HSBC fixed rate. Redundancy coming. Any experiences ?

Thishitcountry

Hi guys. Unfortunatelt Im to be made redundant imminently.
Im 1 year into a 5 year fixed with HSBC. (Im fairly young and mortgage is around 50K)
Contacted them in effort to be proactive and see what flexibility they may be able to offer in the immediate future (swittch to interest only?) - they chose to try pushing unemployment insurance policy and upgrading to premium account on me rather than advice relative to my situation (ha ha i should have expected it with the jokers)
My question to any readers would be - anyone in similar circumstance with them and how 'helpful' were they to your situation ? I will contact them soon to hopfully bypass their sales net - just interested in any experiences prior to this.
Many thanks in advance folks - be lucky out there !

_Andy_

They will only allow you to switch to interest only in two scenarios

1) Your LTV is less than 80%

2) On a short term basis for 6 months but they will mark these as missed payments on your credit file.

To discuss either, call the mortgage service centre on 08457662255.

TEDDYRUKSPIN

Thishitcountry wrote: »

Hi guys. Unfortunatelt Im to be made redundant imminently.
Im 1 year into a 5 year fixed with HSBC. (Im fairly young and mortgage is around 50K)
Contacted them in effort to be proactive and see what flexibility they may be able to offer in the immediate future (swittch to interest only?) - they chose to try pushing unemployment insurance policy and upgrading to premium account on me rather than advice relative to my situation (ha ha i should have expected it with the jokers)
My question to any readers would be - anyone in similar circumstance with them and how 'helpful' were they to your situation ? I will contact them soon to hopfully bypass their sales net - just interested in any experiences prior to this.
Many thanks in advance folks - be lucky out there !

You must have spoken to a bunch of monkeys as no one would tell you to look at unemployment cover is you are getting made redundant. Mainly due to them not paying out anyway. LOL.

As above. You will get the sympathy if you fit in the above criteria. The second choice above will ruin your own credit report for futures to come. Always use this as a last resort.

Unfortunately, from what you have said above, you have not taking out any insurance previously and will suffer a massive hit. Banks will try to sympathise as much as possible but you are stuck.

Thishitcountry

TEDDY - too right I was faced with a monkey ! he was wearing a pinstripe waistcoat to top it all off ha ha. Might as well have been in one of those old PG Tips adverts !! JeezLouise !

Dunno if you can help with associated matter ?...
I have PPI cover that was running for 10 years when I had property previous to current one. Fooloishly and as genuine oversight I forgot to change address details at time of moving. With redundancy in the air I dug out policy and realised my oversight. Subsequently contacted them and was at pains to ask that this was merely me notifying them change of contact details as opposed to actual policy. I didnt alert them to my potential circumstance and refused offer to upgrade policy (as not to alter terms as it were) Given they have issued revised certificate and the monthly premium has gone up I guess Im gonna be screwed there too ? I.e they state its technically new policy and given short timescale of me advising on change of address and upcoming claim policy may be invalid ?
Nothing specific in that respect on the terms other than an apparent all-encompassing get-out clause on their behalf of "you must inform us of change in circumstance that may effect policy" Horrible feeling Im clutching at straws and kicking myself for my potential slip...

Fliss_M

As with any insurance company they will try and wriggle out of it. But your not going to harm your chances by trying to claim. At least if they wont payout you can cancel the policy and save money there. The way I see it you have changed your address, and this is insurance against your job, not your home, so you may be in with a chance, but others may know better

foreversummer

I wouldn't think that can refuse your policy just because you moved house surely, especially if your payments are up to date. May be worth you posting on the Insurance Board.

Foreversummer

_Andy_

I don't quite understand what's happened with the PPI - have you tried to claim on the policy?

" didnt alert them to my potential circumstance"

or not?
If 'not' then you need to do so.

nw_man

_Andy_ wrote: »

They will only allow you to switch to interest only in two scenarios

1) Your LTV is less than 80%

2) On a short term basis for 6 months but they will mark these as missed payments on your credit file.

To discuss either, call the mortgage service centre on 08457662255.

That is an absolute disgrace. They ought to be brought to book about that.

But the toothless FSA will do nothing I have no doubt.

_Andy_

nw_man wrote: »

That is an absolute disgrace. They ought to be brought to book about that.

But the toothless FSA will do nothing I have no doubt.

Totally agree with you, they're basically saying "we'll help you but you can forget getting any credit whatsoever in the next few years"

TEDDYRUKSPIN

Andy, the above is normal only for HSBC. They just don't do repayment holidays. It is stated in their fantastically small terms and conditions.

Quite puzzled but 'thisiscountry', are you telling me that you already have unemployment cover which you have been paying since? But you forgot to change the address on to the new property? What company is it?

Thishitcountry

Hi Teddy. Yeah I have had current PPI policy with Paymentshield for 10 years, 5 of which of these years Ive been living in property without mistakenly advising them of. Prompted by whiff of redundancy checked policy and noticed this.

Havent had formal redundancy yet so just getting my 'ducks in a row' as they say prior to setting on the path with JSA followed by PPI claim and seeing what slack HSBC can offer with mortgage.