HSBC Managed Loan - Anyone Heard of/Had One?

dixie06

Another_1_Bites_The_Dust wrote:

Hi Phoenix,

Unfortunately I'm no longer able to get a loan with another company due to having this managed loan, that's half the trouble. I went to get a mortgage last year as at the moment I am paying £1034 rent & council tax each month and could well afford a mortgage, however, the financial advisor that I saw immediately said that I would be turned down for a mortgage until this managed loan is paid off. Absolutely ridiculous. I'm not in the process of writing to the HO of HSBC as I've had no end of problems with them - they not only 'mis-sold' me this loan, they've returned things unpaid on my account despite there being plenty of money to pay for them, ok I received an apology letter, but still not the point! They've just sent me photocopies of a whole bundle of cheques totalling £12,500+ that have absolutely nothing to do with me at all, and the banks wonder why identity fraud is on the increase! Grrrrrrr!

Hi, I had a managed loan with HSBC and got a mortgage and a re-mortgage, I was under the impression i would only affect your lending with the HSBC not other parties.

lisaburton

I have had a managed loan with hsbc for a few years now and have still managed to also get a mortgage and a remorgage as well as a couple of credit cards and a loan.
(probably the reason i am in all the mess i am in now)
You probably wont get the best rates but there are always companies willing to lend people money who have a managed loan.

mrcow

vivienne.bell wrote:

oh yes they tell you its your only option and then you're stuck .I've had mine since 2002 it was for £2,280 84 payments at £38.73(thats 7 years :mad: if I could get another loan I would pay it off) 4 years on and I'm still owing £940 approx ,cant get a loan, cant have any overdraft, nothing - it sucks and supposedly 11.6% interest but it seems like more

If it's any consolation then the figures are adding up at that APR so you've been given the right information.

Another_1_Bites_The_Dust

lisaburton wrote:

I have had a managed loan with hsbc for a few years now and have still managed to also get a mortgage and a remorgage as well as a couple of credit cards and a loan.
(probably the reason i am in all the mess i am in now)
You probably wont get the best rates but there are always companies willing to lend people money who have a managed loan.

After speaking with HSBC today they have told me that I still have an earmark onmy account that should have been removed. They've now advised me to go into my local branch to get it taken off which should then correct the problem... not that I want any more credit!

vivienne.bell

mrcow wrote:

If it's any consolation then the figures are adding up at that APR so you've been given the right information.

LOL thats ok then!! Its always seemed like it was higher as in the beginning most of the payment went back on a interest the next day.If they had set it out like a normal loan with the interest amount shown in writing then I probably would have gone elsewhere.
I am selling my car to pay off my other debts that take up a lot of my income (catalogues,storecards etc) then I shall tackle the big ones I could pay off the managed loan but the smaller ones cost me 3 or 4 times more a month but once they are gone I could pay the ML off quicker (then get a loan to buy another car )

jiml123

Hi Everyone

I posted a thread yesterday on this matter. I intend to take this to the ombudsman.

Please contact me if your interested in getting your money back!

JL

justabitskint

Having spoken to HSBC today they have offered me a managed loan, the repayment period and total payable are ridiculous. I had to quitwork due to ill health and hadn't worked until this month, and consequently I am 900 over my overdraft limit of 400. This is coupled with a poor credit rating.

I asked for a 3 month overdraft extension to allow me to get back on my feet financially and they said they couldn't do that due to the state my overdraft was in. Then they offered me this managed loan to clear my current loan, credit card and overdraft with them, around 16k all in I think.

Surely a loan that would put me even further in debt, and by an extra 00000, is far worse than a very short term overdraft extension. To me this seems completely irresponsible on the banks part to send someone experiencing short term financial difficulties into a deeper debt over a longer term.

I don't know if this could constitute mis-selling or not but edging me closer towards bankruptcy, and trying to make me grateful for it!, seems to be a needless extreme.

Any advice? I don't want to be backed into a corner over it and be left with no choice. I doubt I'll get credit elsewhere and 3 months to get myself back in the black is all I need.

jiml123

Hi there!

have you seen this ?

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/15457-who-has-had-managed.html

jiml123

As for Phoenix (HSBC Lover)

I've been reading your threads in regards to the HSBC Managed Loan. If you haven't got anything sensible to contribute. Kindly shut up!

JL

gemspan

Phoenix79 wrote: »

I think you need to get loan with another provider (NR, Abbey, AA etc) and use it to pay off the managed loan.

As for withdrawing it.....Banks are always reviewing their product lines and maybe just thought it was the end of the line for it?

Banks do not withdraw products that are making them lots of money unless there is something wrong with the product. If this is the case then it is most definitely because it contravenes the OFTs guidelines on debt collecting. All institutions that lend money require to adhere to the guidelines. Departure from them can mean they lose their licence.

HSBC have probably discovered that by offering people who are current in debt, even more debt, they are in direct contravention of these guidelines and could lose their licence. This may be due to the number of complaints the OFT are receiving about these managed loans and the way tha HSBC treat their customers.

Just my thoughts of course but I bet I am proved right!!!!!!:p