HSBC - Dont Use Them if your on Job Seekers or a Student!

Kris55_2

Hey all,

I Graduated from Uni September 2008, but it was bitter sweet. I had been job searching sine the July and had gone on Job Seekers Allowance in the August.

A week after my Graduation, HSBC starting sending nasty letters demanding the £1,750 student (which had just become Graduate) overdraft payments. (it should be interest free)

Anyway I contact them, and basically was scared to death by them, despite my insistence that I couldn't afford it they placed me on a 'Pay Back Plan' of £110 a month (but they take £120:eek: )

Next day, the credit card (from HSBC) sends a letter demanding that the balance is paid! I contact them, and they to demand I pay at least £80 a month!

I am on a fixed Job Seeker amount of £190 a month!
I manage (with the help of my mom! LOL) to talk them down to £50 a month (Interest charges a month... £70)

Anyways, fast forward a while, I am managed to pay over £1,000 on the overdraft and £600+ on the credit card (this hasn't helped however its NOT even covered the crazy interest rate!)

Keep in mind during this time I was contacting them a lot to ask for a reduced payment...

Last month, I couldn't take it any longer and had to buy FOOD (yes food)

And *pop* its set me off the entire month, I am now £160 over the overdraft (even tho i only spent £70 on food and living costs that month on me for the first month in 9 months!)

And the credit card is demanding payment of £80 or they will Default me and REMOVE any points I have gained by paying them!!!

This was the last thing I could take, for the last 9 to 12 months they have taken every penny I have!

I opened another account and have moved my Job Seekers over to that,
I rang the dept advice line and they told them the story.

I have sent them a letter saying what I can afford to give them (Leaving me 80p a month better off yay!:T )

I know they will refuse but I have been told to just send £8 to the account and send the same letter over and over until they get the idea. Anyway by law due to the fact I am on Job Seekers they should only charge up to £2 a month! I wish I knew that 12 months ago!

Anyway, My last job seeker payment went into the HSBC account today (couldn't stop that payment sadly) and YES they have taken EVERY penny of it! meaning for the next two weeks I cant afford to eat or buy fuel to go to interviews with!

To top it off HSBC are ringing me up to 7 times a day demanding to talk to me, But thanks to the law, I have told them to deal with everything via writing and put the phone down.

I have been taken for a fool too long by these people and it makes me sick to think I may not be the only one struggling in these hard times and they don't care if we eat or have a place to sleep at night.

If anyone here knows anyone with a Student account with HSBC tell them to get the hell out while they can, or open another account.

tattycath

I had an account with HSBC. I had a credit card & a loan with them as well, I kept telling them how much I was/wasn't earning and that I was struggling and they kept inviting me in to see them. So I went and after several visits - and them telling me they could help me etc etc, making out they were doing me a huge favour, my loan of about 5K was increased and increased and increased until it was over 21k. I hasten to add I was very stupid for keeping on increasing the loan-I know that, I was also very vulnerable at that time. The last increase I had, I told the advisor I was doing a different lower paid job-and had been for about a week before the meeting. She saids she could only 'help me' if she put down that I was doing the job I'd finished a week earlier-and if she didn't put that she couldn't help me. So I felt between a rock and a hard place (this was all a few years ago-before I'd come across MSE). In the end I took out the loan and ultimately defaulted etc etc and ended up going BR. Incidentally she also told me that if I ever defaulted and I complained she would deny all knowledge and it would all be down to me
Now I am here with you guys and I hate debt and am desperately trying to get my BF mortgage free asap. I spend within my means and the only credit i have is a catalogue and that's it-and I even worry about that even though I hardly owe anything on it.
Sorry, rant over
I am not a HSBC fan either

Kris55_2

An update,

MY JSA went into the account, they have stolen every penny, I have just had a letter from HSBC saying they have canceled my Credit Card Payent and have charged £25 for the privilege.

With the £95 of my JSA and the £25 stolen, I could (working on the £8 a month offer) not pay anything into account for 15 months :T

Gota love a good fight sometimes!

Dinah93

I'm very suprised and confused that they are acting like this, I graduated 2 years ago, and they have yet to even decrease the 0% section of the overdraft, and have never asked for a payment back on it. I had a HSBC CC for years but so long as I made the minimum payment I never heard a word from them. Do you know why they have picked on you to repay the money?

foxxymynx

the can't take all of a means tested benefit for charges. Can't remember what the act is (should be on here somewhere) but it's not legal and they know it - so find whatt the act is (print it off) and have a whinge to the manager about that too

Sharon87

Dinah93 wrote: »

I'm very suprised and confused that they are acting like this, I graduated 2 years ago, and they have yet to even decrease the 0% section of the overdraft, and have never asked for a payment back on it. I had a HSBC CC for years but so long as I made the minimum payment I never heard a word from them. Do you know why they have picked on you to repay the money?

I know, I haven't had a problem with them either. It's very strange they're picking on certain people. Maybe it's to do with credit scoring.

tinotinotino

Hmm, that does sound mighty harsh. I am with HSBC and have had a completely different situation. I graduated in the summer and I too had maxed out my overdraft. They reviewed my overdraft and agreed to keep it in place until reviewing it again in a years time. I have generally found HSBC to be pretty good as throughout my time of being a student, the only fees I incurred by going over my limit was a couple of pence. Stark contrast to other banks. It could be something to do with having a credit card and overdraft..? Seems pretty unfair to me..

GrammarGirl

I too am with HSBC and I've never been asked for payment. Will have been graduated 2 years this summer and they've just confirmed my limit for another year. I haven't paid a huge amount back either. I also have a HSBC credit card and they've never contacted me about that either.

I wonder if it's because my salary goes into my Graduate Account? I'm pretty sure that's one of the T&Cs of the OD. Maybe because you're not earning a regular income, they feel you're breaking the T&Cs of your account and are withdrawing it. Only reason I can think of, unless you're constantly over your limit.