HSBC Managed Loan

mel_mel

Hiya I have a managed loan from HSBC, which was the credit card money and a loan put together. I have till next January before it is finished and have been paying it since Aug 2006. I pay it out of my DLA money every month. I was told that I needed the insurance in case I was out of work. I distinctly told them it wasn't necessary as I was on DLA indefinately and was unable to work, so the money was there regardless, but I was told I had to have it to get the loan. Obviously you believe them, it is only recently that I feel I was misinformed on this matter. It was them that invited me into their office and said if I wanted a loan for a car holiday etcc they could give me one and put the CC together as a managed loan. As I had not long moved and needed quite a few household things I agreed. It just seems to have been going on for ever paying it back. It was £10,363.04 starting August 2006 paying £250.00 a month and as of today 3rd June I still owe £1,687.95, it will finish in Jan 2011. I have never been sure whether I have a case for trying to get any sort of a refund from them, I understand the concept of it, but am just unsure whether I should write to them or not. Please could anyone advise me if they think it is worth it or will I just be fobbed off with some complex gobblegook, that I have no idea what it means Thanks a lot

di3004

mel_mel wrote: »

Hiya I have a managed loan from HSBC, which was the credit card money and a loan put together. I have till next January before it is finished and have been paying it since Aug 2006. I pay it out of my DLA money every month. I was told that I needed the insurance in case I was out of work. I distinctly told them it wasn't necessary as I was on DLA indefinately and was unable to work, so the money was there regardless, but I was told I had to have it to get the loan. Obviously you believe them, it is only recently that I feel I was misinformed on this matter. It was them that invited me into their office and said if I wanted a loan for a car holiday etcc they could give me one and put the CC together as a managed loan. As I had not long moved and needed quite a few household things I agreed. It just seems to have been going on for ever paying it back. It was £10,363.04 starting August 2006 paying £250.00 a month and as of today 3rd June I still owe £1,687.95, it will finish in Jan 2011. I have never been sure whether I have a case for trying to get any sort of a refund from them, I understand the concept of it, but am just unsure whether I should write to them or not. Please could anyone advise me if they think it is worth it or will I just be fobbed off with some complex gobblegook, that I have no idea what it means Thanks a lot

Hi there

I am surprised they sold you finance if not employed and on DLA, I did not think they could do this, but I could be wrong.
However the insurance is very unlikely to cover you, so its worthless to you and this have also made you out of pocket.

So to make a reclaim, you send the questionnaire to who's responsible for setting this up for you, (whoever sold you finance), this is instead of using a template letter, and the financial ombudsman service (FOS) have recently issued these questionnaires, complete and send to who's responsible, keep a copy as well, they have 8 weeks in full to respond.

You will find this FOS Questionnaire further down the page as Stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Also check the link right through, it will give you more of an idea of the mis selling issues, and reasons etc, but you do have a good case in my opinion.

Post within the post office for your proof of delivery.

Hope this helps, but please ask for further help if required, and please also keep us posted, good luck.:)

mel_mel

Thank you very much for replying to me so promptly. I have had a bank account with HSBC for over 10 years and they were well aware of my situation as my DLA money has always been paid directly into them each month, in fact that was the reason I opened the account in the first place. Sadly it was the nearest bank to me, well in fact the only one LOL within walking distance.which is why I plumped for it. You have been very helpful and I shall now read the link you have given me and hopefully will be able to understand it. Thanks you again and I shall of course keep you informed of any progress I make or any further questions I may have.:)

di3004

mel_mel wrote: »

Thank you very much for replying to me so promptly. I have had a bank account with HSBC for over 10 years and they were well aware of my situation as my DLA money has always been paid directly into them each month, in fact that was the reason I opened the account in the first place. Sadly it was the nearest bank to me, well in fact the only one LOL within walking distance.which is why I plumped for it. You have been very helpful and I shall now read the link you have given me and hopefully will be able to understand it. Thanks you again and I shall of course keep you informed of any progress I make or any further questions I may have.:)

Your very welcome.;)

Good luck with this and if you require further help, give us a yell.:)