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Reclaiming HSBC Managed loan
fearfinancial
Posts: 2 Newbie
Hi All,
I hope someone can point me in the right direction. My situation is as follows:
Back in Oct 2001 I took out a personal loan with HSBC for £5000, with interest it came to £7000. Early 2002 my then current IT contract ended without warning. Unable to make the agreed payments I was told my only option was to take out a managed loan to cover it. I agreed to pay the remainder (£4600) off at 11% apr. At the time I could only afford the minimum required which ment monthly payments of £77.81 over 7ys making a total repayment of £6,515.
Since last Christmas, i've not been able to make the payments. I asked for a 3 month payment pause (most I could get) and missed another 3 months thereafter, the remaining £1300 was sent to a debt collectors for recovery.
Getting to the point... I read somewhere (don't remember where) its possible to claim back the interest and any charges associated with a managed loan. Is this right? Has anyone done this here, or does anyone know of a successful claim??
Thanks
I hope someone can point me in the right direction. My situation is as follows:
Back in Oct 2001 I took out a personal loan with HSBC for £5000, with interest it came to £7000. Early 2002 my then current IT contract ended without warning. Unable to make the agreed payments I was told my only option was to take out a managed loan to cover it. I agreed to pay the remainder (£4600) off at 11% apr. At the time I could only afford the minimum required which ment monthly payments of £77.81 over 7ys making a total repayment of £6,515.
Since last Christmas, i've not been able to make the payments. I asked for a 3 month payment pause (most I could get) and missed another 3 months thereafter, the remaining £1300 was sent to a debt collectors for recovery.
Getting to the point... I read somewhere (don't remember where) its possible to claim back the interest and any charges associated with a managed loan. Is this right? Has anyone done this here, or does anyone know of a successful claim??
Thanks
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