HSBC Managed Loan / Immediate Financial

Mr_Donnelly

I have a managed loan with HSBC. I am with a debt management company called Immediate Financial, who charge me £25 a month for their services. I have to send money to them by standing order on the first day of the month, which they forward to my creditors by cheque within 5 days of receiving it. HSBC insist on the money being paid into my current account with them, from which it is transferred by standing order into my managed loan on the 20th of the month. If it is paid earlier than this, it is not recognised as a 'contractual' payment but an additional one, and I am considered to have missed a payment. If the money isn't in my current account in time to pay the standing order, the standing order bounces and HSBC charge me £25. Can this be right? I never applied for the managed loan - it was a consolidation of a credit card debt, an overdraft on my current account and a professional studies loan. It was forced on me by HSBC when I was with a previous debt management company, the Debt Support Network, now closed down by the Office of Fair Trading.

beingpositive

Hi, we are having problems with hsbc at the moment. In Jan we let them know that we were having problems paying back the loan each month. It was agreed we would pay so much a month and a standing order was set up. Monthly payment have gone out each month but HSBC keep writing saying they have tried to take money out of our account with them (no longer with them but the would not let us close the account!) and that we have not responded to their letters. Now they want all the amount back. I have written to them a letter of complaint requesting they put their reply in writing.

bridgemant

Ok, Mr D, for starters you need to get yourself a better Debt management plan than you currently have.

Immediate Financial are a shower of !!!!! and have recently treated me so badly that I am considering court action against them for robbing me of thousands of pounds.

You shouldn't have to make any additional payments on top of your DMP payment each month, otherwise you are paying twice?! Plus, you shouldn't have to deal with any correspondence from HSBC if your DMP is set up correctly (that's what you're pay IF a fee for?!).

My advice to you would be to ring CCCS (their number is all over this forum) or another NON CHARGING Debt counselling service who will be able to better advise on your personal situation.

Don't let Immediate Financial bully you into staying with them either, they are only interested in their profits, not your sanity or debt situation.

Best of luck.