Help Bank Are They Helping me

BigDebtBoy

I Doubt it very much indeed but here's the basics
i am in quite a bit of debt with my Bank HSBC Of whom i have a business account , personal acount and credi card
business ac - £3500 loan £6500 od (only temporay and gone back to original od of £3500)
personal acc Loan £13000 od £700
Credit card £8500
total £32'000
i also owe another £6k on 4 other cards :mad:

Anyway i spoke to someone at the bank about 5 weeks ago and asked them to extended the lengh of my business od which they agreed to but then changed there mind they then passed it onto business credit services who i have spoke to today

now some woman who i could barely undersatnd a word she was saying said they wanted to discuss a managed loan to consolidate all my debt to hsbc
they asked me how much i could afford i said around £150/200
they said well your paying out over £600 now so how come i explained thats thats why i am in trouble and overdrawn on all accounts so they said this probally wouldn be enough
nnway it boils down to this i owe them roughly £32k they say they will put this onto a managed loan for 12 years at 15% apr
I asked how much am i going to pay back in total and they said they didnt know

surely this is a rip off again from the bank they just want to own my !!!!!! for the rest of days the greedy barstewards

Any advice anyone ?

i think im going to ring someone like payplan or cab tommorow to see what they say
problem is its going to affect my business as i have direct debits due which will virtualy end my business if they dont get paid


HELP

lynzpower

If they cant tell you how much the product is going to be over the long term, then dont go anywhere near it

Additionally, im guessing you have "bounced accounts" and got charged for failed DDs, over overdraft charges etc. If you are claiming these back dont get that figure in a managed loan and pay interest on the charges that are illegal in the first place!!!

BigDebtBoy

Hi lynz
thanks for the reply well they said its 15% of the monthly balance so its going to take the pi$$ realy isnt it ?

lynzpower

Sounds like it mate, yes.

And by LAW they have to tell you what it is first off, not 15%, they are a bank, dealing in figures they should at least tell you what its gonna cost!!

CLAPTON

my calculator says that a loan of 32,000 over 12 years at 15% costs £480 per month and requires total payment of 69,160. always assuming they dont sell you PPI of course.
have you posted a SoA..maybe that would help clarify your options

BigDebtBoy

CLAPTON wrote:

my calculator says that a loan of 32,000 over 12 years at 15% costs £480 per month and requires total payment of 69,160. always assuming they dont sell you PPI of course.
have you posted a SoA..maybe that would help clarify your options

hi mate
yeah i have somewhere but its dificult as i am self employed and income varies and to be honest i have been stressing about my debt so much recently that i have barely done any work in the last few months thats why everything is mounting up
there is no way i can go on as i am i can only realisticly afford £150 pm at the moment maybe more in the future but not as of yet

CLAPTON

obviously its for you to decide but putting down a full SoA and explaining your full situation might help a bit.

in the end if you're not earning enough income then you need to consider whether working for yourself is the way forward or trying to get a regular job might suit you better

BigDebtBoy

Hi guys
i am going to ring for proffesional advice to discuss either a dmp/iva or bankrupcy
who should i ring ?

Payplan
Cab
Cccs
National debt helpline



cheers guys going to get this sorted i cant sodding sleep at the moment and its affecting my work
im also getting realy stressed out and arsey with friends/family for no reason so need to sort it out ASAP

OH YEAH WHY ARE PAYPLAN NOT IN THE RECCOMENDED SECTION ARE THEY NOT AS GOOD ??


sorry for the caps