HSBC Managed Loan -

noah271007

Called HSBC just now and confirmed it is currently 8.5% APR. He also confirmed that if there is further reductions on current base rate of 1.5% then it will continue tracking the base rate until zero (if it even comes to that). Also, he said that i am better off being on the managed loan because HSBC best personal loan interest is 8.5% APR or slightly more. Anyone confirm this is correct?

I asked him about whether managed loan is calculated by flat interest rate but he hasn't got a clue what i am talking about.

ShelfStacker_3

That's pretty much correct. Like I say, 8.5% is better than the promotional rate for staff... lucky sod.

noah271007

ShelfStacker wrote: »

That's pretty much correct. Like I say, 8.5% is better than the promotional rate for staff... lucky sod.

Me a lucky sod? I shouldn't been on the managed loan in the first place! Thieving b*stards HSBC!!!!

ShelfStacker_3

noah271007 wrote: »

Me a lucky sod? I shouldn't been on the managed loan in the first place! Thieving b*stards HSBC!!!!

Fair point, but still... lucky, rateswise.

noah271007

new2civvystreet wrote: »

I know of a few managed loans being opened with HSBC. For you to compare your experience noah271007:

At the time the member of staff completed a full budget planner with the customer to make sure there was absolutely NO other way they could afford a personal loan/overdraft/credit card. They then explicitly told the customer that this was an absolute last resort. They made sure the customer realised that there was NO chance of any other lending being available from HSBC while the managed loan was in force. The customer was then put on the phone with the assitance of the member of staff to talk to the right department to get the loan put into place.

I just went through this thread again and ive missed this post so would like to make a comment on the above quote. NOTHING of that kind was explained to me when i was in the branch back in 2006. The advisor did not make me aware that accepting managed loan would be a last resort or restrictions on further lending within HSBC until managed loan is paid off.

I have requested CCA today to get them to produce a certified copy of the agreement with both signatures. If they could not able to produce one, then i will get them to write off the managed loan. This would be what i call a sweet revenge!!

chambta

noah271007 wrote: »

Called HSBC just now and confirmed it is currently 8.5% APR. He also confirmed that if there is further reductions on current base rate of 1.5% then it will continue tracking the base rate until zero (if it even comes to that). Also, he said that i am better off being on the managed loan because HSBC best personal loan interest is 8.5% APR or slightly more. Anyone confirm this is correct?

I asked him about whether managed loan is calculated by flat interest rate but he hasn't got a clue what i am talking about.

Call centre staff, eh!

If that's your rate stick with it. Base rate reductions have done you a favour.