f**king hsbc i am gonna scream.....

Cleosmum

ldavies wrote: »

to add my 2 p worth, its USUALLY to the customers advantage to accept a managed loan with a bank IF its the last resort. My experience is just this.. By going on a managed loan senario, it doesnt affect your credit rating, only with that bank and also your bank account info doesnt change.. yes, the APR tends to be high but you dont have to acccept it. Should you not pay as per agreed, they prob would issue a final emand for the toal amount owing, creating a bigger problem for you in the short term.

You shouldnt be forced to have a managed loan if its not even your debt.

kel123_2

I think you will find that they are breaking allsorts of debt management rules/guide lines with this. Banks and Dca's are not allowed to say these thinks and can be reported and I think you should

OFT Debt Collection Guidence July 2003 (updated Dec 2006)

Physical/psychological harassment

2.6 Examples of unfair practices

(b) pressurising debitors to sell property, to raise funds by further borrowing or to extend their borrowing

rayday2

Well pointed out Kel!

We have gone from as the topic title suggests a laugh to a mutiny!

mummytofour

Hi,
First direct did this to us and I told them no I feel the reason is that buy joing the debts together a new cca if required! Hence you would not at a later date be able to ask if they had the cca as of course they would for the new debt! Anywya FD have now moved our OD of 500 over to debt collection as they wont take the £6 pcm from CCCS yet will take £20 for cc of 2500!

thepinkladez_2

just a little update:

After taking cccs advice about ignoring HSBC'C stupid letter we have been bombarded with phone calls and now had a second letter, so i decided to sit down and compose the following letter, now before i send this letter can you kind people have a look over it and provide me with any feedback you have?
thanks in advance.

Dear Angela,

I am writing in response to your letters dated 21st April 2008 and 6th May 2008, in which you have proposed a managed loan account to consolidate our overdraft and credit card accounts. I would like to confirm that we will NOT be taking out this managed loan for the following reasons:
· Firstly as we are sure you are aware under the terms and conditions of having a DMP with CCCS we are forbidden to neither take out any further credit nor enter any new credit agreements while this DMP agreement is in force.

· The amount you have suggested we take a loan out for (£2,650.00) is not correct, if you look at your records you will see that we cleared our overdraft facility on the 18th April 2008, the account is now £30.89 overdrawn. We have however been unlawfully charged twice since we first told you we were in financial difficulty, directly putting us into further debt. Please see details below:

THIS BIT WENT ALL FUNNY WHEN POSTED! SHOWS EVIDENCE OF THEM APPLY 2 £25 CHARGES.


By our calculation we actually should now be in credit by £19.02 if these unlawful charged had not been applied.
The actual loan amount should only be £2050.71 the amount the gold credit card is. However I am sure like our current account you will have applied unlawful charges to this account also after we had told you we were suffering from financial difficulties.
· The loan paperwork has been made out in both names Mr Pinkladez and Mrs pinkladez, although the only debt we have with HSBC is a Gold Credit Card in Mr pinkladez name only. Why on earth you think Mrs pinkladez would agree to a consolidation loan to consolidate a debt that is not hers is beyond us!

· The loan term is for 90 months , however if you look at our proposal to pay you £44.85 per month it would take us less than 46 months to pay this debt to you in full.

· The loan also clearly includes a 12.70% APR rate which will in fact add £1382.20 to our debt thus putting us in even further financial difficulties.


By asking us to take out this managed loan as a response to our DMP proposal we feel you have breached the following standards set out in the bankers code and OFT Debt Collection Guidence July 2003.

· We will lend responsibly.
· We will deal quickly and sympathetically with things that go wrong and deal with all cases of financial difficulty sympathetically and positively.

· Physical/psychological harassment
2.6 Examples of unfair practices
(b) pressurising debitors to sell property, to raise funds by further borrowing or to extend their borrowing

Bismarck

hmmm....they'll enjoy getting that one. Do they have a separate team with managed loan target acceptances to meet or something?

As you say a 90 month term for that amount outstanding is ridiculous.

Seaxwyn

Great letter pinkladez!

itsnowtime

I just wanted to say - absolutely fantastic!!!

If you do a search in the forum, you'll see many people being offered one of these - me included and as you've very clearly pointed out in your letter this would just get you further into debt and therefore don't touch it with a bargepole.

I have very nice conversations when they ring me regarding my outstanding debt and always tell them why I'm not going to take out the managed loan - all for your reasons above.

Good on You! :j

hypno06

A good letter!! Let us know what response you get - I am sure you will be able to help a lot of people with similar "issues" with HSBC.

getting-sorted-sarah

Slightly off topic - but while we're laughing or screaming - someone from HSBC once called me to inform me I was overdrawn (I know!) and then suggested I should draw cash from a credit card in order to put myself back in the black....
I actually had to explain to him why this would be a stupid idea!

I've struggled back into the black without any support or understanding from HSBC (£800+ charges reclaimed, another £400 in dispute), and now my finances are a bit more manageable - I'm switching to another bank!

Best of luck OP.