HSBC managed loan

[fozzypenfold]

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 have just about resolved all of my financial problems and life is back on track, however, I still have this loan hanging over me.

I have some questions

-Does the managed loan affect my credit report? it s on there but shows payments made on time etc. no default date or anything that would normally cause problems

-I borrowed just over £16,000 and now owe £6,000, the statements have never shown interest payments on, but the original l loan agreement shows interest of £14k,( I really cant believe I ever signed this I feel so silly and me being an educated woman ). My credit report shows only the £6,000 outstanding - 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

Kind regards

[nemesis45]

Re: HSBC managed loan

Hi. The Credit Reference file sounds correct, capital amount reducing with payments, not defaulted so will not adversely affect the "credit score" and may even be of benefit as it shows a well managed account.
However I would be inclined to send HSBC a Subject Access Request under the DPA 1998 ( £10 statutory fee payable, 40 days to comply) there is a template in the forum library.

This will provide all the date relating to you and the loan.