HSBC Minimum Credit?

Davman

I received a phone call today from HSBC's Credit Retrieval squad or whatever they choose to name themselves currently!

Essentially I was told that I have to credit my account with a minimum amount (5% of the balance) every 30 days. Is this true, accurate and even legal? I'm in my overdraft at the moment, but am not over the limit, essentially this account was my student account (have just graduated). As I'm going back to Uni for a PhD, I haven't been paying any funds into the account, as I haven't had any loan payments coming through etc.

I was told I need to pay a minimum of £48 this weekend, or risk incurring charges.

Going to my bank tomorrow morning, but would like some information to use as ammunition!

Does anyone have any experience with this, and why isn't this sort of thing explicitly noted and explained before I opened a darn account?!

Thanks for any replies

ldn-100

Have you let them know you are a continuing student? If you do not let them know (and show evidence) the bank will assume you are now a graduate and will start to expect money to be repaid/will charge interest.

Davman

I headed into my local branch on Saturday and was given a form to fill in, however, even though they are considering me a graduate, my overdraft should remain interest free for 2 years after i graduate, or at least this was the situation, however HSBC seem to have just reworded their website today. Fun stuff!

Anyway, I called up again today and they made a further demand for payment, saying that if I didn't pay they would make a final demand and then send debt collectors after me (more fun!). I asked if I could put in £50 and then take it back out again and they didn't seem to have a problem with that.

Ah well. Will just try and get converted back to a postgraduate account ASAP.

Davman

This now seems to be getting somewhere near harrassment, as they are calling me every day demanding money each time.

"Can you pay back the remainder of your overdraft today?"
"No"
"Why not?"
"Because I don't have £900 laying around?"

I keep explaining that I am going back to being a student on the 1st October, and therefore I only have to credit them once a term, but this appears to be falling on deaf ears.

Surely as I have an interest free overdraft, it's up to me wether I pay it back or not?