Hsbc

Purple_Sunshine

I have asked HSBC about the procedure for lowering my overdraft as and when I can so that I can reduce my debt, and was told that each time I choose to lower it it will cost me £25 in admin fees....so in a way I am better off leaving it as it is rather than end up paying £25 to lower it by £100!! What a joke! My friend has said that her bank doesn't charge a thing for it, so how can they justify it?

rising_from_the_ashes

That's ridiculous!

You'd be better with a "self imposed" lowering .... and then to reduce it in big chunks if they're going to charge that much (mine also don't charge for lowering).

However, you'll probably find that the overdraft is a lower interest rate than some of your other debts (payday loans etc) so I'd concentrate on clearing these first anyway.

AngryDog

If you werent already overdrawn, I've seen it before that people have used their over draft to pay off debts because the fee's are less.

missladyannie

Thats shocking! I am with Natwest and each month I lower mine by £50, I go thorugh a type of application process online and when it asks me how much I want it to be, i put in my lower figure each time and it accepts it and has been reduced by the next day

j.e.j.

I opted for a loan to pay off my hsbc overdraft, as the interest rate on the loan was less than the interest on the overdraft and hsbc were also applying ad-hoc fees here and there.

smartiedriver_2

You were told rubbish. HSBC do not charge to reduce overdraft fees. You probably got a newbie on the telephone call centre line.