Managed Loan

Jaystag

Hi

I currently have a "Managed Loan" with HSBC (not that they do any management of it) and have just opened an account with Alliance & Leicester and want to close my HSBC account. Can I do this and still make payments on my managed loan from my new A&L account?

Or will A&L take on the loan from HSBC?

Any advice would be greatly appreciated.

CLAPTON

I doubt whether A&L will 'take on' the loan but you can of course apply for a A&L loan and use the money to repay the HSBC but check for any ealy settlement fees and the relative APRs.

You need to read the T&Cs of your HSBC managed loan to see if they require you to maintain the HSBC current a/c... if they do simply keep it open.. presumably there is no cost to doing that?

Jaystag

Thanks for that

I thought I would just need to keep the account open. There is nothing in the T&C's about maintaining the account though. My loan has a seperate account number as well.