HSBC Management Loan

JonnieHACK

Post removed due to creepy profiling of user

CLAPTON

maybe, but probably not
but if they did then they would default the loan so trashing your credit rating for 6 years which probably would be a good thing

BadgerFace_2

They generally only let someone do that where they have come to the conclusion that it is their only way to see some return on their money i.e. when your account is in serious arrears and you have demonstrated this is the only way they might get some money back.

Fiddlestick

JonnieHACK wrote: »

Ok so when I left University I had a overdraft of about £2k. When I left uni I stopped using the HSBC account until they sent me a letter saying "You havent used your account so we would like our £2k back". They sorted me out a management loan to cover the £2k and I have been paying it back at £50p.c.m for ages.

I've got around £250 left to pay, but a friend of mine said I should write them a letter making them an offer to close the loan.

Would this work?

So lets say I wrote saying "I've been paying XX amount for XX months totalling payments of XXX which is more than the £2k I initially borrowed. I will give you a further payment of £50 will you consider the matter closed and subsequently close the account for me?"

To be brutally honest, anyone at the bank opening such a letter would probably laugh it it.

You were happy to borrow the money and spend it, and you have been happy to pay them back £1750 already.

Why on earth would they agree to only accept a further £50 when there is a dead cert that you are good for the whole £250?

The ONLY circumstances in which you are likely to get a settlement offer is when you are in financial difficulties and there is a real possibility of the bank getting nothing back. After all, 50% of something is still more than 100% of nothing!

JonnieHACK

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Fiddlestick

JonnieHACK wrote: »

I think you're missing the point sunshine. The point is, even though I have £250 left to pay, I have paid around £2200 back already.

The loan wasn't interest free ??? hahahahah although I wish it was.

Okay then "sunshine" - you borrowed £2000 in capital.

You have not repaid the bank £2200 in capital, you have repaid them £1750 in capital plus £450 in interest on top of that, hence why you still owe them £250.

Or is the bank not allowed to make a profit from letting you use their money?

Wutang_2

Fiddlestick wrote: »

Or is the bank not allowed to make a profit from letting you use their money?

According to many people on this site - no.

Cheers Sunshine

JonnieHACK

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eleanora_

You agreed to the interest when you signed the loan agreement. Now you have to repay the interest. It's quite straightforward really!

CashRequired

Just pay the 250 and be done with it.

Enfieldian

The good old 3 Steps of MSE:

1) Poster comes on with daft idea

2) Poster gets annoyed when people point out said idea is daft

3) Poster develops attitude problem when they don't hear what they want to hear

I am almost tempted to thank the OP for the comedy value.