Really annoyed with HSBC

Cantdance_2

Hey all

As you can see from my sig we currently owe nearly £25,000 to HSBC - £17,500 on our loan and £7,000 on our credit card.

Our loan was initially £25,000 in the first place, and we've reduced it bit by bit until we're now at the stage we are.

So there's me thinking that HSBC wouldn't have a problem at all with putting the loan amount back up to £25,000 so we could incorporate the credit card balance into it, reduce the interest on that £7,000 from 14.9% to 7.3%, and free up another £200 a month to chuck at my horrible Marbles card at 19.9%.

How wrong could I be? First of all it's not that simple, they can't renegotiate your loan, you have to apply for a brand new one to consolidate the existing loan and the credit card. Well alarm bells are ringing already because the last few things we applied for back in October we got turned down for so I'm already thinking it's not promising... Anyway, the guy assures me that since all I'm asking to do is move my HSBC borrowing around and not actually borrow any more money at all it shouldn't be a problem, especially as our salaries have now gone up.

So we sit on the phone for 30 minutes going through our life histories and then... "Oh!" the guy says... "I'm just going to pop you on hold..." anyway, comes back and says it's been flat our denied, no referral or anything.

Apparently it may be some problem because we don't have our salaries paid direct into the HSBC account any more - they get paid into the Alliance and Leicester and then transferred over. What a load of rubbish, anyway, just an excuse to keep getting more money out of us every month!

But wouldn't you think it would be easier to renegotiate your existing borrowing without borrwing one single extra penny?

Anyway, the best thing they could suggest was maybe a 'Managed Loan' which I don't know anything about, but sounded dodgy to me so I said no. Wondering now if I should consider it though - anyone know what one is?

James

susplum

Hi James

I'm new to all this and I'm sorry to say I have no clue what a managed loan is

I'm wondering though if the HSBC are being a bit petty because you have reclaimed your bank charges from them? Maybe others have had this problem?

Cantdance_2

That's an excellent question - I might be blacklisted because of that! Thanks for the suggestion...

Also my credit rating probably isn't the best because of all the outstanding debt we have but it's not like we wanted to borrow any more!

James

Idiophreak

If there's one thing I've learnt from my dealings with HSBC, it's that they really don't care in the slightest about you and will always go out of their way not to help.

Never expect anything to be easy when dealing with them.

thesaint

HSBC lent you 25k, and they see that you want the same amount again.
I believe that they think that you are not reducing your debts, just moving them around. If they lent the money would you cut up the cards you are clearing or run them up again?

Eventually something has got to give, and if it goes wrong, they have 25k that may be written off if you go bankrupt.

Cantdance_2

thesaint wrote:

HSBC lent you 25k, and they see that you want the same amount again.
I believe that they think that you are not reducing your debts, just moving them around. If they lent the money would you cut up the cards you are clearing or run them up again?

Eventually something has got to give, and if it goes wrong, they have 25k that may be written off if you go bankrupt.

Yes of course I totally agree - it probably looks like that to them, they're not to know that the credit cards are already cut up never to be used again.

We're definitely on the way back up rather than still being on the way down but again, they don't know that.

I didn't mean to come across as being whiney - I just thought it might be easier than it was!

James

Mrs_J_3

I very recently applied for an HSBC card for a 0% balance transfer. They didn't tell me my credit limit, said that would come in with my card, but I could arrange a balance transfer in the meantime. So I transfer £3000 thinking if the limit doesn't cover it, then I'll need to come up with a plan B. The card dropped through the door today with a limit of £3000, meaning that when you add the balance transfer fee, I am over my limit:mad:. I'm hoping that this can be resolved with a quick phone call, but it's already really soured my view of HSBC. I'll have the balance paid off before the end of the 0% period and that card is getting binned.

Mrs_J_3

It says my limit is £3000 and my balance is £3050 according to internet banking. Bear in mind I had no idea what my credit limit would be when I was asked if I'd like to transfer a balance. I'll not stamp my feet until they levy a charge, but if they do I'll ask politely for it to be removed.

looby75

cantdance, you might want to have a look at this thread about HSBC managed loans before you decide if you should take one on