Advice for a newcomer please!

Tixy

Its called offsetting, and is legal:(.
If you have debts with a bank then you are advised to keep any savings or current accounts at a different bank to prevent this happening. CAB will advise.

Jesthar

hellsbells0405 wrote: »

Having real problems with HSBC, they have been swapping money from account to account leaving me short for a payment, when I challenged it they said it was legal!! I didnt think it was as it was my money? Another thing to ask CAB I suppose

This, unfortunately, is all too legal. HSBC did it to a friend of mine, took all her savings to put against another account, then contacted her to demand the rest of the money. When she said 'OK, I have savings that can cover that' was when she found out 'not any more, you don't' - more or less in words to that effect. :mad:

You need to open another bank account with a bank unrelated to HSBC as soon as possible, and transfer all your bills and incoming money to it ASAP Once you've done this, withdraw any remaining credit from your HSBC account and put that elsewhere too (basically, just leave them with the debt account). If you can't get a standard current account due to your credit rating, there are basic bank accounts which don't need a credit check - but you have to ask specifically for them. Have a look here for more info:

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#cant

~Jes

Krisp_3

This is the worst bit - doing something new, like meeting the CAB. I am sure you will feel much better once you have seen them.

As for HSBC, maybe tell them you are seeking advice on how to best manage your financial issues going forward. They will at least then know that you aren't trying to avoid them/hide from everything.

And I just know (from everything I have seen on here) that if you do post up an SOA, then there will be loads of people ready with fantastic advice and ideas.

hellsbells0405_2

Hey guy,

CAB went ok, apparently I have roughly £200 spare a month?!! so need to tighten the purse strings me thinks!

Anyway gonna take out this 0% credit card and get rid of HSBC alltogether can't afford £175 a month in charges!!

I WILL be debt free << positivity

3Dogs

Glad it went well with CAB

I take it that you are going to transfer your balance from HBOS to a new 0% card? If so, once you have done that make sure you destroy your HBOS card (if it is not already) so you are not tempted to build it up again.

Good luck with sorting this out - and remember posting a SOA on here is the best way of trimming your expenditure - peeps will advise you where you can cut back, etc. And I would recommend a spending diary - write down EVERYTHING you spend every day so you really know where it is all going - it is amazing how all thoe papers, mags, coffees, etc add up

All the best Pet