HELP....10K+ (HSBC managed loan hell)

bb23

Hi, im a newb - found this site yesterday. Currently in 8,900k debt to HSBC Managed Loan and a 1,600 from and HFC loan being collected interest free by Wescot at £40 per month....

Im just wondering if anyone else has had a managed loan with HSBC (or anywhere i guess) and how the tackled trying to get the interest down, or turning the loan back into a normal one with a lower interest rate in order to pay off the debt faster.

I have had it for three years now and asked on the anniversary of its start date this year and last year if they can change it due to the fact that the payments arent really making any progress but both times been refused and asked if i can contact them to 'review in a years time'.

During my debt-piling years i incurred 2 defaults on my credit account as well (unemployment), which is obviously affecting my chances at getting a joint account with my partner, something we both feel (correct me if im wrong) will help us with our debt problems (he has his own but i dont know the total damage).

I am just about to post off my letter today to try and claim back £1,775 in bank charges dating back to 2001 which i hope to lump into the Wescot/HFC loan and knock that out. Its my starting point.

Can anyone offer up any other pearls of wisdom?

thanks

B

highguyuk

Well, its a :hello: hello and welcome from me to the site!

I can't honestly help with the managed loan situation, but producing an SOA on the site might be beneficial. An SOA (Statement of Affairs), details your income, outgoings and debts. There is a sticky at the top of the Debt Free Wanabees Board about them.

With an SOA, some of us may see where your paying too much for things, or the best way forward to paying off your debts.

bb23

I have posted one now