hsbc loan

saleschick

I got a loan from hsbc in 2006 which I have now found out was front loaded interest - I put the loan with a debt management company who i have just found out dont have a consumer credit licence,back to the loan- i have asked HSBC for a copy of the loan agreement and they advise me they can't send it - I have asked for it as i EXplained that the front loaded interest was never explained to me- the loan i took was for £10,000 and they asked £23,000 off me-

Any Ideas please

Tixy

Have you done a formal request for the consumer credit agreement in a letter form and enclosing a £1 fee?
I guess you don't have your own copy of the agreement?

BoGoF

Ideas on what?........I think I know where it's heading though.

How long was the term of the loan and what APR....

saleschick

I cant remember as I dont have a copy anymore of the agreement - the loan was over 6 years - I do remember that

saleschick

Tixy wrote: »

Have you done a formal request for the consumer credit agreement in a letter form and enclosing a £1 fee?
I guess you don't have your own copy of the agreement?

No I didnt know you could do that 8-(

Tixy

Thats the next step if you want a copy of the CCA. Advisable to send recorded. Search for 'cca request' for template letters you can use.

So the loan was £10k and you think the total amount repayable was £23k?

You say they asked for £23k off you - when was this? Was it at the point you entered a DMP?
What is the current state of your debts? are you in a DMP with someone else - one of the free charities for example? or are you now back in a postion where you can meet minimum payments?

saleschick

Tixy wrote: »

Thats the next step if you want a copy of the CCA. Advisable to send recorded.

So the loan was £10k and you think the total amount repayable was £23k?

You say they asked for £23k off you - when was this? Was it at the point you entered a DMP?
What is the current state of your debts? are you in a DMP with someone else - one of the free charities for example? or are you now back in a postion where you can meet minimum payments?

I rang my dmp and they advised me I was paying of a £23k debt - it was a 10k loan and the rest is interest - I advised i had no idea I would pay this amount off - If I would have known i would never have took it out - they put a charge on my property as I went to a dmp but the C A B were really helpful with advice - Im wondering what I can do as I was never told of the frontloaded interest - or the amount Id pay back - they just told me id pay back £230 a month- HSBC sent the account to a solicitor - they wont deal with me now - the solicitor tells me I have to ask 4 a copy of the agreement as she cannot ask 4 me- but Ive asked 3 times now - and still no joy - im goin round in circles - I want to know or get advice if how hsbc have conducted the loan is right - sorry just clueless to all this really

BoGoF

What were your original monthly payments to HSBC?

saleschick

£230 per month

xx

Shelldean

So you agreed to pay 230 a mth and the term of the loan was 6 yrs yes?
Then by my maths the total orginally owed including interest was £16,560. NOT £23,000.

Tixy

You definitely need to do the formal request - telephone calls asking for it won't get you anywhere.

You original agreement will have shown the total cost of credit. Or if you knew how much for how many months you would have known the total repayable.

Did you have PPI on the loan do you know?

Its very difficult for anyone to advise until you have the agreement - once you have it people should be able to advise you better.