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HSBC Managed Loan
Hi
Has anyone any experience of these?
I was told by a branch manager back in 2003 to take one of these out, to cover the payment of a graduate overdraft to clear, so i did.
However, reading on many PPI claims, I have heard people mention this 'managed loan' as well.
As the bank charged me a very high rate of interest, I'm not sure why they didnt offer me a personal loan at a lower rate?
I had steady income of around £32,000 at the time.
Am I able to claim anything on this? It didnt have any PPI, however, feel the bank miss sold me this product, when they could have offered me a 'normal' personal loan?
Any help/guidance would be highly appreciated!!!!
Thanks In Advance!
Has anyone any experience of these?
I was told by a branch manager back in 2003 to take one of these out, to cover the payment of a graduate overdraft to clear, so i did.
However, reading on many PPI claims, I have heard people mention this 'managed loan' as well.
As the bank charged me a very high rate of interest, I'm not sure why they didnt offer me a personal loan at a lower rate?
I had steady income of around £32,000 at the time.
Am I able to claim anything on this? It didnt have any PPI, however, feel the bank miss sold me this product, when they could have offered me a 'normal' personal loan?
Any help/guidance would be highly appreciated!!!!
Thanks In Advance!
0
Comments
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basically no, you took out a high interest rate loan and hence paid a lot of interest0
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If you had asked "do you do a cheaper loan" and they replied "no" and you secretly recorded the whole conversation, there's a really small chance you might be able to argue they'd acted unfairly.
Unfortunately, if you said "can I have a loan?" and they said "we do a lovely managed loan" and you said "sounds great, I'll take it" without asking about cheaper alternatives then there's not much you can do.
Did you use any sort of price comparison to see if HSBC were the cheapest?From £8,800 to £2,200 in 2 years.
Nearly there, just the 0% credit card to go!0 -
HSBC managed loans were generally offered to people in financial difficulties - who did not qualify for other credit products.
A prime example was when people had a large overdraft and did not have the means to repay it when it was recalled, or when they were unable to reduce the balance each month. They were often also provided to people with several credit products with HSBC, who wanted a consolidation option.
You would not have been offered a managed loan if you'd qualified for a normal personal loan with HSBC.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Can you honestly say that with confidence?
I'm sure there are people out there that ended up with a managed loan that could have qualified for a better product, even if only a few.
I don't buy the fact that HSBC would never put potential earnings before the well being of the customerFrom £8,800 to £2,200 in 2 years.
Nearly there, just the 0% credit card to go!0 -
hello all
Can you tell me if anyone has won PPI or interest back from one of these awful managed loans with HSBC?
I got given 1 in 2003 was told it would be paid within 5 years, I phone in 2008 as the payments were still coming out, that was the point I requested a copy of the agreement which stated intiail payment + 119. I was told on the phone in 2008 no since you are paying the minium amount (which was the amount I was told my standing order will be) it will never get paid as the interest will keep being added.
I am not in a situation to increase the payments but the amount I have paid back is in interest is approx £7,000.
Any help or advice or exprecine of anything I could do will be great.
Thanks for your time.0 -
hi, any further claims from anyone?
i forgot to add, when i took the managed loan, a few weeks before they offered me a 100% graduate mortgage (which i did take out)0 -
I've had an HSBC managed loan for four and a half years and I must say I have not had too many problems with it. I am about 9 months away from the end of it. I've read some posts on here where one chap has paid off a quarter of his, went in to the bank and they told him he owed more than what he had borrowed in the first place.
Now forgive me, but I have never had a problem I get a manged loan statement every year telling me what I owe. I get fixed monthly payments that DO NOT and never have changed at all not one iota. It has in my case always been £54.10 every month.
The more of the loan you pay off the more they discount the monthly interest owing. I curently owe them about £500 and I am thinking of having another one if they will let me as there is something else I want to pay off in a similar way. I am not sure if they will let me do that though.
Honestly although I sympathise with many contributors on here I cannot see the problem and for a bank official to tell a customer he owes more after having paid 25% of his managed loan I think might be incorrect, or he or she are not being entirely honest in their posting
The idea of a managed loan is a last ditch attempt to help you out and they do work. I had a business credit card that caused my problems and I will never again have a credit card of any type. I don't care if the rest of the planet works on credit and not "real money"
However I do like my managed loan and would like to borrow a little more to help with a couple of other urgencies tha need paying.
I think HSBC should market them differently, rather than making you feel like some sort of "outcast" bcause you have one. They should be made into a mainstream product available to anyone.
Thanks0
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