HSBC Managed Loan

magicdesi

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!

RWD_cossie_wil

My girlfriend was put in a similar position by HSBC, the seem to like putting People into situations that wound take decades to pay off! I will watch this thread with interest!

[Deleted User]

magicdesi wrote: »

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?

Managed loans are usually only offered to people who have shown themselves to be a poor credit risk.
Without any knowledge of your financial circumstances at the time the loan was taken out, it's impossible to comment further.
Why you would think this might be reclaimable, though, I know not. You were offered the loan and told the rate of interest, if you accepted it then it was hardly mis-sold.