HSBC Managed Loan & CCCS DMP....advice please.

Pan_3

Am hoping someone can throw some light on this or give me some guidance as it is beginning to frustrate and confuse me.

I have been doing my DMP through CCCS for about 3 months and all is going well....apart from HSBC and my managed loan with them. When I started my DMP I opened a new bank account and advised HSBC that I wanted to close my current account with them. I was told that I could not do this as under the terms of my managed loan I had to keep it open to pay my monthly payment by Standing Order for the loan.

Now, shortly after CCCS made all the offers to my creditors I recieved a letter from HSBC advising me that the offer was acceptable but that this could only be actioned through a new managed loan....I immediatly called CCCS who advised me not to do this at any costs and not to return the loan forms.

What I am finding now is that HSBC are still applying for the standing order from my current account every month....this is rejected and then HSBC apply a £25 charge to my account, this eems to happen twice a month.

I called HSBC again today about this and they advised me that this practise would continue until my account was actually defaulted....I told them that I will never be paying money into the account and therefore I found it quite baffling that they would apply for money that I had told them would be never be there. I was told that this was standard practise. I therefore asked if HSBC could default my account immediatly...this would mean that the account would be passed to their solicitor and that it would be handled in the usual way and CCCS could then pay my debt directly without the managed loan being forced on me. I was told that this was not an option and that my account would only be defaulted after between 4 and 8 payments had been missed.

So, I had to get back to CCCS and they have now had to add another creditor to my account....they did a review and we 'found' £5 which is now having to go to my newly added HSBC current account as this is now in debit and accruing charges.

I'm just wondering if anyone on here has had the same problems with a DMP and a HSBC managed loan? It just feels like they have got me over a barrell and are shafting me because I have refused to take out another managed loan. CCCS have advised me not to worry too much as after the loan has defaulted it will still be cheaper in the long run as the charges will be less than the managed loan interest.

All in all this was HSBC are handling this has really annoyed me...all my other creditors have been understanding but HSBC just seem to be making it as hard as possible for me.

Any advise would be most greatfully recieved.

Pan_3

Apologies for the bump....any advice??

Sea78

HI - can't talk long, should be walking to tumble tots now, but yes this is IDENTICAL to my situation. I'm just having to watch the debt grow nd grow as they are charging huge interest and charges. Been 4 months now.

Grrrrrrrrr

omg_3

My DS has similar problems with HSBC, they must be the most unhelpful bank around!!!!!!!!!!!!!!

Pan_3

Had to laugh, they sent me a letter saying they are 'sympathetic, understanding and willing to help anybody experiencing repayment problems'....yeah right, the sods just want to suck me dry more like. Really surprised they are allowed to do this after you have been upfront with them.

omg_3

Do not forget to reclaim bank charges as well

sonee2405

i hate hsbc-currently in the same boat as you

Sea78

I got a letter like that! Saying to contact the CCCS etc and then when on the phone they tell me what a load of rubbish the CCCS are....

tornadobunches

Hi there

just about to make first DMp payment, but been in the process of gettting it all sorted via CCCS and trying to get creditors to accept for two months...a couple, Mint and Egg just immediately issued Default Notices, although Egg sent a nice letter and have accepted the DMP. HSBC are impossible, I have written 4 seperate letters now, stating mu case, and they keep phoning and phoning all the time, which I ignore as I state I will only answer in writing. they want me to discuss other repayment options...I take it like a new loan with them as in your case, but I have no cash to do this...they are a pain up the a**e big time. The DMP is beneficial to them as at least they do get their money back eventually....I am now thinking maybe an IVA is a better route, pay back what I can, legally binding, 5 years and then whatevers left cancelled...whatdya reckon?

Best of luck to you!

craftingqueen_2

hi,

I'm in the same situation but with LLOYDS, they keep trying to get a loan payment from my old bank account.There's no money they then keep charging £90.

craftingqueen

Sea78

tornadobunches wrote: »

Hi there

just about to make first DMp payment, but been in the process of gettting it all sorted via CCCS and trying to get creditors to accept for two months...a couple, Mint and Egg just immediately issued Default Notices, although Egg sent a nice letter and have accepted the DMP. HSBC are impossible, I have written 4 seperate letters now, stating mu case, and they keep phoning and phoning all the time, which I ignore as I state I will only answer in writing. they want me to discuss other repayment options...I take it like a new loan with them as in your case, but I have no cash to do this...they are a pain up the a**e big time. The DMP is beneficial to them as at least they do get their money back eventually....I am now thinking maybe an IVA is a better route, pay back what I can, legally binding, 5 years and then whatevers left cancelled...whatdya reckon?

Best of luck to you!

Hi,

CCCS have just told me to wait it out - they will eventually default, just have to be patient. However, this is easier said than done!!

Sea xx