HSBC Managed Loan

Kangastu

In 2006 I took out a managed loan with HSBC and had all my credit cards put into the value of this loan. I did this as I wasn't managing myself very well at the time and HSBC said this was the only choice available as I already had a small loan with them.

I'm only 1 year away from paying this loan off as I made sure I have been overpaying when I can overtime (no penalty). However this loan has prevented me from getting other credit as it has a negative impact on my score (car loans etc).
The HSBC manager at my branch said I could comeback every 6 months and ask to convert the managed loan to a normal loan. However each and every time I have always had a NO.

I have had my credit profile checked with experian and my score is good and above the average for the UK.

I'm really confused as to why I cannot get other credit, with a good score. I have been proactive and repaying everything I owe (minus student loan to government), so next year I can be "worthless" for the first time.

Does anyone have any advice to give on what I could do to speed up my worthlessness (LOL).

I want to save a mortgage deposit the year after and would be able to have a 20% deposit in a couple of years (for the local house price) once I have freed up cash from loan repayments..

Kind Regards and thanks for reading

stu

Tixy

However this loan has prevented me from getting other credit as it has a negative impact on my score (car loans etc).

What makes you think this loan is having a negative impact on your ability to get credit?
Any potential lenders looking at your credit file will not be able to see that this was a managed loan or is different to any other personal loan.

I have had my credit profile checked with experian and my score is good and above the average for the UK.

Don't pay much attention to the categories and score the credit reference agencies will sell to you.
No potential lenders see that information, what they see if the basic data on your credit report, have you checked through that and is everything on there accurate?
What other credit accounts are showing on your credit report aside from that 1 loan?

_Andy_

I doubt it's the fact it's a managed loan - more likely will have been the missed payments/adverse leading up to it

Thrugelmir

Kangastu wrote: »

Does anyone have any advice to give on what I could do to speed up my worthlessness (LOL).

Make a few personal sacrifices to speed up repayment even quicker.