HSBC Managed loan can you claim anything?

bluebirdgsy

Has anyone had any joy of claiming anything back, I was told to get one of these awful loans when I asked if I could extend my over draft for 6 months as I was getting a bonus in the June, I was working and always have and would pay it back and cancel my overdraft. I was told no and this managed loan was best and consoildated overdraft credit card and a loan I had with them, the bank made it sound like I there were helping me however 9 years down the line I am still paying it and have been told it will never finish as I pay the minium amount every month (which was the amount I was told to pay on the standing order form) and the ineterst will just be added every month till I up my payments.
I also got told when I took the loan that it would be paid back in 5 years when I phoned in 2008 to ask why the payments were still being taken I was told I had approx another 8 years. I asked for my loan agreement and it states intial payment + 119 months. Could I cancel it after my 119 payments? Can I claim any interest back? I should only have 10 months left however when I divided the amount remaining by what I pay a month it works aout I have 14.2 months left. :eek:
Any help would be grateful.
Thanks for your time.

bluebirdgsy

I see I have had a load of views on this situation but no replies. Does anyone know anything about these loans and if anything can be claimed back and were to start claiming?
Thanks

CLAPTON

unless there was PPI on the loan then I can't see any grounds to claim anything back

without knowing the details
amount of loan, apr, monthly payment etc it's a little difficult to offer any suggestions

but a hsbc managed loan is simply a loan over a long period of time and so with low monthly payments; you need to pay more per month to finish the loan more quickly

Apples2

Managed loans get people out of a complete pickle without resorting to the extrmes of bankruptcy, IVA etc.

Essentially you were sinking and had no way out, this may be an awful product but probably a better option than losing your home at the time.

It does get tiresome reading posts where people were eager enough to sign up at the time, only to look not only for a way out of repaying but also looking for some kind of compo as well.

They told you to increase your payments but you didn't, you kept the repayments a low as possible which in turn, will keep that ball and chain tightly around your ankles for many years to come.

You do need to understand why you took this product and where you would be now if you didn't.

poppasmurf_bewdley

bluebirdgsy wrote: »

Has anyone had any joy of claiming anything back, I was told to get one of these awful loans when I asked if I could extend my over draft for 6 months as I was getting a bonus in the June, I was working and always have and would pay it back and cancel my overdraft. I was told no and this managed loan was best and consoildated overdraft credit card and a loan I had with them, the bank made it sound like I there were helping me however 9 years down the line I am still paying it and have been told it will never finish as I pay the minium amount every month (which was the amount I was told to pay on the standing order form) and the ineterst will just be added every month till I up my payments.
I also got told when I took the loan that it would be paid back in 5 years when I phoned in 2008 to ask why the payments were still being taken I was told I had approx another 8 years. I asked for my loan agreement and it states intial payment + 119 months. Could I cancel it after my 119 payments? Can I claim any interest back? I should only have 10 months left however when I divided the amount remaining by what I pay a month it works aout I have 14.2 months left. :eek:
Any help would be grateful.
Thanks for your time.

I was once told that the moon was made out of green cheese. Honestly, do you always believe what people tell you? Did you not read what these people gave you to sign or take away with you?
You entered the agreement with (presumably) open eyes, and nobody forced you into signing it (did they?).

You have no chance of getting any of the interest back that you have paid.

thatsean

Clearing it sooner is easy - pay more off.
How else would you have paid off the debts that you owed to the bank?

As other posters have said, the ML is an offer made to you, you can say no, and repay the debts you have with your own money, or finance it elsewhere, you chose not to, and to pay the very least that you could - no doubt less than the debt repayments you were making at the time.

bluebirdgsy

Thanks all for your comments. I was advised to come on a site like this by a bank manager (not from HSBC) as he could not understand how HSBC can offer loans like this as loans should only last maxium of 5 years 60 months or charge interest like they have.
I was young when I got this loan (22) with 18 month old child I was never out of work I had a good job still have and yes I did read it however didn't really understand, plus the bank manager said it was the best thing for me.
Some of the comments have come across a bit rude.
Thank you all for your time.

DCFC79

bluebirdgsy wrote: »

Some of the comments have come across a bit rude.
Thank you all for your time.

Which replies were rude then ?

opinions4u

bluebirdgsy wrote: »

Thanks all for your comments. I was advised to come on a site like this by a bank manager (not from HSBC) as he could not understand how HSBC can offer loans like this as loans should only last maxium of 5 years 60 months or charge interest like they have.

Different lenders can operate in different ways. There is no limit to term, amount or interest that a bank can charge.

The bank manager concerned sounds a bit silly to be honest.

I was young when I got this loan (22) with 18 month old child

You were an adult living the life of an adult.

I was never out of work I had a good job still have and yes I did read it however didn't really understand, plus the bank manager said it was the best thing for me.

Well what was the alternative? How else were you going to meet your commitments?

Some of the comments have come across a bit rude.
Thank you all for your time.

In the end your question is along the lines of "I borrowed the bank's money, agreed to pay it back with interest and spent the money. Can I have some of it back now?" - hardly going to be popular.

JuicyJesus

I love when people say "I have a child" in completely irrelevant contexts, as if it gives them a free pass to do whatever the hell they want.

sistafromanothermista

JuicyJesus wrote: »

I love when people say "I have a child" in completely irrelevant contexts, as if it gives them a free pass to do whatever the hell they want.

I have 2 children.....am i entitled to compensation?