My Managed Loan

1st_lemming

All this halabaloo about getting your money back from banks who've overcharged you at some point in time is a bit disapoingting. I came to Lincoln 5yrs ago with only a few pennies in my pocket but found somewhere to live and got my benefits sorted out.

Then I took out a loan with my bank HSBC for £10,000 to get all those things you need when you set up home. The only thing I really got was grief. After 2yrs I was struggling with the repayments due to the fact that because my back is broken (after an industrial accident in 1994) I can't work, so I must rely on benefits which don't match the rate of inflation. So I had to change to a managed loan.

Now, after 3yrs Ive only managed to pay off £1,500 because the bank takes £110.97 in interest after I pay my £151.64 a month. Is this fare, I think not.
I've worked it out to 17yrs of paying back this loan at the current rate of interest. I'll have jumped off that cliff a long time before that.

No ones to blame but me for the things I've done and I'm glad for the people who got the chance to turn the tables on their respective banks.

Thanks.

rog2

How are YOU to blame for breaking your back?
Have you looked at claiming back any of your bank charges?
Is there any advice we can give that will help you?

All the best
Rog2

in_debt_again_but_dealing_with_it

What is it with HSBC and their "managed loan", I've just started a dmp with cccs all my debt is with HSBC and they're ignoring cccs and pushing their delightful "managed loan" even "matched" the dmp payment! However loan for £23,000 repay £42,000, interest added up front and repay over 12 years. I don't know how they're getting away with it. Don't know what you can do 1stlemming it must be frustrating!! But please don't jump off the cliff!!

rog2

HSBC are the pits :mad:
When my business was going well, 3 years ago, they couldn't do enough for me :rolleyes: - barely a day would go by without them sending a letter offering 'over-priced' insurance, motor finance, or 'Gold' Credit Cards. When things started to go quiet I made the Cardinal error of asking them for help :eek:
They 'helped' all right - they took away my overdraft facility on my personal account. They stopped my credit card. They left the overdraft facility on my business account for two months - sent me a letter saying that they were renewing it for a further 12 months, informing me that they had deducted the £200 annual fee from the account, then, surprise, surprise, two weeks later they withdrew this facility as well. :mad: :mad:
When, last October, I informed them of my bankruptcy I received a letter, from their head of Customer Services, saying that, had I talked to them, they may have been able to help me avoid bankruptcy.
Then people wonder why we try to reclaim their unlawful charges.
1st Lemming - YOU ARE NOT ALONE - Don't let them drive you over the edge - share your problems mate. :beer:

southernscouser

Lincoln? :eek:

What the hell is wrong with you? :undecided




Only kidding.

If you want, pop up a SOA and we can give you better advice of your situation.

1st_lemming

Thanks for all your replies. Its strange that after posting here yesterday I had the best nights sleep in month's. I didn't know who to talk to or where to get advice about this problem with that loanshark HSBC.

Your replies have encouraged me not to hide my problem, but to get off my backside and do something about it.

LEMMINGS AGANST THE LOANSHARKS

The rallying call needs a bit of fine tuning while I work on my manifesto.

Catch you later brothers.

rog2

in_debt_again_but_dealing_with_it wrote: »

What is it with HSBC and their "managed loan", I've just started a dmp with cccs all my debt is with HSBC and they're ignoring cccs and pushing their delightful "managed loan" even "matched" the dmp payment! However loan for £23,000 repay £42,000, interest added up front and repay over 12 years. I don't know how they're getting away with it. Don't know what you can do 1stlemming it must be frustrating!! But please don't jump off the cliff!!

Of course HSBC will try to push their 'managed loan' at those rates of interest. They have a very good chance of getting the original capital back in quite a short time, as opposed to an IVA where they would only get a small part of outstanding debt over 5 years, or bankruptcy where they could end up with nothing. Their 'risk' on managed loans is more than compensated by the extortionate interest charges and would be offset anyway through normal underwriting.
They can still indulge in their sadistic 'fun' if you get into trouble - it just 'prolongs the agony'. :mad:

in_debt_again_but_dealing_with_it

What is scary is this is legal yet very little difference between this and the backstreet lenders who knock on doors and send in the heavies. I have not heard of any other banks offering this sort of loan on this forum which I find quite surprising!! What irritates me most is that they offer it like they are doing YOU a huge favour and make you feel guilty if you don't accept their generous gesture - where do they get off!!! Personally my debt is all with the HSBC an whilst I SPENT and wasn't FORCED (before you all start berating me!!) I was encouraged and coerced on 2 occasions to consolidate, on each occasion the limit on my cc was increased following consolidation. I'm certain I was seen as a prime target and since a small cc of £3,000 back in 2005 my final debt (including unnecessary PPI and interest) now stands at £29,500, with absolutely nothing to show for it. If I sound bitter about HSBC then I am, particularly as they refuse to recognise my dmp with CCCS and my commitment to repaying all that I owe (CCCS recommended bankruptcy)and simply want to increase my debt by a further £12,000 purely in interest.
Sorry for hitching your thread 1stlemming I'm just feeling very down and resentful about HSBC today. Hope you're okay.
IDA
xx
PS: I'll be a lemming against the loan shark if you're recruiting!!

elantan

can i just add sisters to the cause please...we dont all bite...unless you want us to

Hobsch

Well done on posting 1st Lemming. I, like you had my first decent sleep after posting for the 1st time on this website. I think it was partly the fact I had 'told' someone about my debt for the 1st time ever, partly the fact that there are so many other people in the same or worst situation and partly that so many people are helpful.

I have no dealings with HSBC thank god. There is a colleague at work though who missed her Credit Card payment due to illness, she was off work for 4 days and lives in the sticks, no internet banking and forgot. She called them from work and made the minimum payment 2 days late and was assured there would be no charge.
She got charged of course, although it was half the usual amount.

Everyone here will help you out.

Well done again for posting.

1st_lemming

Thankyou all for your replies. The more I read and post here the more I want to turn around from the edge of the cliff and say to the rest of the Lemmings

Ive got a better idea lads, lets push HSBC over the cliff instead.

Though knowing my luck all the other lemmings would push forward in an attempt to hear what I was saying and I'd get pushed over any way.

But it is heartening to here all your stories. Keep them coming.

Thanks.