HSBC managed loan

crystaltips68

Thanks for the advice,Andena.

I will request monthly statement and also try to contact CAB again.....

sand-dancer_3

Hi Inactive, yes banks etc. are businesses not charities, I was merely reminding Teddy that this site is for support and perhaps his tone, when posting, could be less judgemantal. A lot of us on here are in financial distress because of unforeseen circumstances. Yes, straight talking is necessary - but in a friendly constructive way

lids_2001

I have a managed loan with HSBC for £29000, in the first year I paid £380 per month after 15 months I had only paid off £700!!! I have now defaulted and am seeking legal advice regarding the miss-selling of this loan. The CEO has read my letters, or so they say, and HSBC are negotiating with me at the moment. I have reported them to the financial ombudsman and trading standards both regards the loan agreement but also harassment from their telephone banking staff. They have lied to me on more than one occasion. If your loan is for less than 25k, then you are protected by the CCA.

Please if you are ever asked do not sign up for a managed loan. Default on the original debts,do not borrow more money, open a new basic bank account with another bank, transfer wages into this new account, and pay your bills with cash. Seek advice asap.

crystaltips68

Hi Lids 2001, sorry to hear of your experiences with HSBC and I wish you the best of luck with your case. I would be interested to see how it all works out for you.

These managed loans must be stopped and another fairer way set up to pay back debts, good luck.....

kneepads

These loans must be illegal.We were in debt to the HSBC for 20,000.Never missed a loan payment!!Really good credit history.Guess what managed loan at £300 a month.Why we signed I will never know.We had a few personal setbacks and now a year on cannot believe how this loan has ruined us!!We are debating whether Debt management will be better?Struggling from month to month.Any advice?Letrs all stick together..............