NO"


In my opinion that was absolutely disgusting the way they treated me. To me they were bounded by verbal agreement which was always recorded over the phone. I raised the official complain to HSBC Customer Service and I must to say the manager I spoken to showed me a symphaty to my situation and I managed to make him say that it's not right that I got 2 different opinion on the same matter. I was promised their urgent immediate action on the case and I should be informed on the results some time on coming Monday. I already managed to reschedule collecting the car and paying the balance to Tuesday but if I won't pay it I will loose the car and the deposit !!!


I would like to ask for any advice how to deal with them.


Any comments very much apreciated.




Edited by pit76
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Verbal agreements have no value unfortunately. I was quizzed on this and mentioned verbal communication but from the Judge's body language and so forth I got the hint verbal agreement is of no value unless there is a recording of it. Now if HSBC have got a recording they wont share it with you for your benefit so in essence you need your own.


It is best to keep everything in writing.


If you could by any means get the deposit back that would be good as I wont recommend HSBC at all. In their Terms and Conditions somewhere it may well be mentioned "full amount repayable on demand" which they enforce sometimes.


The staff at the branches are useless. First of all you got the clipboard tea boy who you explain everything to, then he dont know which person you need to speak to. When he finally finds you someone to talk to, you explain the situation again to them - pathetic.

I went all the way to court to seek compensation for "damage to creditworthiness" against HSBC. I lost unfortunately.

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Hello noddy997


Thank you for sharing with me your thoughts on this matter. In the mean time I spoken to solicitor and on this initial stage he said to me that my position is relatively strong in this argument as I asked for confirmation 3 times and every thing should be recorded. Another question is if they really gonna share with me their telephone records. But If they record for their benefit they may not have a right to refuse me having the written transcipt of them.

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Not to be rude, ou might be jumping ahead of the gun mate.


The person you spoke to at branch may not be experienced.


From my experience, everyone from the assistant manager and below could not find some notes on their own system. When I spoken to the branch manager he did find them and said "I looked in another part of the system, and that's where they where."


It depends who you speak to as well.

I went all the way to court to seek compensation for "damage to creditworthiness" against HSBC. I lost unfortunately.

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When they informed me about rejecting my application at the branch the person who meant to deal with my case left me alone at the desk to consult the matter with some senior HSBS person. And you are not rude at all. I appreciate your comment. I have just spoken to solicitior as I wanted to confirm my rights. Which is always usefull to know when it comes to explain my point of view to HSBC.

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"Till now I thought I am respectable customer to them."


Remember one thing, large companies are so big that they dont care about customers especially of people like me and you. So it doesnt matter how long you been with them.


If you was Alan Sugar or another very rich folk, they would open their arms for you and provide you with royal service.

I went all the way to court to seek compensation for "damage to creditworthiness" against HSBC. I lost unfortunately.

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