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
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
HSBC managed loan
