HSBC assistance wanted

peteuk

I have been in dispute with HSBC now for 8 months about a managed loan.

The loan was taken out in 2000, during 2003 the payments were changed (lowered) but no new loan agreements made.

I have asked for an original copy of the loan agreement, but they have said that due to the data protection act they only keep them for 6 years. But can produce a copy of the loan agreement. But nothing relates to the lowered payments.

I have put the loan into dispute and in Jul stopped making payments. I have written to HSBC and informed them of this, however was unable to cancel the standing order.

Over the following months they have continued to apply for the standing order and now my current account is £130 overdrawn (chargers) my loan is £400 in arriers and HSBC are being a pain in the rear.....

I dont know what to do next. I can afford the payments however I have stressed to HSBC that having paid the loan for 8 years plus, there seems no end in site.

I would love for them to pass it to a debt collector and then we can sort out making payments that reduce the total, not just pay off the interest.

boredofbeingathome

Is your account with HSBC?
If so i would change accounts.
I would also claim back your bank charges.

If the account is in dispute have you made any payments on it at all?

peteuk

I do have an account with HSBC, they wont let me close it nas it feeds payments to my loan.

I have asked for the chargers back but they suggested they put a reducing overdraft on. Mean while I can complain about the chargers.

I mainly bank with another bank and put the loan payment into the HSBC account at the start of the month.

Ive been paying the loan for the last 8 and a half years.....

boredofbeingathome

It may well be that you need a full account from them of exactly how much you owe. I think it could work in your favour if there was no new agreement as the interest charges will have been set at the beginning of the loan..once the full amount is paid off that will be that. Have you had an up to date balance recently? There will or should also be a set amount for default charges against the loan..so it may well be that these are separate from the overdraft and applied to the loan account. I think that you may well have a good case for getting these back if they are more than the three months you have defaulted on the payments for. I would ask for a full account of transactions on the loan for the past 6 years.

With regards to the overdraft and charges being paid into it..well, that should also give you a bit of breathing space..It could mean you would start with a clean slate on that score.

peteuk

The full amount I owe is £3040 (loan) and £130 (Over drawn)

The interest rate is 5% above the base rate, which is why they cant tell me how many more payments are left. I can only get estimated amounts of payments. The original loan was taken out 2000, with no interest added I have another 38 payments.

3 more years, a loan taken out in 2000 and then paid off 2011.... i have no idea of how much I would have paid them back. Wish I hadnt taken the loan out in the first place. But thats hinsight for you.....

Since then my wife has become in debt and we are sorting that out slowly, but we would have probably paid that lot off prior to paying off my loan....

HSBC tried to "help" me but wanted payments of nearly £200 a month to cover the overdrawn amount and arreas on the loan.