HSBC professional studies loans advice pls fellow debtors?
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Hello!
Sefson SA
Hello.
Just to add my humble advise, I took out a professional studies loan from HSBC back in 2004 for just under 50k. Like you I had to defer my repayments and had an absolute nightmare trying to arrange this as everytime I would go into HSBC there was no one who knew anything about the loan due to high turnover of staff and the fact that they no longer do this type of loan.
Because the repayments will be delayed your whole loan will have to be restuctured because the final amount you will be repaying and the repayment period has changed due to a longer repayment holiday. As a result the bank will have to re-structure the loan and create new paperwork. That was my experience.
My experience with HSBC wasn't great when it came to dealing with the loan as no one in my branch really seemed to have a clue BUT there is no way out of trying to repay it. So dont even waste your time and energy trying to look for loop holes. I'm sure you'll find plenty but HSBC simply will not roll over and allow the loan to go like that. (to be honest I thought the same thing at the time!)
What I would advise is try and build up a good relationship with your personal banker or the person that arranges your loan and they can waive certain bank fees and charges and could even credit your account for any inconvenience you may have experienced.
You should be able to review the loan once a year when you sit down with the bank and go over the loan (interest and repayments). My understanding is if you want to make changes at the annual review then you wont have any bank charges but at any other time you probably will, but again a good relationship with you personal banker really is the key.
If you like you can PM me and I'll be happy to help in any way I can. I know the repayments are quite daunting and can seem overwhelming but hang in there and keep you head up. After a lot of frustration and disappointment I now have a job flying the 737NG and have been repaying my loan for over 3 years. Dont give up.
Hello.
Just to add my humble advise, I took out a professional studies loan from HSBC back in 2004 for just under 50k. Like you I had to defer my repayments and had an absolute nightmare trying to arrange this as everytime I would go into HSBC there was no one who knew anything about the loan due to high turnover of staff and the fact that they no longer do this type of loan.
Because the repayments will be delayed your whole loan will have to be restuctured because the final amount you will be repaying and the repayment period has changed due to a longer repayment holiday. As a result the bank will have to re-structure the loan and create new paperwork. That was my experience.
My experience with HSBC wasn't great when it came to dealing with the loan as no one in my branch really seemed to have a clue BUT there is no way out of trying to repay it. So dont even waste your time and energy trying to look for loop holes. I'm sure you'll find plenty but HSBC simply will not roll over and allow the loan to go like that. (to be honest I thought the same thing at the time!)
What I would advise is try and build up a good relationship with your personal banker or the person that arranges your loan and they can waive certain bank fees and charges and could even credit your account for any inconvenience you may have experienced.
You should be able to review the loan once a year when you sit down with the bank and go over the loan (interest and repayments). My understanding is if you want to make changes at the annual review then you wont have any bank charges but at any other time you probably will, but again a good relationship with you personal banker really is the key.
If you like you can PM me and I'll be happy to help in any way I can. I know the repayments are quite daunting and can seem overwhelming but hang in there and keep you head up. After a lot of frustration and disappointment I now have a job flying the 737NG and have been repaying my loan for over 3 years. Dont give up.
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timzsta....
Generally PPI will only pay out IF you've been employed full time on a permanent contract for atleast 6 months. Personally I opted not to take out a PPI policy due to A) the added expense and B) I knew I could meet the repayments when I finished anyway, albeit having to work harder than I anticipated (which is the whole point of doing a detailed business plan along with the initial loan application).
Had I known at the time of my application things were going to be as bad as they are then I probably would have swallowed the expense and gone for it. But heinsight is a wonderful thing and in a strange sort of way the HSBC repayment monster is a sometimes well needed kick up the arse to keep plugging away, especially when things seem hopeless.
2W2R
Generally PPI will only pay out IF you've been employed full time on a permanent contract for atleast 6 months. Personally I opted not to take out a PPI policy due to A) the added expense and B) I knew I could meet the repayments when I finished anyway, albeit having to work harder than I anticipated (which is the whole point of doing a detailed business plan along with the initial loan application).
