I'd be grateful for some opinions.
A man who is in serious debt trouble has told those who are trying to help him that he has an unsecured loan from HSBC for £10000, pays £350 per month -- which is interest only and does not reduce the balance owed -- and that he is allowed to repay the loan only in its entirety. This situation has existed for two to three years. I calculate that's an annual interest rate of roughly 43%. I realise the UK has no laws forbidding usury, but it still seems rather extreme coming from a highstreet bank.
Do you think the man is lying? If he isn't, are there any avenues for complaint?
Many thanks.