HSBC to Default me HELP!

katie84

Hi everyone!

I have had a HSBC student overdraft since 2005. I graduated in 2007, and to be honest, had somewhat neglected it. HSBC became more demanding, and I paid odd amounts of money into the account here and there. At one point, they warned that they would withdraw the overdraft facility, and were true to their word. I then arranged £20/month installments, but they are asking for the full overdraft back (currently £1,270). I have explained time and again that I simply cannot pay that back, as I am only working 1-2 shifts a week in barwork, and have a lot of other debt to shift. They are insistent, and informed me last week that I have approx 1 week/10 days left before they default me.
I am obviously trying to find work (who isn't?), and simply cannot afford to repay them. My credit score is far from great (thanks to HSBC), so I can't really get a loan. I have called the CCCS and have an appointment on Friday, but I was wondering if anyone could help me.
The £20/month I am paying in barely covers the £19/month interest they are charging me with. My money is literally being flushed down the toilet into HSBC's pocket.
Any help, tips or legal advice would be greatly appreciated.
Many thanks, Katie.

Tixy

Unfortunately a default is inevitable. The overdraft was repayable on demand and you could not pay it, so you are in default.

Talking to CCCS is a great idea as they will work through your full financial situation and work out how much you can afford to pay to whom. If you go down the route of a DMP (which might be an option from what you have written) then CCCS will try to get the interest frozen - no creditor including HSBC have to do this but many will, especially when the see that you are getting professional advice and are treating all creditors the same (which CCCS will advise you to do).

Good luck with your phone appointment. If you haven't already done so it would be useful to write out a statement of affairs (income & expenditure form) prior to your appointment so that you have all the relevant info to hand for the call.

katie84

Thanks Tixy. Hopefully CCCS should be able to help. I don't know what my rights are and what HSBC can do, which is a bit worrying! Thanks again, Katie

iolanthe07

My credit score is far from great (thanks to HSBC),

No - thanks to you! If you don't pay back on time then you can't really blame your adverse credit score on the lender, surely?

ILW

katie84 wrote: »

Hi everyone!

I have had a HSBC student overdraft since 2005. I graduated in 2007, and to be honest, had somewhat neglected it. HSBC became more demanding, and I paid odd amounts of money into the account here and there. At one point, they warned that they would withdraw the overdraft facility, and were true to their word. I then arranged £20/month installments, but they are asking for the full overdraft back (currently £1,270). I have explained time and again that I simply cannot pay that back, as I am only working 1-2 shifts a week in barwork, and have a lot of other debt to shift. They are insistent, and informed me last week that I have approx 1 week/10 days left before they default me.
I am obviously trying to find work (who isn't?), and simply cannot afford to repay them. My credit score is far from great (thanks to HSBC), so I can't really get a loan. I have called the CCCS and have an appointment on Friday, but I was wondering if anyone could help me.
The £20/month I am paying in barely covers the £19/month interest they are charging me with. My money is literally being flushed down the toilet into HSBC's pocket.
Any help, tips or legal advice would be greatly appreciated.
Many thanks, Katie.

Tio be a bit blunt, what did you expect, a perfect credit record?