HSBC Loan

Jaystag

I have an HSBC managed loan with £6353. I am currently paying it off at £200 per month which should leave me with 32 monthly repayments left. However due to the fact that they charge me on average £70 interest a month it will actually take me 48 months to pay it off.

Has anyone managed to successfully get off a managed loan from HSBC? Are they open to switching it after a while? Would I be better off taking out a loan to pay off the whole thing?

How much would they be likely to charge me if I paid it off at this stage?

Also, do they allow you to change the payment date of these loans or are they totally stringent on them?

Thanks in advance for any help anyone can give me.

CLAPTON

its normal for banks to charges interest on loans.

you can enquire what the cost (setttlement) figure is if you paid the loan off now.

then see if you can get a loan from another lender that will cost you less than paying off the HSBC loan in the normal way.

stokegal

I had a managed loan with HSBC back in 2002, it was only for £1000 though after I had paid it for a year they agreed to change the remaining amount into an overdraft which meant that I still could pay it off month by month but I could dip back into it... this was probably a bad thing as it took me ages to final pay it all off