HSBC managed loan please help!

[georgiegirl]

Hi all, I'm new to this site so I hope i'm getting this right! My husband and I are being crippled by a HSBC managed loan, we are paying £191 per month and have £17000 outstanding! we are paying mostly interest every month how can we stop this :tinysmile_cry_t:

[Mochamoo]

Re: HSBC managed loan please help!

Hiya welcome to LB

If you are in financial difficulties I would write to the bank and ask them if you can reduce the payments and explain your situation. You will probably still only be paying off the interest every month.

If you fill in an IE form link at the top of the page we could try and help you sort out your finances a bit better

If you took out the loan you are liable to pay it back we do not advocate avoiding your debts.

[Amethyst]

Re: HSBC managed loan please help!

HSBC Managed loans are pretty notorious for being excessive. They are top loaded with interest and the interest rates are usually pretty high. They consolidate your other loans into longer higher rate ''managed loans'' to make your monthly payment smaller - supposedly to help you. But over the first few years you are paying mainly the interest, the same way as a mortgage.

BBC NEWS | UK | Banks 'prey on customers in debt'

How did you come to have the managed loan? When did you start it ?

You can send of a CCA request (read Consumer Credit Agreements - A Guide - Legal Beagles ) which is a good starting point.