managed loan

sammyswife

when my daughter was18, HSBC gave her a £3,000. overdraft and a £3,500. credit card. she was a apprentice hairdresser earning £100. a week. she thought her birthdays had come at once and got into serious debt reaching the max on them both. HSBC arranged a managed loan for her she,s paying back £105.00 a month but all that is coming of her loan is £35.00 the rest is interest, she,s been paying for at least 6 years and she,s been told by the bank that it will take until 2016 to pay off, she tried to arrange a different loan with them to pay it of but was turned down because she was late with one of her payments 5 years ago. she,s been advised to stop paying them and let HSBC take her to court anyone else any ideas

CLAPTON

I can't see how defaults on her credit record and CCJs and bailiffs will help her...

You don't say what the debt details are... the amount outstanding, the APR etc.

Her realistic options are to get a cheaper loan from antother company(or her parents of course) and transfer the debt or increase her payments to clear the debt more quickly.

It may be (well almostly certainly) that the managed loan includes lots of charges that are probably reclaimable, so I would suggest she reads the threads on reclaiming bank charges and starts the ball rolling.