loans and re payments

JPENCE

My girlfriend and I have 2 loans with HSBC. the loans were taken out in her name but we share the re payments as they were for both of us to use.
Now, when we took out our first loan in August 2005 we were told that the repayments would be £136 a month and when we took out our second loan in January 2006 ( personal loan ) the repayents would be £83 a month. HSBC have been taking the £ 83 a month for the personal loan as agreed but have however only been taking £ 64 a month for our fexi loan despite us having siged documentation stating that they would infact be taking £136 a month. Now unfortunatly this has only just come to our attention as when they sent us details of what was left outstanding on these loans it seemed to us to be roughly £2000 to much outstanding and through our own inestigations we found the problem being that they had not been taking the agreed amount for our " flexi loan ". now the money for the loans is paid into my girlfriends current account for the bank to then transfer the monthly payments into the respective loan accounts, so my question is where do we stand with regards to getting the bank to cover the missing payments that they should have been taking and paying into our "flexiloan". I mean the money was in the current account and stupidly we were not checking that they were infact taking the correct amount, but as that is the amount we signed for and agreed to pay we did assume that that is what they would take, so the extra money that would have been left in my girlfrieds curret account has been spent by us not realising that in fact that should have been transferred into the loan account by the bank. I know that this is confusing guys and gals and I hope that someone can uderstand what I ave said and maybe come up with an answer for we, for which I would be extremely grateful,

Tootsie_Roll

I'm very sorry to say that its probably not very good news for you. In the first instance you need to refer to the terms and conditions and see what it states there regarding payments.

Am I right in thinking that as a flexi loan £64 is the minimum payment you have to make but that you had requested to pay a higher amount to clear it quicker ?

As a general rule it is the borrower's responsibility to ensure the correct payments are made - on time and for the correct amount, regardless of the method of repayment.

_Andy_

Not sure what answer you're looking for - looks like HSBC may have made an error by not taking the correct amount (I say MAY as I don't know full details) - but ultimately you have access to the FL balance via IB or telebanking. You also should be fully aware of what is going out of your bank account each month. Therefore I don't believe the bank 'owe' you anything as such - I'm afraid you just need to accept it's happened and grin and bear it.