HSBC Managed Loan

Perjoopatu

So around 2002 i took out a loan with HSBC to pay off a credit card and overdraft. This was advised by the bank because of the interest rates being higher on the credit card and they can offer me lower rates on loan.
The loan was taken out for around £7000 over 5 years. 3 years into repaying this loan i got made redundant and couldn't afford repayments. Back then i was missold PPI and didn't know what this was, so did not know that i would be covered for redundancy. When going into the bank for help, they told me that if i couldn't afford the repayments, then i would have to be put on a managed loan. I have since been repaying this back since 2005 and have worked out i have paid £12,800 on the managed loan and when checking online there is still £4000 left to pay off! I've called the bank and they are having trouble finding my agreement and promised a call back which i'm still yet to receive. Not sure where to go from here, but i was definately missold this loan, when i was covered on my original loan for redundancy.

Help

RAS

You need to do this formally.

To cut things short, do a data protection request. Costs £10 and they have to produce every last bit of paperwork they have on you and your accounts.

They have 40 days to respond - you may even get transcripts of phone calls but but stuff comes in dribs and drabs.

financial_ombudsman_representative

Hello Perjoopatu

I work for the Financial Ombudsman Service – the free service set up by law to sort out problems between consumers and financial businesses.

RAS is right – you can submit a 'subject access request' for any information the business holds. There may be limited information available about the loans given the length of time that has passed.

However, if you believe you were mis-sold the loan you can raise a complaint with the business about this now - providing them with as much information as you have. The business then has 8 weeks in which to look at your complaint. If the business is unable to resolve your complaint – or it does not respond – the ombudsman service may be able to help on 0300 123 9 123. If you're not sure how to get started - or who to contact at the bank - our helpline may be able to point you in the right direction.

Hope this is helpful!

Samantha

junky82

I am in a similar situation. How would i go about doing a data protection request do i have to write to them for it? Send an SAE?.

Thanks
Mike

HSBCtrapped

I too was forced in to this loan and had no idea what I was getting in to :-( I have now been told the interest I have to pay is

- £22,002,63 on a £21,000 loan!! I've just sent a SAR req and I'm waiting for a reply :-(

bluebirdgsy

Has anyone had any joy of claiming anything back, I was told to get one of these awful loans too when I asked if I could extend my over draft for 6 months as I was getting a bonus in the June and would pay it back and cancel my overdraft. I was told no and this managed loan was best and consoildated overdraft credit card and a loan I had with them, the bank made it sound like I there were helping me however 9 years down the line I am still paying it and have been told it will never finish as I pay the minium amount every month (which was the amount I was told to pay on the standing order form) and the ineterst will just be added every month till I up my payments.
I also got told when I took the loan that it would be paid back in 5 years when I phoned in 2008 to ask why the payments were still being taken I was told I had approx another 8 years. I asked for my loan agreement and it states intial payment + 119 months. Could I cancel it after my 119 payments? Can I claim any interest back? I should only have 10 months left however when I divided the amount remaining by what I pay a month it works aout I have 14.2 months left.
Any help would be grateful.
Thanks for your time.