Butterflies in pit of stomach

warburtonrichard

Hey all

I had my lightbulb moment in November. I'm lucky enough to be earning over 40k, and lucky enough to have had my lightbulb moment before being able to repay my debts has become an issue. I have never missed a payment and I am lucky enough to be able to afford all my repayments. over 95% of my debt is on cards, one store card (hiss) for about a grand and two credit cards, 6.5k with HSBC and 5k with MBNA/A&L. I spend half of the month in my HSBC overdraft up to the level of about £1200 (limit £1500)

I've downloaded all my statements for HSBC for 6 years and added up the charges. In 2003 and 2004, when 80% of my charges existed, at one stage HSBC were billing me £72 a month in charges. My total to reclaim is nearly £1900.

All the advice on here is 1) get a parachute account (I've been accepted today with £50 quidco cashback for an A&L Premier Direct Account), 2) Claim it back.

I've got HSBC everything, savings accounts (I know you should pay off debt with savings, but most of this is earmarked for the tax man, so I'm not going to do that, I just put it to use every 6-12 months like a 'mule' card to get balance transfer offers), HSBC pension, HSBC credit card, even I've got their fee paying account. They like me, I'm earmarked for much increased borrowing with them if I want it (I don't and I'm reducing my debts every month now).

My problem is I feel absolutely terrified in taking on HSBC (I'd settle for the 85% offers they seem to be putting out at the moment, according to other boards here), I fear them telling me to go away and I also think that if they did close my current account they could also nab my savings fund under "right of setoff" rules to pay back the credit card, leaving me in a hole with the tax man.

I *want* to exercise my rights, but just thinking about it makes me nervous to the pit of my stomach. Does anyone here have any advice?

Thanks

Warby

emmaroids

no advice but how do you download all your statements??

Skint_Catt

Don't have any advice as I have no charges to claim back (AFAIK!) but don't be worried - everyone on here has fantastic advice and support.

One thing I would suggest however, if at all possible, is to pay off the store card asap - the interest rates are usually twice that of a credit card!

Also, if you post an SOA - see the top of the board for First Time Posters, we can see where you can jiggle things around! You are lucky in having the salary you do, but there are always ways to see more of it!

Catt xx

warburtonrichard

emmaroids: log into internet banking, click through into your current account, click "my statements" and there should be presented them all for the last 6 years, they were for me, anyway.

HHH_2

I off to reclaim my bank charges and lo and behold they want to close my account!

CLAPTON

just move the saving accounts to somewhere else... i dont think HSBC a/cs pay particularly good interest rates in any case.
and although i would normally recommend snowballing your debt payments, in this case you may want to run down the HSBC CC first unless you can BT them somewhere cheaper.

Newgirl_2

Most of the posts I have seen on here about reclaiming bank charges are from people in DMPs or IVAs, so they are already about to leave their existing bank accounts.

I would err on the side of caution and work on the premise that they will close all your accounts. Set yourself up for this as if you expect them to do it. For example, if they decide to cancel your overdraft (which they can do) your salary would be taken for that. Have it paid in elsewhere.

I suppose it depends on how badly you want to reclaim the charges... if you are happy making your debt repayments for now, perhaps you could keep going until you are debt free and then claim your charges.

Sorry I can't be more help (not knowledgable about this) but did want to alert you to the above.

Newgirl

angelavdavis

HHH wrote:

I off to reclaim my bank charges and lo and behold they want to close my account!

Which? have advised today to report banks who do this to the FSA - apparently, they are only allowed to close bank accounts if the "relationship has broken down irreconcilably".

Customers exercising their legals rights is obviously the banks view on "behaviour that is leading to the breakdown in relationship".

Well, stuff them is what I say. They have been making huge amounts out of people's (in many cases very small) mistakes forever - with banking process that ensures that any credits clear well after the debits are taken out so even with the best will in the world, you can get caught out by this practice just because the credit got put in after the debits were taken out.

Warburton: Shop around, move your money to a bank that is going to reward you for the funds they are making money from themselves. And if that account reduces its interest - move it again! If HSBC are that quick to drop a loyal customer like yourself, then they are only showing their true colours.

Take the advice of others here and plan your moment to strike!

warburtonrichard

Thanks, everyone, you're right.
Plan then:
1) get A&L current account sorted
2) open the A&L savings account and move my savings over
3) Move some of my DDs myself over to the A&L account and make sure I've got funds going into both accounts (dont wanna get more fees)
4) Start my claim off, if I've got £2k in fees due to be coming back, the fees would well clear the overdraft and clear the best part of a grand onto the HSBC credit card if they WERE to get stroppy.
5) Swap my salary payment into the A&L account before the claim is processed, but transfer money back in the other direction back to HSBC to keep my account in order

Angela - you're right of course, if they did drop me, who they've made way more than £2k out if in the last couple of years and who they COULD make loads out of in future [HSBC branch care screen says VALUE: **** POTENTIAL: *****], they're only showing their true colours and I'm better off with someone else.

I'm a member of Which? and I saw their thing on the BBC this morning, I'd be up for a battle with HSBC if they did try to close my accounts down, so hell, why not!

Thanks everyone
Warby