HSBC Managed Loan - Anyone Heard of/Had One?

xxjulyxx

hi everyone ive been browsing for wks now this is 1st time posting
i have a managed loan, had 8.000 on cc, 7,000 on loan and o/d, was talked into managed loan of 15,650.000 with 13,289.57 interest on top, it will take me 12 yrs to pay back @ 200.97 per mth
last november had to cut hours at work due to health so offered hsbc 100.00 per mth, which was rejected now ive had to stop working as health not too good and i really dont know what the next step take as i cant afford to pay the 200.97 each month,
can anyone tell me what to do next.
thanx in advance

gemspan

Hello there

You could send a subject access request to see what charges etc., are involved in this loan.

Have a look at https://www.consumeractiongroup.co.uk you will get all the advice and templates you need there.

Gemspan

nicholas.t_2

i have one of these things and i am currently claiming back charges from HSBC
on 4 accounts including HSBC credit cards i had a small business that closed
which put me in a lot of trouble with money
i have stated in my letter to them that if the managed loan had to be taken out due to charges and interest that were put on my accounts i will be perusing this mater to the highest level

as before the managed loan i had no trouble with money or getting cards and a mortgage
but since then i have paid off all cards without these going into debt but when i wanted to remortgage my house i was told by the halifax that they could not help as i had a managed loan with hsbc and they were the only people i could deal with yet my original mortgage was with halifax

i just could not believe this but it is true