Help - HSBC demanding overdraft repayment

jat1983

Hello,
I have a £700 overdraft from HSBC. It used to be my graduate overdraft but I no longer use it as my main acc - havent for years. The interest comes to about a tenner a month and I usually pay in £15-20 a month. I got married recently and had a lot of bills to pay. The acc stood at approx 550od and I overdrew it back down to 680. I now regret this hugely!
On return from honeymoon I had a letter stating I should pay in £280. It was worded fairly lightly. I couldnt afford this and tbh forgot about it and paid £20 in as usual. Today ive got a more strongly worded letter saying I had failed to pay thae amount requested, and to pay in £270 this month. I really cant afford this. What should I do? Ive never failed to pay in each month and never been over the limit. Its worrying me.

jat1983

Just to add it was 270 in both letters

themull1

Give them a ring.

jat1983

I will do but every time ive rang hsbc in the past I get through to an awful overseas call centre with people who only ever give scripted responses :-(

Lemon_Tree

give them a ring - at least you've given it a go and if you document it it's evidence that you've tried. Have you thought about going into a branch?
try and do something/ anything as they can just remove the entire overdraft facility and then it will end up costing you a fortune in interest and charges - good luck.

Superheavy

If you're only paying in 15-20 pounds per month that'll probably be the reason they're looking for repayment. Overdrafts are only designed to be a temporary form of lending, and a turnover of 240 per year on the account doesn't suggest that having an overdraft of 700 is particularly wise.

You probably will have to speak with an overseas call centre, but arranging a repayment plan will probably be necessary, and they'll almost certainly be asking for more than 20 a month.

jat1983

Thanks, I will give them a call. I can probably afford £50 max. Its just so upsetting as ive taken such care never to miss payments or go over my limit on any acc. Stupid debt :-(

Cherryjack

Hello, this happend to me a few years back when i had a 2000.00 over draft.. needless to say i will never get one again.. i called them and they were happy to reduce it each month a little until it was zero balance. So call them and get something set up.. good luck x

gfplux

I would phone them. Tell them you are paying in £50. Now. Even do it before you call as I might show up on the screen of the person you are speaking to. If you can (and maybe you must) offer to pay in £50 every month.
If you keep your promises you may never hear from them again.