In trouble help!

Steve31_2

Just had a call from HSBC, they want em to go on an HSBC Managed Loan

Seaxwyn

Please please try and get a 0% card before you accept the HSBC loan. My OH and I have grown to hate HSBC more than all our other creditors!

I recently applied for and got a Virgin CC with 0% on balance transfers for 15 months (with a 3% fee). I got an instant answer from them. If you haven't tried them already, why not do a quick online application now?

quantumleap

Steve,

If it were me I'd be taking some time out at this point to have a good old think about all of this. Taking out a managed loan may or may not be the best way to go but please exhaust all other options before you make a decision.

Also, is your mortgage with HSBC? If so, this may mean the loan is secured onyour home.

Make sure this is all checked out before you proceed.

Steve31_2

no my mortgage isnt with hsbc.

Well i had better get an evening job! any leads in london?

RAS

Steve

Managed loans are a nightmare.

There are other options. Have you spoken to CCCs or NDL about the situation? Contacts here http://www.moneysavingexpert.com/loans/debt-help-plan#help

Please take proper independent advice before you do anything

Bismarck

Steve31 wrote: »

the house is an old house with lots of work needing to be done - we are hoping to get this finished in the next 2 and a half years then remortgageing or possibly sellign up. We got the house a t a good price, and most of the work is stuff i can do myself.

hi again Steve,

You've had some great advice about the loan idea...I just wanted to add something about the idea of doing stuff to your house. You're working long hours and have 3 kids and are now possibly looking into a second job (which I think would be exhausting in itself) - when are you going to have the time and energy to doing your house up? You literally cannot afford to make yourself ill by trying to take on too much.

poppyg_2

I echo the above advice, you do need to ensure you have a decent work/life balance especially with your family

I'd definitely try the CCCS online advice remedy as a starting point, good luck x

bb23

Steve31 wrote: »

Just had a call from HSBC, they want em to go on an HSBC Managed Loan

PLEASE DON'T TAKE ONE OF THESE - they charge you 9% above base rate on APR - i've had one since 2004 and it wont be cleared until 2016 !!!

do anything else you can but please don't' take out a managed loan

im trying to expose HSBC at the moment because i (and many others) feel we were mis-sold these loans and the salesperson's preyed on our weakness and desperation to get out of debt

if you WANTED to help the cause, you could set up a meeting to talk about the managed loan and see if they mention the high high interest and how much they try to brow beat you into it - then decline, then tell me all about it hehe - although that is a lot of effort!

im so sorry you're in such a difficult situation, unfortunately i have no real advice to offer other than PLEASE don't take out a managed loan.

Steve31_2

Thanks for your advice. I have set up a meeting with the citizens advice bureau for next tuesday.

Just wanted to know if i go through the citizens advice bureau wont this mean i wont be able to get a mortgage in the future!

Yes its a busy life, but I am not going to get anywhere sitting on my backside am I.

I work in an office so the day job is more mentally tiring, when i get home i eat dinner put the kids to bed with my wife, then spend about an hour or two doing the house (stripping wallpaper last night). I actully enjoy doing the house a little at a time. Definately need a second job though, a few nights a week.

If only the banks were not as greedy!!

RAS

Steve

Does the missus work?

Just if you work, you will be paying loads of tax. If she does not work now, then anything upto £5,000 would not attract tax or NI deductions. So her earning £5,000 is the same as you earning £8,000.