• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

HSBC managed loan from 2008

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • HSBC managed loan from 2008

    managed loan

    I got into financial difficulty in 2008 and HSBC told me I had no choice but to take a managed loan from them to consolidate a bank loan and overdraft . My father was Ill at the time from mental health problems and I was under a huge amount of strain, I did not question HSBC and signed the loan agreement (they were calling me 15 times at least a day and I wanted to make it all stop). I told them so could not afford the monthly payment .

    I took advice from the site some years ago and my credit score has been great after the six years in 2015(Other debts). We have recently got a mortgage .
    The loan was for £16590 and stated interest of £14796, Payments off £218.01 per month as set out in the agreement .
    I couldn’t afford this and told them as I signed (they said it was my only option )so they accepted temp payments of £125 which I have been paying ever since.
    The 6 monthly statements I get show the loan balance (and no interest applied )decreasing every month to the point I need to make one more payment and the balance will be nil , the statements show interest rate as nil and do not look like the other statements I have seen online that look like loan statements with interest applied monthly - mine have no interest and clearly show interest rate of nil.

    After being harassed by HSBC’s with hundreds of calls on 2008 I removed my phone number and Have never spoken to them , I just get 6 monthly statements . Credit report shows just credit balance of the loan and no interest .

    I have some questions

    -has anyone still got one of these loans

    -Should the 6 monthly statements show interest if they are charging ?
    - My credit report shows only the small amount o/soutstanding - how does this work? I did write to all my creditors and ask them to freeze interest but HSBC have never corresponded back.

    -Does anyone have any experience of dealing with the HSBC over these loans, I am loathe to open a can of worms as they were so terrible all hose years ago but I needed to understand the implications of the product and would welcome some advice before go to them

    can they send me a demand for interest after all this time despite nothing being shown on any statements or credit report
    How should I approach them and what should I say
    Tags: None

View our Terms and Conditions

LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
Working...
X