Hsbc Overdraft Withdrawn

tronny

Need some urgent help as overdraft on hsbc account was withdrawn on fri. wrote to hsbc making an offer to repay the £500 by £30 per month which is all i can afford and they refused. I tried ringing customer services regarding this but they wouldnt speak to me as I didnt have my security number they said they would send it in the post and as yet it hasnt arrived. My wage goes into account this friday and my concern is they will take the full amount leaving me with virtually nothing. tried to get payroll at work to pay my wages into a different account but they said it would be to late to change it by this week. please help.

Lokolo

Contact your payroll at work and get it changed to go into another account.

Go into branch and say it again, otherwise you won't be able to pay it back (I am sure someone else on MSE will have some better excuses), and that you want a repayment plan.

tronny

thanks Lokolo

tronny

can anyone else please help as to whether or not the bank will swallow up the whole amount of the overdraft owed or as the account no longer has an overdraft facility will it be an issue to sort out at a later date???????
:eek:

Tally-Ho_2

tronny wrote: »

can anyone else please help as to whether or not the bank will swallow up the whole amount of the overdraft owed or as the account no longer has an overdraft facility will it be an issue to sort out at a later date???????
:eek:

Hi,

If the acount is still open, then yes they will probably use your salary to 'pay off' the overdraft.

Is it possible to get your employers payroll to stop the BACS and pay you by cheque instead? Mine did when I had a similar problem. The overdraft was then transferred by the bank into a separate loan which I pay off via a Debt Management plan with Payplan.

Tally

Extant

If the overdraft facility has been withdrawn, then they will of course not let you go overdrawn to that amount again.

The realistic solutions have been offered above, HSBC is unlikely to give you a repayment plan until you meet their criteria for going to collections - otherwise, they will likely just declare you aren't in any financial trouble.

For the future, be a bit more careful - never live in an overdraft, it should be there for the occasional emergency at most. 99.9% of overdrafts are always going to include the clause that they must be re-paid on demand.

tronny

thanks to all for your advice

tronny

luckily managed to get wages paid into another account, despite being told by payroll there wouldnt be time to change before bacs went through, so didnt get swallowed up!!!!!!!!!!!!! thanks again

EIGHTOF8

HSBC ABSOLUTLY USELESS

Current account provider HSBC Current plusOverdraft limit before change 1,700
Overdraft balance at time - 41
New overdraft limit after change 0
Whether this happened at an official overdraft review no
Any charges not yet
Whether you were notified yes, 3 weeks notice by letter
Time with HSBC, 25 years


My fianc! received a letter today (4 Jan 2010) stating her £1700 overdraft will be withdrawn on 29 Jan 2010.

Have had this overdraft available for over 3 years and have NEVER used it and has been paying the £12.95pm fee JUST so she has this overdraft facility at a better rate in case she ever needed it.

This the first time she has ever been overdrawn, and now they have cancelled it.

Have phoned them and actually got cut off at first contact (VERY RUDE HSBC).
Finally got through and spoke to several advisors.
They told her she has not used the facility in past, so they are withdrawing it, adding that it had nothing to do with her credit score as that was excellent???

This comes at a time when she needs it due to changing jobs.
We have never been in bad debt or ever missed any payments EVER.
We even own our own house outright, by paying off an HSBC mortgage in full 3 years ago when she decided to move in with me and sell her house and buy half of mine which actually paid my mortgage off.

I guess its ok for them to borrow of her, but now it’s not ok to borrow off them, not even a miserly £41.

WHAT ARE YOU PLAYING AT HSBC??????

We are not leaving it at that.
Will be making appointment to see our local manager and once she has had a better explanation, closing the account and moving to a better deal on here.
Will also use their complaints procedure in the full.

ABSOLUTLY APPALLED BY HSBC

Lokolo

Why does she need a £1700 overdraft which she has never used? If she had a £100 then she most probably would have kept it.

Although a pain in the !!!! they are just trying to cut down on uncessary overdrafts and such.