Threatening Letter From HSBC. Help Needed!

Margin_Walker

RAS wrote: »

Well the managed loan I know best had all the interest rolled up into it, for the principal and the outstanding OD and the PPI, as well as the cost of the single premium PPI.

Which means that 60 percent of the value is PPI, charges and Interest.

Was this a long time ago? Managed loans dont involve PPI at all. In fact if it draws down to replace a personal loan the remaining PPI premium is refunded and taken off the balance.

WoodruffsDad

What is meant by "metropolitan"?

looby75

Margin_Walker wrote: »

I appreciate there is a lot of suspicion related to managed loans and thats fine. I think they serve a purpose and I would take one if I was in difficulty but I work for them so i'm obviously not the most impartial person to take advice from.

my sister was made redundant in '02 and HSBC out of the kindness of their heart offered her a managed loan after 4 months of reduced payments.

7 years on she owes almost as much as she did back then.

The only purpose a managed loan serves is to make HSBC more money than than the original loan ever would have :mad:

dottydora

HSBC have hounded me almost daily for months since setting up a DMP and despite paying the DMP without fail since September they continued to charge me £25 per month for non payment of the original amount and kept refusing to accept the offer. In their defence though, I agreed to a managed loan back in March 08 and had I been realistic about waht I could afford it may well have worked well, sadly I was not realistic on what i could survive on and now I'm my situation is considerably worse, but I do not hold HSBC responsible for this.

WoodruffsDad

I am the OP and here's an update:

My wife has 'phoned CCCS this morning and, to be frank, was not impressed!

The girl at CCCS said that they would send another Statement of Means to HSBC but that could take up to 10 days. When my wife asked what she should do now the reply was "nothing"! This has left her still feeling very worried and, indeed, bullied!

Should my wife write to Helen Packwood at HSBC and tell her (for the umpteenth time!) that CCCS are dealing with her finances and in future to contact them direct and not harass her?

P.S: What is meant by 'Metropolitan' please?

RAS

She can try and she can point out that the OFT expects that creditors will deal with the debtors nominated representative.

The possible future problem is that if the bank then get more difficult, your wife will not recieve the termination, default letters or CCJ papers.

She really does need them to come to her, so that she can deal with them. CCCS and any other debt charity will render and admission and there may be technicalities thaat enable the missus to challenge the case.

VanillaDelia

Metropolitan are HSBCs in house DCA. I have a CC thats in their hands and maybe my £50 overdrawn bank account might end up there. I wouldnt worry to much if it went to them as they have been good with me and have always accepted DMP offers even as low as £2 on £900 of debt. They stopped interest and charges also, very rarely I hear anything from them these days.

WoodruffsDad

VanillaDelia wrote: »

Metropolitan are HSBCs in house DCA. I have a CC thats in their hands and maybe my £50 overdrawn bank account might end up there. I wouldnt worry to much if it went to them as they have been good with me and have always accepted DMP offers even as low as £2 on £900 of debt. They stopped interest and charges also, very rarely I hear anything from them these days.

Thanks for your help but there's so much jargon here!

What is meant by: DCA, CC, DMP etc? I am not a financial expert and I don't understand these terms.

looby75

DCA is debt collection agency, CC credit card, DMP is debt management plan.

Sorry it's just that when you have been on the debt free wannabe boards for a while you forget that not everyone is familiar with the jargon

worried_jim

I agree - metropolitan have been fine with my first direct £4k debt, a lot easier to deal with than hsbc direct.
Your wifes account is going thru hsbc collection process, there is nothing she can do to prevent this (unless pay the balance in full). you have already contacted the cccs and although you are frustrated with the progress you are doing the right thing. when you get the calls just advise you are with cccs and making payments- just keep repating yourself on every call- hsbc dont care about the details, all the calls and letters are automated and just part of the route that the account will take.
Please dont agree to anything that you cant afford, no matter what pressure you are put under (hsbc are just shaking the tree to see what falls out) and i would nt take any further credit no matter what it called. good luck !