HSBC Managed Loan Nightmare

PeacefulWaters

bigadaj wrote: »

Not sure what you want really, sympathy, all banks are horrible or some constructive advice.

Basically your opening post in terms of what to do and the process is fine, complain to the bank, put in a request for the recording. Then go to the ombundsman if not resolved to your satisfaction.

The bottom line is that this type of loan is offered to those with a poor credit file and therefore the higher risk this entails means higher charges and interest. Simplistically people never have problems when the money is handed over to them, only when lack of payment means they run into problems down the line and unsurprisingly default with the consequences that go with it. The obvious answer is to get a better loan somewhere else and pay this one off but this presumably isn't possible, again given the nature of the credit file.

I think this post sums it up.

Complain. Ask for a transcript of the call. Involve the FOS if appropriate.

You can moan about crippling interest but it's probably cheaper than a credit card for somebody with bad credit and doubtless reduced monthly payments at a crucial time.

Focus on the misunderstanding around "freeze". And next time get it in writing.

Good luck.