managed loan from hsbc

colagirl

thanks 2 evry1 who has read and replied, i showed my OH and he was surprised at it all ! i think i'll just hope they put it to the DCA soon, as we have missed 3 payments now although not consecutively. Does anyone know when they send it to MCS, ie how long/how many missed payments ? As well as trying to afford the £187 a month on that, we are really struggling to meet our (re)mortgage payments, so are likely to miss more as obviously the mortgage arrears get top priority.
Anyway i'm going to tot it all up (gulp) on paper and do a SOA on a new thread, and maybe we can start sorting it all out finally.
will keep on here regular thanks

xxjulyxx

hi colagirl
i missed 5 payments before they sent it to mcs and as op said they were easier to deal with than hsbc, after receiving their letter i wrote back with my offer, they agreed then sent a payment card to pay monthly.
but please remember only offer them what you can afford
hope all goes well for you

ANDENA

colagirl wrote: »

hi,
i usually just read posts on here, never had the guts to post b4 so here goes !!
We had debts with hsbc last year including an overdraft, a loan and 2 credit cards, and we couldn't met the payments. The bank told us we had to have a managed loan or they would go to court send the bailiffs etc. We took this loan thinking it was our only option. Basically this loan is around £14,000, but the way the interest is calculated, it actually increases every month, so that it will nearly double. We just had our statement and although we've been paying it for over a year at nearly £200 a month, its only ggone down by about £50 ! Now we have the added problem that my hubby has lost his job so the last 2 payments we have missed. When i rang the bank to notify our change in circumstances they just said tough they can't help us we will have to make up the missed payments. Its really depressing my husband to the point he's ill cos all he sees is us struggling to pay this loan which doesn't come down at all. The bank at the btime we took this out said we could always turn it into a normal loan in the future but when we miss there hardly likely to are they ?
Please any advice gratefully received, my husband is really unwell over this and i am very worried.

this loan is really getting me angry they told me i could have a normal loan costing £220 a month i told them it is just like having a morgage which i have paid off. also they did not offer ppi my husband has,nt since 2005 as he keeps on getting strokes.so i am worried i will get ill and cant pay

Ell87_2

We were in exactly the same position last year - loan, OD and 2 CC's. The CC's quickly got passed to mcs and then our loan and OD got passed on last month (We switched accounts in Dec 06 to Lloyds and didn't put any further funds into our HSBC account and it took them that long to put it to mcs). Mcs are a whole lot better to deal with and freeze interest and you can actually see your balance go down.

HSBC offered us a managed loan and we were on the verge of taking it as they put us under so much pressure, but I'm very glad we held out and waited for mcs.

Good luck!