Panic Panic - can anyone help with query re HSBC and HFC?(on DMP)

lemoncheesecake

Hi all,

To summarise am on DMP with payplan. At the time we were advised by payplan for Mr Lemon to change bank accounts as he had overdraft with HSBC and credit card with HSBC (both his name only). I also have HSBC current account and as I dont owe HSBC anything they said I could keep my account provided I got rid of overdraft faciloity which I havent done yet but am not using overdraft.

anyway to cut a long story short I have just realised that one of my creditors HFC are owned by HSBC - can they have access to my current account to just take the money from??? Really worried becase I'm the bigger earner and all bills, grocery shopping etc comes from my account and as just been paid there is the money there to completely settle the HFC account (obviously leaving us with nothing for bills etc)

payplan not about today so worried

lemoncheesecake

bumping to see if anyone can help??

lemoncheesecake

anybody know the answer to this please?

fatbelly

The phrase 'beter safe than sorry' comes to mind. I doubt that it's in the terms and conditions of your hfc loan that they could take from your hsbc current account without your permission but (1) you have those t&cs - i don't, (2) they're part of the same group so will be accessing information about you and (3) I wouldn't trust them in any event.

So I would advise that you open a new account with a bank/building society totally unconnected with your debts.