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HSBC Managed Loan help
Hi All,
I have a HSBC managed loan ,taken out March 2002 ,the initial sum was £2600 ,I have been paying £40.84 for the first 2 years and for the subsequent almost 3 I have been paying £50 .I still owe £909 .
The thing is I calculated that at the current rate of payment I will have paid £1071 in interest which represents 45% of the initial sum borrowed ,surely this is wrong ??
I was told on taking out the loan it would take 60 months to pay back ,in reality it will be 7 years ?
Do I have any way of challenging this ?
thanks Ratchell
I have a HSBC managed loan ,taken out March 2002 ,the initial sum was £2600 ,I have been paying £40.84 for the first 2 years and for the subsequent almost 3 I have been paying £50 .I still owe £909 .
The thing is I calculated that at the current rate of payment I will have paid £1071 in interest which represents 45% of the initial sum borrowed ,surely this is wrong ??
I was told on taking out the loan it would take 60 months to pay back ,in reality it will be 7 years ?
Do I have any way of challenging this ?
thanks Ratchell
0
Comments
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Hi Ratchell,
I have the same sort of thing. They give you the final loan amount but include the interest on the figure I think. It worried me because I wanted to pay mine off recently and they quoted me the settlement sum PLUS the interest! Surely you don't have to pay all the interest if you settle early?
The telephone banking guys don't seem to get this - I'm popping into my own branch on Thursday to query this on my own loan so will let you know!£2.4k received back from HSBC in charges!! Woo! That's MY money, HSBC, thanks!
http://www.raceforlifesponsorme.org/sarah_fry
Please help Cancer Research by sponsoring me. I promise to send everyone who sponsors me a photo of me looking really knackered fter the race so you can have a laugh at my expense!!0 -
Hi ,
thanks for the response,I wait eagerly to hear what they have to say ...there doesnt seem to be any protocol that I can find on these horrid things
:mad:0
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