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HSBC Managed Loan and how it's registered with a CRA


GreatWonder
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I'm considering a HSBC Managed Loan. Had one a few years ago, and despite being stripped of my Maestro / cheque guarantee card, it did help in the long run (wasn't a huge amount and was better than juggling money like I had been doing).

 

However, I am going to be in the position of applying for a joint mortgage next year and wondered how they register the loan with a Credit reference agency. IE is it listed as an 'adverse' loan or similar, or just simply a credit agreement? I won't be approaching HBSC for the mortgage, probably just going to be added to my partner's. I may even have paid it off by then. I did see the file entries on my previous Managed loan, but cannot remember how it was registered.

 

If anyone knows if it appears as a standard entry or otherwise, It'd be a great help.

 

:roll:

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I thought so.

 

Applied for a 'flexi-loan' anyway, they have referred it so will know in a couple of days. The telephonist said it's best to avoid a managed loan as they affect your credit worthiness (probably meant credit worthiness with HSBC then).

 

If I have to resort to one, it might actually help me in the long run, it's only for a grand and would at least show as an active credit agreement on my CRA (have been turned down for everything in the last few years, moved address too many times and no other credit history for anyone to go on).

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have you considered sending cca requests to your creditors? if they cannot provide you with a credit agreement ( and it appears that most people with debts more than 2 years old are finding that to be the case) they cannot register any defaults on a credit register, and also the debt becomes unenforcable so you can pay back what you can afford, or even make a reduced lump sum payment offer to clear the debt.

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