Had I known at the time of my application things were going to be as bad as they are then I probably would have swallowed the expense and gone for it. But heinsight is a wonderful thing and in a strange sort of way the HSBC repayment monster is a sometimes well needed kick up the arse to keep plugging away, especially when things seem hopeless.
2W2R
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Compensation
Don't forget also if you have had a fall or trip anywhere ... call Injury Lawers 4 U (after all, its a victimless claim right ....)
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PFJI, but...
Nice rant, but unfortunately unjustified. Just because other people's moral judgements are different than yours does not automatically make them wrong.
This is especially so when these people are out there trying to help: e.g., by teaching the bank not to be so stupid with their lending policies. If more people would have more or less selflessly ran away with the bank's money in the preceding years, surely they would have been more careful in their lending and the 2007 crisis would not have happened. See my logic there?
I hope you never grace a flightdeck I am in. Your morals stink and do you no credit. You are supposed to be entering a profession where judgment is everything. Your lack of morals shows a distinct lack of most things required in the modern FD.
The likes of 2W2R and the OP show how far out you are.
The likes of 2W2R and the OP show how far out you are.
This is especially so when these people are out there trying to help: e.g., by teaching the bank not to be so stupid with their lending policies. If more people would have more or less selflessly ran away with the bank's money in the preceding years, surely they would have been more careful in their lending and the 2007 crisis would not have happened. See my logic there?
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k7nrw.... you are hysterical.... you truely are a Sky God.... 
I like the bit about giving the money to charity... oops too late... it went to an FTO instead!!
I like the bit about giving the money to charity... oops too late... it went to an FTO instead!!
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Has anyone else had trouble deferring their 1st loan payments with HSBC? ive submitted the request along with a letter from my training providers stating that my course was delayed etc but HSBC have responded saying that they will not defer??
The staff at HSBC seemed to allude to the fact that other borrowers were being allowed to defer payment due to some extra paperwork they were in receipt of????
The staff at HSBC seemed to allude to the fact that other borrowers were being allowed to defer payment due to some extra paperwork they were in receipt of????
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Last time I spoke to an HSBC PSL advisor they were very quick to inform me that I was extremely lucky to have had the deferment as they are no longer offered whatsoever.....
I seem to have a knack for getting things at the last minute.....
I seem to have a knack for getting things at the last minute.....
Thread Starter
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Sorry for the delay....
Sorry for not writing back everyone but wasnt sure if any of it could be used against me.
Finally HSBC agreed to move back the dates back to one year after completion (what I had originally signed up for!) It took several letters & many phone calls after they spoke with their solicitors they agreed it could be done automatically.
WARNING DONT TRUST ANY BANK
I was only covered as I had a copy of the branch letter that they denied and I cant believe they tried to increase other peoples loan rates by .5% not just once but twice is fraudulent.
Hope this thread has helped fellow cadets past & future. And it covers any future HSBC tricks.
Ps To the nay sayers I believe as long as you have contingency plans it is acceptable to borrow money to study for any professional course. Just those plans better be damn good!
Finally HSBC agreed to move back the dates back to one year after completion (what I had originally signed up for!) It took several letters & many phone calls after they spoke with their solicitors they agreed it could be done automatically.
WARNING DONT TRUST ANY BANK
I was only covered as I had a copy of the branch letter that they denied and I cant believe they tried to increase other peoples loan rates by .5% not just once but twice is fraudulent.
Hope this thread has helped fellow cadets past & future. And it covers any future HSBC tricks.
Ps To the nay sayers I believe as long as you have contingency plans it is acceptable to borrow money to study for any professional course. Just those plans better be damn good!
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Presumably though, the deferring option simply adds the monthly payments that you skip onto the principle - making it a rather more costly proposal?
