Hsbc managed loan

pauly08

Hi

Does anyone know if HSBC still do managed loans ? I had one years ago when in difficulty. I cannot find any info online as to whether they still offer this loan.

I know when i took out the loan because it was in excess of 13k it was interest free, does this level still apply ?

Thanks, Pauly.

zppp

They still offer them according to this (I think?);

http://www.hsbc.co.uk/1/2/personal/loans/flexiloan?WT.srch=1&BrandFlexibleLoans

Re the £13k and interest free, I would say very unlikely but I suggest you call them to find out exactly what your rate is.

Tixy

I don't think the managed loans have ever been advertised. They basically only offer them to people in difficulties to consolidate existing HSBC debts and then remove all your other facilities.

Certainly saw someone was offered one a couple of months ago so assume they still exist now.
Don't know about the interest free part above 13k - I suspect this is no longer the case, though I have seen people offered them at 0% but the rate is variable and tends to hike up.

CLAPTON

hsbc managed loans are only given to existing customers who are in financial difficulty

so for example if you had a hsbc overdraft with a large overdraft (maybe over the agreed limit) and a credit card or two maxed out then they would sometime offer a managed loan...

this would involve removing the OD and closing the CCs;
the loan would usually attract a fairly high APR 15-20% but the repayments would be kept low by making the loan over a long period (maybe 10 years)


is that your situation?

pauly08

Hi,

Thanks for replies. Yes my situation was just that, over the overdraft and maxed out on a couple of cards. I have this over a 10 year period with low repayments. I am happy with my set up, though I am sure that I pay no interest whatsoever because the debt was in excess of 13K. I have the paperwork somewhere in the loft which I must dig out and check again. Just really wondered if these loans still existed as my friend is in similar circs and I wanted to give her just a little advice.

Thanks again, Pauly.