Hsbc nightmare!!!

sez0211

Hi all,

Does anyone have a 'managed Loan' with HSBC and if so have you had any issues with them? I was made redundant in December and have actively been looking for alternative work. Unfortunately I have fallen behind with my payment (4 payments) and I am continually being harrassed for payment. They won't freeze interest or charges and wont discuss a payment plan with me, only through the CAB! I am getting up to 8 phone calls a day and this has been ongoing since January and is getting me down.
Any advice on how to deal with them will be greatly received!!

shomk

I too have posted a thread this morning re a HSBC loan. I have decided to write to them as I find speaking to different people all the time is awful. I am writing it as a letter of complaint. Perhaps this way just one person will deal with the issues I have.

I have been with HSBC for about 10 years, banking, credit cards and loan. I have recently found them very unhelpful. As you say they wont help you at all. We asked Virgin and our Mortgage company for help though a difficult time and they were really great. HSBC on the other hand have poor internal communication and treat you like a criminal for admitting you are having problems.

Sorry I am not much help, but I do understand how you feel.

Try writing a letter and if needs be, use CAB or could you try the financial osbundsman? Better to try these routes than feeling like you are on your own - you are not.

CLAPTON

sez0211 wrote: »

Hi all,

Does anyone have a 'managed Loan' with HSBC and if so have you had any issues with them? I was made redundant in December and have actively been looking for alternative work. Unfortunately I have fallen behind with my payment (4 payments) and I am continually being harrassed for payment. They won't freeze interest or charges and wont discuss a payment plan with me, only through the CAB! I am getting up to 8 phone calls a day and this has been ongoing since January and is getting me down.
Any advice on how to deal with them will be greatly received!!

why not go through CAB then?

black_taxi_2

write down--time of each phone call/take persons name

write to local mp

Tixy

Managed loans have a terrible reputation on the MSE forum. If you do a search of the forums you will find lots of threads and people having difficulties.

Have you sort advice from CAB or another debt advice charity? Do you have other unsecured debts and are you up to date with them.

Have you formally written to HSBC to explain that you are out of work and asking them to freeze interest? They usually will expect to see a detailed income & expenditure account and to see that all creditors are being treated equally before they will agree to freeze interest.

sez0211

Firstly, Thank you for your advice. HSBC are not just my nightmare!

Clapton: I am happy to go to the CAB however, HSBC advised me to speak to Pauyplan which I did, they advosed me to get and Income & Expenditure form to them, which I did and now they are saying that they haven't received it and that they dont support Payplan. Happy to go to CAB but why should I when I have already done what they asked!

Tixy: I have written twice to them to ask them to freeze interest and charges and they refuse. They refuse to discuss a payment plan directly too, they will only listen to the CAB, so they are my only option.

Since writing thi sthread, I have also had the same issue with CitiFinancial, I have a small loan (£4k) and they are demanding half my monthly payment of £225 a month to keep them happy. They have totally ignored the fact that I have explained that I have no income apart from my JSA but not interested.

I have written to my MP, MSP, Office fo Fair Trading and the Chief Exec of HSBC by the way.

Tixy

Hope you get somewhere with all your those people you have written to. In the meantime are you making at least a token payment to each creditor each month? You should really do this as it proves you are willing to pay the debt.

There are people on debt free wannabe who have had DMPs with CCCS and with Payplan accepted by HSBC (and I'm sure there are some people doing self-managed dmps who have as well although I cannot say for certain)

sez0211

Hi Tixy,

I have offered them a token payment based on my income and exenditure but they refused it!

I really am at the end of my tether, they are harassing me and calling up to 8 times a day. I'm going to my CAB tomorrow and going to get this sorted once and for all!

Thanks for your help

S

Rafter

Sounds like you are being fair to your creditors but they are not being fair in return!

Payplan (as part of CCCS) should be totally acceptable and give the same impartial advice as the CAB.

If you are being hassled unfairly then ask for them to stop calling you and put everything in writing. If they continue calling - report them to the police for harassment.

When you do get a job, make sure you update your income and expenditure form and increase your payments accordingly.

I really don't get why HSBC and others make such a mess of dealing with these situations. It must cost them a fortune to keep calling you when it is blindingly obvious that you cannot afford to pay more until you get a job.

Good luck

R.

JA1000

Instead of offering just do the payment each month at least then you can prove your commitment. Align it to your plan to keep it consistent.