Your views and questions.

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By Hampshire_Paul
#167168 As I've stated in other posts I am just kicking off my DMP with CCCS (letters went out 2 weeks ago).

This morning I had a thick wad of paper squeezed through my letterbox from HSBC (my bank). The pack contained an offer of a managed loan to cover the 15k I owe them (loan/credit card & overdraft). The loan itself was £205 per month, scheduled to last 14 years(!!!) at an interest rate of 13.75% making a total of just short of 30k repayable :shock: . The helpfully attached a concession (cancellable at any time) saying they would except £165 a month (at 7%) for the time being.

I will of course be politely declining the offer. It did strike me as ill-concieved from there point of view as £165 was only the token payment I made them this month (I had some one off bills to pay car tax etc). Under the DMP proposal sent to them the actual amount I am offering to pay is close to £300 per month?!?!

I've heard that this is all very standard stuff from HSBC and that shortly they will pass my account over to Metropolitan (their in-house collections agency) - well here's hoping! :roll:
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By Yogi Bear
#167178 Yeah.. all standard stuff. Not quite as subtle as the one you got yesterday from Amex, though. :)

The reason incidentally that I think you may be getting these is that your accounts haven't yet got massive arrears on, and so the creditors are seeking to offer temporary concessions in order to revert to a 'normal' repayment structure later on.

LloydsTSB do the managed loan routine as well as HSBC, and both apparently get extremely shirty with anyone who refuses. :shock:
By voycey
#167422 I have just this second refused HSBC's one and they reeled off all the speal about CCJ's Courts, Bailiffs.

Their concession payment was exactly what I am sending them via payplan each month. I said to the guy well its either this or bankruptcy and I can guarantee you will get much much less in BR!
By uphillstruggle
#167535
Hampshire_Paul wrote:I've heard that this is all very standard stuff from HSBC and that shortly they will pass my account over to Metropolitan (their in-house collections agency) - well here's hoping! :roll:


Yup - that was my experience at least. They dragged it out for a good 9 months with me before selling the debt to metropolitan. Well done for refusing the managed loan - what a con.
By sonyse2t5
#168071 These Banks are asking people to take out loans with interest to pay debts.Stricly a bad thing......Robbing Peter to pay Paul

Tell them to tee off....you get get interest frozen....why pay 13%!
By sabinutza333
#206267 I was misled and signed the managed loan with concession, told that I can cancel it within 30days, only to be told later that its only 14days :?
By the time I spoke to my adviser it was already to late...
Did anyone signed this?What should I do if I still want to cancel it?
Can i do it on the grounds that I was told different in the first place?