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HSBC Managed Loans....

CocoPopsLover
CocoPopsLover Posts: 500 Forumite
.....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
'Sometimes you just need to keep your mouth shut'
:j
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Comments

  • thriftymomma
    thriftymomma Posts: 1,107 Forumite
    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:
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    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:
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • 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'
    :j
  • strawie99
    strawie99 Posts: 31 Forumite
    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!
  • CocoPopsLover
    CocoPopsLover Posts: 500 Forumite
    strawie99 wrote: »
    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'
    :j
  • leese2504
    leese2504 Posts: 215 Forumite
    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 ;):D
  • CocoPopsLover
    CocoPopsLover Posts: 500 Forumite
    leese2504 wrote: »
    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!!

    Good to know
    'Sometimes you just need to keep your mouth shut'
    :j
  • sparkey1
    sparkey1 Posts: 444 Forumite
    100 Posts
    edited 5 July 2009 at 4:06PM
    strawie99 wrote: »
    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.
  • strawie99
    strawie99 Posts: 31 Forumite
    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!
  • sparkey1
    sparkey1 Posts: 444 Forumite
    100 Posts
    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.
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