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UK-Justice, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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Approximately 10 years ago I got a loan with HSBC, I had a

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Approximately 10 years ago I got a loan with HSBC, I had a partner and she spent a lot of money, we got ourselves into debt with Credit Cards and Loans so we were advised to consolidate by HSBC.
A friend of mine was a bank manager at HSBC and he basically broke certain qualifiers in the Loan approval process to allow us to get a loan in excess of £25,000.00.
As time went on, we were unable to meet the payments and finally, approximately 3 years ago I had to undertake a Debt Management Plan (DMP) which means that I now pay £180.00 per month for the next 30 years. (I have been doing this DMP for 3 years with no further problems BUT I feel I have been let down by the banking industry.

I have written to HSBC stating these facts to try and see where I stand, as they have obviously flouted the processes and procedures that were in place to stop this type of thing occuring, they replied with a letter that pretty much said 'unlucky, not our problem'

The have said I can go to the financial ombudsman, but is there anything else that I can do to try and resolve this?
Submitted: 3 years ago.
Category: UK Bankruptcy Law
Expert:  UK-Justice replied 3 years ago.
Thanks for your question. Please remember to rate my answer SMILEY FACE OR ABOVE so that I am credited for my time.

I am sorry to say no.

You can complain to the financial ombudsman.

They are free, independent and can investigate your complaint for free.

They can make recommendations including compensation.

But if you accept you took out the loan there would be no point taking the matter to court. A court would not wipe off the debt on the basis you had the money.

But the ombudsman is the way forward.

I am sorry if this is not the answer you are looking for but based on what you have said, this is the legal position

Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Expert:  UK-Justice replied 3 years ago.
I'm just following up with you to see how everything is going. Did my answer help?


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