Flexi Loan / OD charges help

sheffutd1889

Hi guys,

Im in the process of accepting a deal for a flexi loan with the HSBC to clear my student overdraft. I'm happy with the deal (well, I'm happy I got any deal TBH because of my track record with HSBC/anyone who was willing to give me money) as I pay back £80 per month on a 2 grand loan, paying back a total of 2.4k over just short of 3 years.

The reason this is a good deal to me is that I generally end up paying £50 - £75 in OD charges any way.....this chain of thought got me thinking; I haven't applied to claim back my OD charges yet as I had no financial manourverability whatsoever (as mentioned above) if they wrote back to me advising they would withdraw my overdraft facility. Do you think that my accepting the flexi loan will in anyway hinder my ability to claim back OD charges? Maybe a stupid question, it seems like the answer would be 'no', but wanted to run in by you guys anyway in case some one had a similar experience.

Thanks in advance
Richard

Rafter

Richard,

No reason why once you have a loan contract that you cant then start reclaiming your bank charges.

Just try to get your finances in order now and keep well within your limits so your credit history improves.

Your overdraft could be withdrawn once you submit the claim so you need to make sure you operate your account in credit once you have the loan in place.

R.

sheffutd1889

thanks for the reply. I hoped that would be the answer.

This is one step towards having my finances sorted. My overdraft was the bain of my financial existence, I'm going to close it down and never look back!!

Richard