HSBC Managed Loans

MissGrooves

Hey guys I believe I was mis-sold a HSBC managed loan back in 2004, do I have a case and is it too late to do anything?

TadleyBaggie

Since you have not provided any information about the loan, how do you expect anyone to know you have a case?

dealer_wins

You have to give us details of why you think it was mis-sold, so we can explain to you that it wasn't mis-sold.

ViolaLass

Ignore the sticklers. Hoping it was mis-sold is good enough.

TBeckett100

Have you spent the money? Not sure how it was Mis sold to you. Like most things, you are offered terms which you accepted and now it's not good enough with hindsight and compensation culture

DCFC79

MissGrooves wrote: »

Hey guys I believe I was mis-sold a HSBC managed loan back in 2004, do I have a case and is it too late to do anything?

Let me just fire up the time machine and go back 10 years and check, oh darn it it wont start up.

DevCoder

Managed loans are very rarely mis-sold. Its basically a way banks use to help people get their finances in order by offering a decreasing credit limit based overdraft, sometimes interest free. As you pay off each month then the overdraft credit limit does down so you cannot re-spend it .

The alternative is normally a debt spiral.

iolanthe07

Managed loans are very rarely mis-sold.

Yes - I was wondering how a managed loan can be miss sold, but I suspect we will never know.

ROBINSHIRLEY

I was actually wondering if it is possible that a managed loan could be mis sold.
I found myself in a debt spiral in 2009. I approached CCCS (Stepchange). A DMP was arranged for me. All my creditors were brilliant and accepted, except HSBC.
I had a loan, credit card and overdraft with them. They refused to accept my offer of £216.64 to repay these debts. They reason they gave was that my circumstances hadn't changed. My circumstances hadn't changed, but I'd maxed out all my cards and had no money to pay my household bills after paying all the credit bills.
Stepchange advised me to sit tight and ignore the banks threatening calls and letters and stick to my offer.
I eventually gave in and signed their paperwork as I was just so fed up with their bullying. I actually felt intimidated by them.
This managed loan paid off the original loan, which was interest front loaded so it was mostly capital left , in doing so they just added a load more interest. I realise this is something they are able to do to people with debt problems, although I don't see this as treating customers fairly and sympathetically as the FOS recommend.
The reason I think I may have been mis sold is that they knew I was unable to make the repayments as I had this DMP. Not being able to repay the full amount each month now means I'm always in arrears, which means I am continually defaulting on the loan. They still call me from time to time asking when these arrears will be cleared? I explain time and again as my debts drop off there will be funds in my DMP to bump up the amount I pay them. The caller told me that they can take me to court due to the arrears, but they are unlikely to take this route as the amount is relatively low.
Sorry I have gone on a bit, but I would really appreciate any advice on this.