HSBC personal loan repayment

Johntea

Got an installment of my HSBC personal loan to pay tomorrow - Just under £230

I have £205 in the account, so around £25 short as I was unable to get to the bank today for various reasons. But I'll be able to pay in tomorrow morning, so my question is will HSBC just overdraft the account by the £25? (I already have a formal overdraft which is at the max the £205 means I have £205 of the formal overdraft 'available' if that makes sense!)

Or will they try on the 30th if the funds are not there as on my initial letter they mentioned payment would be taken on the 29th of each month or the day straight after

Thanks

Tupperware_Queen

if you pay in cash at the counter, it should be ok...you could always ring to check.

bouncydog1

Pretty sure that if you pay in cash you should be okay - your comment on the max £205 overdraft - has anything else gone through or is pending that may use this up? Only asking because if there is and there is not sufficient to pay the loan amount you will also get a bounced dd charge.

If you're not on internet banking with HSBC suggest you get signed up pretty quick so you can keep tabs on your account and set up a spreadsheet so you know what might be "pending" to come in/go out of the account.

dunstonh

If you don't have the money in the account the day before then DO NOT bank on the payment you make into the account over the counter on the same day as being good enough. What if you dont pay in until the afternoon but your account is looked at in the late morning? As it stands the you will appear on a list of potentially over the limit customers tomorrow.

Phone the bank, tell them you will pay in tomorrow so they are aware of the situation.

Emily87

If you pay funds in on the day your payments due and then phone hsbc, they can agree to honour the payment. If not HSBC will decide whether to pay your loan and charge you a bounced dd fee or whether to let the payment to the loan debit your account and charge you an o/d fee if this takes you over your formal limit.

thespudman

As an ex staff member of HSBC i can tell you that you can pay in on the day, but the pay / no pay decision is made by 1.30 pm on that day. After you have made the payment at the counter inform a member of staff you want the d/d to be marked PAID and they can do it on the system as long as it is before the cut off.