HSBC £24,000 and they want to charge 12.9%!!!

bingbong_3

Hi

I have done the right thing today and closed my business down and this leaves me with a £24k debt. I have spoken to HSBC regarding a consolidation loan but they initially said no problem sir but at 16.9% over 10 years!!!!!!! :mad:
Having argued the fact that I was facing my responsibilites like everyone else on here they decided to knock 4% off that rate and reduce to 12.9% how nice.

Now I have paid them soooooo much money over the past couple of years in interest charges etc that this is starting to get on my nerves.

Is it possible to do a DMP where they get the interest frozen?? The problem is I can only pay upto £300 per month towards the loan.

Any help would be appreciated. At the moment HSBC want me to pay them an extra £20k in interest over the term and I think this is a bit much.

Thanks

Turning_into_scrooge

Why not give either

https://www.cccs.co.uk
https://www.nationaldebtline.co.uk

a call in the morning and speak to them. The are very good at getting interest frozen but it will more than likely affect your credit rating.

bingbong_3

hi - thanks for the reply. Only thing is I am quite proud of my credit rating and don't want it to go south.

How can a DMP affect your credit rating? I understand why an IVA would but not a DMP?