Loan/Bank charges

princessk1

Hope this is in the right place-feel free to move if it isn't.

I need some help!
I have a loan with hsbc which was taken out in 2004.I am currently on reduced payments and have not missed a payment.
This month unfortunately I have missed a payment as I was in Hospital so unable to move the money over to be taken. I rang hsbc to see if they would stop the charge that would occur (£25) but I was told no!the man was quite rude and I ended up in tears.
This is going to cause some problems now as I budget carefully every month to put the mone aside and tring to find this extra £25 is causing me some headache.
Would hsbc be able to reverse their charges-considering iv never missed a payment before and due to the circumstances in which I missed the payment.

Thanks

masterlumps

princessk1 wrote: »

Hope this is in the right place-feel free to move if it isn't.

I need some help!
I have a loan with hsbc which was taken out in 2004.I am currently on reduced payments and have not missed a payment.
This month unfortunately I have missed a payment as I was in Hospital so unable to move the money over to be taken. I rang hsbc to see if they would stop the charge that would occur (£25) but I was told no!the man was quite rude and I ended up in tears.
This is going to cause some problems now as I budget carefully every month to put the mone aside and tring to find this extra £25 is causing me some headache.
Would hsbc be able to reverse their charges-considering iv never missed a payment before and due to the circumstances in which I missed the payment.

Thanks

you have already asked them and they said no

however, you could try again and perhaps be a bit luckier, but they have no obligation to do so, particularly as you are on reduced payments already it seems they have been quite fair with you

Fiddlestick

princessk1 wrote: »

Would hsbc be able to reverse their charges-considering iv never missed a payment before and due to the circumstances in which I missed the payment.

They are able to yes, but whether they will or not is entirely down to their discretion.

What method were you using to pay them previously?

Was it a direct debit/standing order or were you phoning up and giving a card payment?

CHR15

From what you have said, it would be worth your while requesting an up to date statement of the loan.

If you are on reduced payments, you are falling into arrears. It is not unknown for people to have an unwelcome shock when they see the figure outstanding.

Example:

Normal payments £100
Interest £75
In this case you are paying £25 Capital off the loan.

Reduced Payment £50
Interest £75

In this case you are falling behind at a rate of £25 a Month. Your loan is going UP instead of down.