HSBC refusing to cancel a S/O

activist3

Hello All,
I am have been with the CCCS for 6 months and cancelled all my standing orders and direct debits on my account with hsbc. However they are refusing to cancel the s/o i have to my HSBC loan unless i take out the managed loan which i dont want to do. So i am making them payments of about £20 a month to cover my bank overdraft but they are adding £25 recalled s/o fee and £23 interest each month to it.

Any advice?

1jim

Im not sure I follow, who is cccs?
Do you mean you have moved banks for your current account and have transferred all dd/so to the new bank?
If that is the case hsbc may have given you a lower rate on the loan for being a customer or it may have been a condition that it is paid through an hsbc account, either way whats to stop you using your new account for all other so/dd and just transferring the money from new account a few days before the loan payment is due into the hsbc account? maynot be ideal but once set up you dont have to think about it and when loan is paid off you can close the account.
As I read it you are not paying off the loan at the minute, is that correct or are they taking it from the account and adding it your overdraft? you say you are only paying £20 to cover the overdraft, is that to cover overdraft interest/payback an existing overdraft/cover loan payments?

1jim

Have just googled cccs and seen this is related to debt. Have you come to an arrangment with everyone you have cancelled direct debits and standing orders with? Have you come to an arrangment with hsbc re the loan or have you just stopped paying? either way this post if it is related to coming to an arrangment with hsbc re debt is probably better on the debtfreewannabe board for better responces

activist3

Hello,
Yes i have an arrangement through CCCS. I didnt want to put it on debtfree as i wanted to find out if banks can refuse to cancel a s/o anyway. They are only refusing to cancel it as it is to pay one of their accounts

chambta

They can refuse to cancel or indeed if you did cancel they could just re-set it up.

1jim

I bet you agreed at the time as part of the contract that you had to have a valid standing order from a HSBC account...so yes they can do this...I still think the question of what to do next is better through the debt free board or from your advisor at CCCS (I noticed that they had an advisor on the debtfree board who may also give general advice) as you really need to get this sorted as the charges will still be adding up

CLAPTON

I'm very very surprise that CCCS didn't advise you to open a new bank account with some-one you owe no money to.

Best do that asap and have your income paid in there
Once done, just treat HSBC as another debt

agsnu

CLAPTON wrote: »

Once done, just treat HSBC as another debtor

creditor?

clb776

No they wont cancel it, same thing happened to me years ago!x

rolleypolleypud

I don't have a cccs but I do have a managed loan with HSBC. I have recently changed my current account from them to Nationwide because I sick of HSBC's crap customer service and wrong advise given out by their call centre's in India because half the time they don't understand what your trying to tell them.

I went into my local branch to close my currant accs with them and was told I couldn't close accounts because I have a managed loan and this is stated in my T&C's and that all payment's for the managed loan can only come out of a HSBC account.

It seems HSBC have us by the short and curly's if we have any kind of loan with them. What I can't understand is if they are going to get their money why does it matter if the direct debit comes out of their account or Nationwides?