HSBC Managed Loan>Advice Please

Sugar_Coated_Owl

When I was aged 18-20 I got into quite a lot of debt. The main debt being my loan to HSBC bank. It started as a flexi-loan of about £1500, then £3000 and then the full £5000. I then must have borrowed a bit more (I really can't remember, bad I know ) Anyway, I struggled to pay the loan each month so they took away my Maestro card, cheque book e.t.c gave me a basic bank account and swapped the personal loan to a managed loan. I then fell behind with payments as again I couldn't meet the monthly repayments. After working out payments to all my creditors on a pro-rata basis I wrote a letter to HSBC. They accepted my offer of £138.57 per month on the basis that my unauthorised overdraft/missed payments were included into the loan and that there would be no interest.

It was only today that I thought I would have a look at my HSBC account online. To my horror interest has been charged every month. Last month I paid in £138.57 and of that £104.11 was paid out in interest, therefore, meaning I paid just £34.46 off my loan. I honestly believed that the full £138.57 was coming off my loan. I'm certain that they said no interest would be charged but after calling them today they insist that is not the case :mad: At this rate it's going to take me forever to pay off this god damn loan.

I'm so sad at discovering this and just keep crying. I've tried so hard to sort out my debts and pay them off.

LilacPixie

sorry i don't know what to suggest. \how about you SAR them and get a copy of all correspondence sent and received as well as transcripts of all calls just to see if they did say no interest then sneakily put it on.

Cleosmum

Yep definitely SAR them.

Buffythedebtslayer

what does SAr them mean?

and I had a loan, from barclays which I paid 248 to every month of which 214 was interest, so you aren't the only one. I moved the debt to another loan( and another aand another but thats another story)

let us know hwat happens

xxx

LilacPixie

SAR is a subject access request. for £10 they have to give you copies of everything they hold on you. all letters contracts etc and transcripts or recordings of all recorded calls. very helpfull if you say you said one thing and they say another.

Buffythedebtslayer

Cheers Lilac, good to know these things. would that work for PPI claims too?

xxx

Sugar_Coated_Owl

Thank you for the advice. I shall do what you suggested. Thanks.