HSBC and Payplan

majicka

Hi, I wonder if you guys can help.

I'm currently unemployed and don't have sufficient money to make my monthly loan and credit card payment with HSBC. The amount that I owe is not huge, so I pay £80 per month on the loan and about £15 on the credit but being unemployed, that's stiill more than I can afford.

HSBC have not been very helpful but did at least put me in contact with Payplan. I actually thought Payplan would act on my behalf but they have sent me some material in the post and it appears that they want me to write to HSBC, enclosing a list of my income and expenditure and request that I make minimum payments of £1 per month until I can afford more.

This is not really what I was expecting and I'm a bit unsure as to whether HSBC are likely to accept this- can anyone confirm whether this has worked for them?

Thanks

CLAPTON

You can also contact CCCS who are also a 'free' debt management company

However you will find that these companies will only actually handle your affairs if you have sufficent money to make reasonable monthly payment.

If you can only manage a token £1 they will give advice but don't actually do it for you.

Obviously HSBC won't accept the £1 but as that's all you can afford they will have to lump it.

CLAPTON

sorry forgot to add you will get more support and other people's experiences over on the debt free wannabe board.

majicka

Thanks for your help, I've posted in 'Debt-free wannabe'