Tweet
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
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
