Over HSBC overdraft limit - Help

northerner79

I currently have an overdraft with HSBC of £1500, I am £2300 overdrawn and incuring serious monthly charges. I want to reduce my overdraft and eliminate the charges but I have no way of reducing my OD to the limit in the near future.

I have monthly incomings of around 800 and outgoings of 600, so I could pay off say 150 of the OD each month to eventually reduce it to zero but I am getting around 150 of charges each month.

What is the best ay to go about this and do I have a chance or gtetting a debt plan that works or will the bank not help?

Any help appreciated.

Thanks

U've_been_framed

Talk to your bank. They should be more understanding after you explain your situation to them. If you are unable to reach an agreement that suits both sides talk to your local CAB.

northerner79

Thanks, I will talk to my bank, has anyone else been in a similar situation to me and managed to come to some sort of agreement with the bank?

Thanks

esmerellda

northerner79 wrote: »

I currently have an overdraft with HSBC of £1500, I am £2300 overdrawn and incuring serious monthly charges. I want to reduce my overdraft and eliminate the charges but I have no way of reducing my OD to the limit in the near future.

I have monthly incomings of around 800 and outgoings of 600, so I could pay off say 150 of the OD each month to eventually reduce it to zero but I am getting around 150 of charges each month.

What is the best ay to go about this and do I have a chance or gtetting a debt plan that works or will the bank not help?

Any help appreciated.

Thanks

DO NOT GET PRESSURED INTO A MANAGED LOAN WHATEVER YOU DO.

Okay thats out the way then.

Now, you need to open an account elsewhere and leave the overdraft where it is.

Then you need to write to HSBC with your offer of £150 a month to repay the overdraft. Ask them to stop adding charges and interest to it, Then, at the same time, you need to enter a claim for a refund of the charges you have incurred on your account since 2001, and tell the bank you consider the account to be in dispute.

while it is in dispute they shouldn't take further action....at least on the part that is charges...add up all your charges and you will probably be surprised how much of that overdraft is made up of charges.

northerner79

Thanks for your help. I will certainly try this and see how it works with them.

Thanks for your help. Very much appreciated.

Cheers

esmerellda

No worries, just yelll if you need any further help

Good luck xx

browny175

I am in the same predicament.

Basically I am signed off sick and have been for the last 8 months. Luckily for me on full pay. However, I went over my overdraft about 5 months ago by about £50. I of course incurred fees and have not recovered since. As it stands at the moment I have spent literally hours on the phone trying to explain my situation. It has got to a stage now that I have not got the patience or will power to try to explain myself.

Too cut an extremely long story short and as an ex employee I can tell you that their call centers are heavily targeted on new products therefore they will attempt as I have seen noted to get you to get a managed loan and or other products.... whatever you do, dont take this option.

I could write a book on my experiences but the solution is simple - Change your bank. I have spoken to so many people who have had the same issues but are reluctant to change banks as they think it is a hardship - it isn't.

I have and it was the best move I ever made and make sure you do not join an affiliated bank. Best are Abbey National and Alliance and leicester.

Once the test case has passed the house of lords you will be able to claim the charges back.

HSBC is run by the same "old boys" school that has brought this country to its knees.

Change your bank and as I have leave your account in debit to the tune of the charges and dont phone or answer their calls as no amount of reasoning can get through to this company.

hsbcboy

£150 per month?? Have you cancelled all your d/d's and s/o's?