HSBC and debt! Any advice anyone?

MummyHol · 10 January 2008 at 2:40PM

Hello all!

MY partner & me have just calculated how much debt we're in & realised we can't afford repayments as i'm on additional maternity pay (which means i don't have any income) and we have quite big debts from our pre-baby days. I'm likely to be returning to work part-time in around 2 months, but at the moment we can't afford our priority bills, costs of living & our loan & credit card bills.
I decided to do something about it instead of just ignoring the situation & letting it snowball, so I went to HSBC last friday & they said the only thing i could do was consolidate my loans & then they said i couldn't do that anyway bcause i don't have any income. (I don't want another loan anyway- getting another loan seems a bit silly to me in our current situation!) Anyway HSBC finance dept were meant to call me on saturday but didn't & i ended up calling them today & they started trying to tell me my only way out of debt is another loan. I felt like the 'sales woman' was taking advantage of the fact that i really didn't understand so i passed her over to my partner & she then told him she could put through an application for a loan for the full amount to pay off our debts which would then have the same monthly repayments as we have now over the same period of time (which doesn't make any sense to me at all- surely if i could afford this new loan they're offering i would just keep paying the one i've got at the moment?!)

To get to the point- HSBC are tellin me i can take another loan, get a massive overdraft or if i stop paying the bills they'll pass my account onto a dept collection agency. Does anyone know if there are alternatives or help for people in my situation? I thought informing the bank of my situation would be sensible but they're obviously not at all interested.

Any advice at this stage would be sooo appreciated!

Thanks for reading this.

MummyHol · 10 January 2008 at 2:42PM

Oh & we did speak to CCCS who have advised that we open another bank account for our day to day bills and cancel our loan & credit card direct debits with HSBC, but we're not sure where that leaves us legally?!?

**Amy** · 10 January 2008 at 3:04PM

Hiya

I just wanted to say Im with HSBC, and i recently had massive problems (made redundant etc.) and they were less than helpful, trying to tell me the only way out was a loan, but i had no income and a very poor credit score so i knew i couldnt get it anyway.

Im not sure what to advise legally, im sure CCCS would of given you good information (they normally do), i just wanted to show you a bit of support.

I know it probably wont help you but i had to ask my mum to lend me some money as rather than help me HSBC kept charging my account (over the past 2 months I have had around £400 worth of charges... grrr)..

xxx

Idiophreak · 10 January 2008 at 3:07PM

I'd also suggest that HSBC are about as much use as a chocolate teapot if you need anything from them...the most unhelpful people I've ever come across.

MummyHol · 10 January 2008 at 3:22PM

Thanks for the support. It was starting to feel like the reaction from HSBC was personal!!

Wannabesaver_4 · 10 January 2008 at 3:28PM

Firstly i would talk to CCCS again and see what they suggest, they may be able to help you with your budget and find a bit of spare money to give to HSBC through a DMP. HSBC are notorious for this "load it all into one loan" scheme but dont do it.

When i had a debt with HSBC, CCCS advised me to let it go to the DCA and then liase with them, which was FAR easier. I paid them what the CCCS worked out that i could afford and then eventually paid them a full and final. Dont be scared of DCA, if you cant afford to pay HSBC then you cant afford it. DCA will be far more reasonable as they but the debt for such a small amount anyway.

Good luck!!!!

x_Nadine_x · 10 January 2008 at 3:29PM

Hi MummyHol,

Don't worry - it's certainly not personal! I'm having problems with HSBC also!! They seem to have lost my credit card payment that was made in cash at my local branch! Even though I've given them an acknowledgement number they still haven't credited my account!

Gettinghelp · 10 January 2008 at 5:06PM

Hi,
I am new to this 'i am in debt and i have to do something about it too' so first thing i did was get in contact with HSBC to get help with my charges, i got £65 paided in to my overdrawn overdraft account but £75 taken out with charges! how am i to get on top off it??? Grr So i called hsbc and they tried to give me more of a loan! yeah thanks just what i need!

So don't take it personal!!!! H.S.B.C are C.R.A.P!

rog2 · 10 January 2008 at 5:17PM

Hi MH - I would advise you to steer well clear of any 'Consolidation' loan that HSBC is prepared? to offer. At best it is likely to be one of their 'managed loans' for which you will be paying for ever and a day.
I can understand what CCCS have suggested - it is, basically, good advice to open a new account with another Bank (make sure that it has no financial links with HSBC) for all wages, benefits etc. You can, then, treat the whole HSBC scene as a 'debt' and make 'token payments' even as low as £1 a month, whilst you find a solution that is acceptable to you.
HSBC are likely to put it to debt collectors, and will probably start with their 'in-house' mafia - MCS.
Discuss the debt, again, with CCCS - or CAB or National Debtline, who may suggest a DMP and could negociate, on your behalf, with HSBC.

x_Nadine_x · 10 January 2008 at 5:18PM

Gettinghelp wrote: »

So don't take it personal!!!! H.S.B.C are C.R.A.P!

:T Spot on!!!!!:T

MummyHol · 11 January 2008 at 9:51PM

Thanks for all the support and advice!

I'm definately going to speak to CCCS again and tomorrow we're going to set up that new account!

I finally feel like i'm taking control :j

HSBC and debt! Any advice anyone?

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