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HSBC Managed Loans....
CocoPopsLover
Posts: 500 Forumite
in Loans
.....Do they affect your credit rating? And how badly? (does it show up as arrangement to pay or default or what?)
When I asked HSBC, they say no it doesnt affect your credit file but I'm not sure if I should believe that
When I asked HSBC, they say no it doesnt affect your credit file but I'm not sure if I should believe that
'Sometimes you just need to keep your mouth shut'
:j
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Yes I think it does have an impact on your credit file as it is marked arrangement to pay.Got Halifax Classic to reduce my interest rate by 5% woohoo - 10/06/08 Thanks MSE!
Another 3% shaved off 10/12/08
ANOTHER 4 % June 09:beer:0 -
thriftymomma wrote: »Yes I think it does have an impact on your credit file as it is marked arrangement to pay.
Exactly - that is what will show and to other lenders, this means you're on a monthly payment plan and usually done some sort of deal. Its as bad as a default in some ways!
Unenforceability!! That's the way forward with this one :rotfl::rotfl::rotfl:2010 - year of the troll
Niddy - Over & Out :wave:
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So its better to see if HSBC would do a debt consolidation loan for me then?'Sometimes you just need to keep your mouth shut':j0
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So just wanted to ask. I have a managed loan will this have affected my credit rating for 6 years? As when i arranged this 5 years ago they never mentioned this. I have nearly cleared it now so this still will be on file for another year!0
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So just wanted to ask. I have a managed loan will this have affected my credit rating for 6 years? As when i arranged this 5 years ago they never mentioned this. I have nearly cleared it now so this still will be on file for another year!
Good question'Sometimes you just need to keep your mouth shut':j0 -
Someone I know who works for HSBC say it doesnt effect your credit rating and is already classed as a consolidation loan. However I believe it effects your internal rating with HSBC.
Dont hold me to that tho!!LBM MAY 2009 :T
Doing my own DMP with help and encouragement from EUPHO :D0 -
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So just wanted to ask. I have a managed loan will this have affected my credit rating for 6 years? As when i arranged this 5 years ago they never mentioned this. I have nearly cleared it now so this still will be on file for another year!
Loans stay on your file for 6 yrs after settlement. So you have 6 yrs from when the last penny is paid off. Even then it will still show the history for the previous 3 yrs, so you could end up with up to nine years of loan history showing on your account for the next six years.
Sorry to give you bad news.0 -
so ur telling me that even though i have paid and never missed a payment and not tken any more credit for the whole term of the loan and not been in any other money trouble this one loan will affect my credit history. I would have thought that as long as the loan is paid that this should improve ur rating as it shows the history of ur payments and ur more credit worthy now than before!0
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No, what I am saying is that it will remain on your credit file for a lot longer than a year. Six years in fact from closure, with three yrs of history prior to the closure.
However the positive is that you have been paying it off, and it will look good on the report with lots of zeros. Just hope it doesn't say managed loan on the report.0
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