Desperate for Managed Loan Advice

homer_j_3

Do you have a credit agreement for this loan? Did you ever sign one?

It may be worth looking at the loan to see if there is anything there to try and either get the loan voided which will mean that your total debt will be 10k minus all payments made so far and no interest at all or to see if its unenforceable.

bb23

Hi - my most recent agreement is sitting in front of me, i had it changed when i was pregnant to lower the payments

i dont think i'll be able to get it voided - it clearly states the terms, including that its 9% above base rate

i dont know if the very FIRST original one says that though.

alwaysonthego_2

Are you managing to keep up with the payments?

bb23

Yes, i've not missed a payment in the 4 years that i've been paying it off for.

Tamarind

Hi my partner had a personal loan with HSBC, in 2005 he lost his income and had problems with keeping up direct debit payments for other items, HSBC contacted him and said that they would reduce his repayments from £76 down to £38 a month . For over 18 months he did not get a statement from his loan account when he did he was shocked to discover that £31 out of the £38 is in fact interest charges. They had also changed his bank account into a basic bank account. for the last 2 years he has been on good wages and has never missed a payment. He would also like to know if he can claim back these interest payments as he was never told that his loan account was being changed from a Personal loan over to a managed loan as if he had been given al the details ie: interest charges being almost two thirds of the monthly payment he would not have agreed. HSBC gave the impression that they were helping him out in the short term. since going over to the managed loan in 3 years he has paid off approx. £210

CHR15

How much interest was he paying when he was paying in £76 a Month?

Tamarind

I'm not sure. I am wondering if there is a case for reclaim under the terms of mis-sold as he never signed an agreement for the managed loan and was never informed of the terms and conditions

CHR15

What I am getting at is that he may have been paying £31 a Month in interest all along, the bank just reduced his payments for a short period until he regained his financial status. How come he didn't up his payments back to £76 a Month when he found a Job (or was he out of work for the entire 18 months)

I can't help but feel this was a reasonable offer on the banks part allowing him to pay less each month (as reasonable as banks get anyway!!)

nicholas.t_2

i have an 18k managed loan with hsbc it was being paid ok but now the s**t has hhit the fan my bussines has folded my house has been sold to a private landlord so we can rent i have no job no car no assets.
i live with my partner not wife she pays for everything as she has a good job they wanted an income and expeniture sheet this state income 0 outgoings 0 as my partner pays everything she will not pay anything towards the loan as it was taken out before we meet.
i have told hsbc that this loan will not be repaid now 3 months overdue with the payments
what can they do? if they make me bankrup they still will not get anything

tealady

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