HSBC Reject Payplan Proposal

Deep_In_Debt

Apparently this is standard procedure for HSBC. I don't have any debts with them but have read countless posts about how they try and "sell" managed loans but they do eventually accept dmps - they obviously just try and get more money out of you first...you just have to pay them what you can afford and not "bend" to them.

Margin_Walker

I'll start by saying that I work for HSBC so make of that what you will but a managed loan is not a product that is actively marketed in any way. If a dmp is accepted it will always be on the basis that the payments are made to one consolidated Managed Loan account. No extra funds are released and the interest rate( maximum 7% above BOE) is usually lower than every other debt that is being repaid, while over payments can also be made to the account.

I've yet to see an example where they have accepted a dmp without a Managed loan

Jolly2009

piptom&AndyPandy wrote: »

Hi Just wondered how long you been on dmp? HSBC sold two of debts this yr been on it just over a yr

Thanks
Pip

Hey,

I've been in dmp with payplan for just over a year and in past couple of months I received the letters re DCA. Originally it was passed to Metropolitian which I beleive is part of HSBC it's now with an external DCA which have been fine and willing to continue as before and aware of payplan.

MadDogWoman_2

Hi,

I've been on a DMP with CCCS since 2006 and only today I have received a Managed loan agreement to sign from HSBC.

Up until today HSBC have always rejected the proposals frpm CCCS and continued to charge us full interest. Our CCCS payment only covered half the monthly interest!

They have stated that they will accept the payment from CCCS rather than the payment set by the loan. However, I am reluctant to sign anything until I've been advised by CCCS or here (a thread has been opened).

MDW

sunshine38_2

Hi there, I've just popped on to ask a question about OFT guidelines and whether they applied to banks/current account/managed loans because my hubby's being tormented by HSBC now.

Strangely, they started off accepting our CCCS payment proposal (oh and they also enclosed their version of managed loans/reduced payment paperwork - which we ignored). That was in July 2008. We were told that to sign the HSBC Managed Loan paperwork that we would, in effect, be taking on more credit and that would break the terms that you agree to when entering a DMP - which is NOT to take out any further credit.

Now though, it's a different story altogether. We got a letter from CCCS saying that HSBC had refused any further payments from them.

I know that's not very helpful in your circumstances but from reading the experience of others, it is usually the other way around, i.e. they refuse at first but then accept it.

I know I need to post somewhere else for some help for hubby's debt but wanted to wish you luck.

Sunshine