When Midland Bank changed to HSBC....

Bearadown

Hi new member

Back in the late Nineties when I had finally finished a private research programme of my own jointly with Loughborough University, I was really pleased when I was subsequently invited to attend a seminar at Stockholm University to read a Paper on it, that had by then already taken me about 4 or 5 years to complete.

Unfortunately whilst no travel or accommodation expenses were offered I was obviously still very keen to go, so I approached Midland Bank who immediately arranged a Flexiloan loan of £1900. I then agreed that I would repay a reducing sum of about £100 at the end of each month until the loan cleared.

I can’t remember exactly when HSBC took over but by then the balance was down to about £1600, when the next thing I knew was that HSBC had cancelled the previous arrangement and that I would now be charged interest at the end of each month immediately until repaid ! I immediately said that this was the arrangement I had agreed with Midland and not with HSBC, yet each time they kept replying that there was nothing they could do. Obviously had I known of all this beforehand I would never have agreed at all, as it was I had to apologise to Stockholm University that unfortunately I couldn’t attend.

Now semi-retired, living alone and on the state pension it’s getting very difficult to manage on a reduced pension and which is still being deducted monthly by HSBC so wondered if anyone from HSBC ever appears on this forum ? If so could they give me a justifiable reason as to why they continue to say that it must be repaid in full with no other option.

I must have repaid this loan dozens and dozens of times over since HSBC took over and still am today a good 20 years or more, so would very much like to know why they are still ignoring the fundamental fact that I agreed the loan with Midland and not with HSBC as it must have cost me thousands by now.

They must obviously know the whole situation backwards yet I’ve never once been contacted directly, forcing me to keep trying to explain to whoever just happens to be behind the counter or at a separate help desk.

Thanks

Pixie5740

Bearadown said:

Hi new member

Back in the late Nineties when I had finally finished a private research programme of my own jointly with Loughborough University, I was really pleased when I was subsequently invited to attend a seminar at Stockholm University to read a Paper on it, that had by then already taken me about 4 or 5 years to complete.

Unfortunately whilst no travel or accommodation expenses were offered I was obviously still very keen to go, so I approached Midland Bank who immediately arranged a Flexiloan loan of £1900. I then agreed that I would repay a reducing sum of about £100 at the end of each month until the loan cleared.

I can’t remember exactly when HSBC took over but by then the balance was down to about £1600, when the next thing I knew was that HSBC had cancelled the previous arrangement and that I would now be charged interest at the end of each month immediately until repaid ! I immediately said that this was the arrangement I had agreed with Midland and not with HSBC, yet each time they kept replying that there was nothing they could do. Obviously had I known of all this beforehand I would never have agreed at all, as it was I had to apologise to Stockholm University that unfortunately I couldn’t attend.

Now semi-retired, living alone and on the state pension it’s getting very difficult to manage on a reduced pension and which is still being deducted monthly by HSBC so wondered if anyone from HSBC ever appears on this forum ? If so could they give me a justifiable reason as to why they continue to say that it must be repaid in full with no other option.

I must have repaid this loan dozens and dozens of times over since HSBC took over and still am today a good 20 years or more, so would very much like to know why they are still ignoring the fundamental fact that I agreed the loan with Midland and not with HSBC as it must have cost me thousands by now.

They must obviously know the whole situation backwards yet I’ve never once been contacted directly, forcing me to keep trying to explain to whoever just happens to be behind the counter or at a separate help desk.

Thanks

HSBC bought Midland Bank in June 1992 and completely phased out the Midland Bank name by June 1998. 

If you took a loan of £1900 with the agreement to repay £100 a month were you repaying a £100 every month or did you skip some payments and/or pay less than £100 sone months? 

If the loan is unaffordable you could always stop paying it or write to HSBC offering a token payment of £1 a month. If you do this just make sure your pension and any other income is not paid into an account within the HSBC banking group. 

Bearadown

If you took a loan of £1900 with the agreement to repay £100 a month were you repaying a £100 every month or did you skip some payments and/or pay less than £100 sone months

Thanks. I can't remember what I was repaying Midland back a month but never missed a payment finishing at the current figure today with HSBC. I've been repaying HSBC £76 monthly and never missed a payment since.

kazwookie

Contact them.

I personally would cancel the stating order.

If I have understood all the information correctly you have paid about £30K.

Get all your facts and a time line, ring them, and then follow up in writing. 

If you use online back contact them via that.

Bearadown

If I've understood you correctly the waiting time on the phone is awful especially with the virus. As for writing I won't live that long..... !

This is why I feel it's best to keep trying to talk to someone directly, it's just their couldn't care less attitude that gets you. As for the £30k I'll might believe it if I get to see it 

Thanks for your help

Pixie5740

Bearadown said:

If I've understood you correctly the waiting time on the phone is awful especially with the virus. As for writing I won't live that long..... !

This is why I feel it's best to keep trying to talk to someone directly, it's just their couldn't care less attitude that gets you. As for the £30k I'll might believe it if I get to see it 

Thanks for your help

You’re not going to get someone from HSBC to reply to you on the forum, certainly not in any official capacity. 

Don’t waste time phoning either. Fill in the online complaints form with a view to escalating to FOS if necessary. 

https://hsss.hsbc.co.uk/ukpersonal/contactforms/contactus_complain.jsp?nrfb=false

Barny1979

So I presume you're just paying off the interest each month? Have you looked at a loan from HSBC or elsewhere to pay off this one and start a fresh?

Bearadown

Just tried to get through to HSBC help desk on line only to find it's manned by the usual programmed robots. Any idea how one contacts the staff themselves during normal working hours....?

Pixie5740

Bearadown said:

Just tried to get through to HSBC help desk on line only to find it's manned by the usual programmed robots. Any idea how one contacts the staff themselves during normal working hours....?

What is your aversion to following HSBC’s complaints process? No one you speak to as a first contact using the online chat or in a call centre is going to be able to answer your query. 

Bearadown

Perhaps the root of the problem lies with the original official signed agreement I made with Midland Bank, which is where I agreed to borrow the money from in the first place.

That is assuming it's still valid....?

smashinglynaive

Bearadown said:

Perhaps the root of the problem lies with the original official signed agreement I made with Midland Bank, which is where I agreed to borrow the money from in the first place.

That is assuming it's still valid....?

Why wouldn't it be?