Repercussions

zenmaster

We have 2 personal accounts and a business account with HSBC, OH also has a credit card.

We also have a Flexaccount and savings account with Nationwide and I have a credit card with them.

I, personally, have a current account, and a credit card, and a sizeable loan with Cahoot.

All the credit cards have an outstanding balance and all the personal accounts are generally, to a greater or lesser extent, overdrawn at the end of the month.

That is to say that, one way annd another, we owe various financial organisations a good deal of money.

My question is, if I start proceedings to reclaim my bank charges against these companies are they likely to foreclose on these debts forcing me to repay a huge amount of money in one hit?

Thanks.

nickmack

They may decide to close the account you are claiming on, which means any overdraft will need to be repayed. This has happened and should be considered.

Athough in theory, the same applies for outstanding balances on credit cards, I've not heard of this happening.