Professional Studies Loan Frustration!

kirstyw1982

Hi everyone,

I am just coming to the end of my Professional Studies Loan with HSBC and have just found out I still have another £600.00 outstanding!

I still have my initial credit agreement (interest 1% above base rate) and my final payment was this month (May 2010) and was for 60 payments of £239.00 (approx). They wrote to me in 2007 to advise me my payments were going up to £274.01 per month due to the change in interest rate. Well, ever since that date I have paid my £274.01 every month on time ever watching the base rate fall and thinking I may be overpaying?

I did not contact them as I thought I would receive a letter at some point to say my payments were ending early as I had been overpaying which I thought was better than underpaying. I am obviously incapable of calculating anything as when I called (after speaking to about 6 different departments!) I was told I had another £600.00 to pay and my credit agreement was extended to May 2011??!!! The guy on the phone gave no explanation but just said "the figures are correct but I can't tell you why" before proceding to tell me to go to a centre of excellence? As it would appear, neither Professional Studies Loans or Centres of Excellence exist any more so I asked how to travel back in time!

After 3 weeks of waiting (and visiting the branch) I have been told that the figures "are correct as I said 3 weeks ago" and I still owe £600.00 as the loan was not reviewed which was "the branch error". Well the loan obviously was reviewed at least once as my payments increased. When I asked for a breakdown, in writing, I was told that they would not be sending one out - when I pursued this and insisted that I saw a breakdown of the figures i was asked "what is it exactly you are looking for - compensation as I can tell you it would only be a small amount"! I have been refused a written breakdown of the figures which surely cannot be correct? My credit agreement states my final payment is May 2010 and so as far as I am concerned I have paid in full? I personally do not feel that just because they do not offer these loans anymore I still should have been treated correctly and even though most staff are happy to deny all knowledge they have taken nearly £15k from me!

I feel very upset that things have not been dealt with - does anyone have any advice?

Kirsty

jonesMUFCforever

how about asking for a plain old statement of the loan account to see what has gone on?

kirstyw1982

Have asked and that is what they won't provide, the only statement they can give me is for the last year and I need for the whole 5 years which is what they won't send me.

I just want a simple breakdown so I can make sense of it all. This has been refused, I have to take their word for it.

jonesMUFCforever

Then do a SAR request to them under Data Protection act - it will cost £10 and they have 40 days to reply.